Blockchain

By CoinGecko | Updated on Mar 03, 2020

A digital ledger where data is recorded in a chronological order. In Bitcoin's case, it is a decentralized, public ledger which contains transactional information. Users can verify that transactions have occured simply by looking at the data that is publicized on the Bitcoin network. In a blockchain, the next piece of information that will be added is always linked to a previous, already confirmed information of the blockchain through the use of a hash which describes the past content. With the hash, every block of information in a blockchain becomes referenced with one another, and cannot be easily swapped out, thereby qualifying as an immutable ledger.

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Related Terms

Turing-Complete

A "turing complete" code or blockchain refers to the ability to read program-written codes.

Trustless

Entirely verifiable, without needing to trust or assume an action is done completely and in good faith.

Bagholder

A person who is holding a large quantity of cryptocurrency which is declining in value or becoming worthless

Pump and dump scheme

A market manipulation method to drive up the price of an asset before profiting by driving it back down.

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