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26 November 2020

What Makes the Bitcoin Blockchain Secure? - Decrypt

What Makes the Bitcoin Blockchain Secure? - Decrypt

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That’s because Bitcoin is cryptographic, irreversible, distributed, and public.

That means it uses a private and a public key to ensure the authenticity and integrity of transactions; Bitcoin’s digital signatures are signed using something called the Elliptical Curve Digital Signature Algorithm (ECDSA).

The clever thing about Bitcoin is that it’s run on a blockchain.

But that means that you're reliant on those parties to act in good faith; any one of those parties could adjust the ledger of transactions to fake or reverse a transaction.

Instead of your money sitting in a centralized database, vulnerable to a single point of failure, it’s kind of everywhere (or, more accurately, the record of transactions is distributed among many separate parties).

Everyone can see the transactions on the Bitcoin blockchain.

It’s a public ledger.

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Bitcoin and Ether Market Update November 26, 2020 | BTCMANAGER
published: 19 minutes ago
Total crypto market cap erased $8 billion of its value for the period since Monday morning and now stands at $530.4 billion. The top ten coins are all in red for the last 24 hours with Chainlink (LINK...

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