The Name of the General Ledger that Tracks all Bitcoin Transactions is Called the Blockchain.
A Blockchain is a Growing List of Records, known as Blocks, that are linked together using Cryptography. Each Block in a Blockchain contains a cryptographic Hash of the Previous Block, a timestamp, and also the transaction Data.
BlockChain uses a core concept of Decentralisation which is what Powers and Manages all Bitcoin Transactions around the Globe.
The Name of the General Ledger that Tracks all Bitcoin Transactions was first conceptualized by a Man know by the Satoshi Nakamoto back in 2008. Since then the Blockchain Technology has grown faster than any other Technology on the Earth ever has.
Within years, several new designs of the already existing systems were introduced. They added more capabilities to the BlockChain Network by covering up its faults and making in More De-Centralised.
Hope this has Helped you get the answer for your Question Regarding : ” What is The Name of the General Ledger that Tracks all Bitcoin Transactions? “
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F.A.Qs Regarding Blockchain Technology
- What is The Name of the General Ledger that Tracks all Bitcoin Transactions?
The Name of the General Ledger that Tracks all Bitcoin Transactions is Called the Blockchain.
- Are Blockchain fully Public?
Yes, all major Blockchain Information is completely Public even though Private Blockchains do exist.
- Are Blockchain Transactions Traceable?
Yes, all Blockchain Transactions are traceable and they are permanently stored in the Blockchain Network as hashes of information.
- Are Blockchain Stocks a good Investment?
Blockchains are a good Marketplace to look at. Major Cryptocurrencies like Bitcoin, Ethereum are all good options to invest your money in the long run.
- Can Blockchain be hacked?
It is literally Impossible to hack any Blockchain Network as it would require a lot of computing power to do so. The Entire Blockchain network is made up of cryptographic Hashes, so that is not going to happen ever.
- What are the disadvantages of Blockchain?
They use excessive Energy, are immutable, they do not last forever, proof of the work is overkill, etc are some of the disadvantages of the Blockchain Network.
- Can Blockchain wallet be hacked?
Yes, Blockchain wallets like Bitcoin Wallets, etc can be hacked if the hacker gets access to the owners Bitcoin Wallet via some BlackHat Method.
- Who Invented BlockChain Technology?
BlockChain Technology was first invented by Satoshi Nakomoto back in 2008.
- Will Blockchain replace banks?
It is highly unlikely that Blockchain Technology will ever replace Banks in the near Future. But we cannot say for sure, because in the long run it might replace them.
- Will Blockchain be the future?
Blockchain is definitely the future. We have started to discover its uses past Cryptocurrencies and has started to apply them in several other fields too. So yeah, Blockchain definitely is the Technology of the Future.
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