30 Jun '16, 3pm

Everything you need to know about the bitcoin 'halving' event - Quartz

Everything you need to know about the bitcoin 'halving' event - Quartz

One of the keys to preventing fraud is the process of mining . Bitcoin transactions are stored on something called a “block.” If the bitcoin network is essentially a massive accounting book, then the blocks are its pages. Each block can store 1 megabyte of data, and it’s the miners’ job to confirm the authenticity of the transactions contained in the block. The miners do that by taking each transaction’s corresponding data and using it to complete a math problem. The solution is known as a “hash”—a shorter unique string of digits that has all the important transaction information within the block. Once completed, the hash ties back to the last block, which is how bitcoin creates a permanent, unalterable transaction record. (Changing one hash would require changing everyone else’s ledger in the bitcoin system.) Importantly, as more computing power is added to the system, th...

Full article: http://qz.com/681996/everything-you-need-to-know-about-th...

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