Blocks

What is a Bitcoin Block?

  • A block is a bunch of bitcoin transactions that have been joined together and distributed among the network.

  • Each node in the network verifies that the transactions in a block are legitimate.

  • Blocks are the transporters of all the Bitcoin transactions that have ever been made.

Mining and Fees

  • Blocks are also where both new bitcoins and bitcoin mining come into the picture.

  • Miners play a game against each other to get the opportunity to organize blocks together.

  • They get rewarded hansomely for this in the form of transaction fees as well as block reward.

The Blockchain

  • Blocks are connected to each other in a sequence called a blockchain. You have probably heard this word before.

  • It really is just a chain of blocks.

  • As blocks build on one another, it becomes more and more difficult to change blocks that are further down in the history