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Bitcoin is a digital currency or cryptocurrency that runs on what is called the Blockchain. The Blockchain is a system in which a record of transactions is maintained across several thousand computers that are linked in a peer-to-peer network. Using cryptography to keep transactions secure and fully encrypted, blockchain provides a decentralized database, or “digital ledger." This network is essentially a chain of computers that must all approve a transaction before it can be verified and recorded. Instead of having one centralized ledger like a bank ledger, the entire network of computers (called miners) create a large database to verify each other and make sure each transaction is legitimate. If there is a mistake or fraud, each computer has to verify all previous work, so that error will be found. Every transaction is recorded and distributed on a public ledger for anyone to see. In the case of Bitcoin, blockchain stores the details of every transaction of the digital currency. Another very important benefit of cryptocurrencies is that the Blockchain is virtually impossible to hack because in order to hack the network, a hacker would have to simultaneously hack all computers on the Blockchain at once. In theory, anyone with access to the internet is able to use it to make transactions, making it very popular in impoverished nations where banking is difficult. Decentralized digital currencies, backed by the blockchain have the potential to empower financial inclusion globally. LEARN MORE