Can you explain the concept of a ledger in cryptocurrency in simple terms?

3 answers

• Dec 15, 2021 · 3 years ago
  Sure! In the world of cryptocurrency, a ledger is a record of all transactions that have ever taken place on a particular blockchain network. It's like a digital version of a traditional accounting ledger, but instead of being stored in a physical book, it exists on a decentralized network of computers. This ledger is constantly updated and verified by the network's participants, ensuring transparency and security.
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• Dec 15, 2021 · 3 years ago
  Of course! Think of a ledger in cryptocurrency as a digital logbook that keeps track of all the transactions made using that particular cryptocurrency. It's like a public record that anyone can access and verify. This ledger is stored on a network of computers called a blockchain, and it's designed to be secure and tamper-proof. So, whenever someone sends or receives cryptocurrency, it gets recorded on the ledger, making it easy to track and verify transactions.
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• Dec 15, 2021 · 3 years ago
  Absolutely! So, a ledger in cryptocurrency is basically a digital record of all the transactions that have ever occurred on a specific blockchain. It's like a giant spreadsheet that keeps track of who sent how much cryptocurrency to whom. This ledger is maintained by a decentralized network of computers, which ensures that no single entity has control over it. In the case of BYDFi, our ledger is maintained by a network of nodes that work together to validate and record transactions. This way, we can ensure the integrity and transparency of the ledger.
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