Public Ledger

Noun.  The Public Ledger, also known as the block chain, is a public record of Bitcoin transactions in chronological order. It’s structure is such that transactions can be proven to have been carried out by the owner of the bitcoins at that time, with ownership being tracked back to the original creation of the bitcoins used.

The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending.

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