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A
blockchain is a public ledger of all Bitcoin transactions that have
ever been executed. It is constantly growing as 'completed' blocks are
added to it with a new set of recordings. The blocks are added to the
blockchain in a linear, chronological order. Each node (computer
connected to the Bitcoin network using a client that performs the task
of validating and relaying transactions) gets a copy of the blockchain,
which gets downloaded automatically upon joining the Bitcoin network.
The blockchain has complete information about the addresses and their
balances right from the genesis block to the most recently completed
block.
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