The first and most popular cryptocurrency, bitcoin, launched more than a decade ago.
It depends on usage. “Blockchain technology” is acceptable to refer to the computer code that records cryptocurrency transactions . Standing alone, just call it the blockchain — even though there are actually multiple .Blockchains record cryptocurrency transactions in encrypted, digital records that live on servers all around the world. Some blockchains allow developers to build in applications and program contracts.
In the physical world, here’s how mining works: A specialized computer processor runs on electricity and produces an astonishing amount of noise and heat. In the digital world, that processor is competing to solve a mathematical puzzle. The computer that solves the puzzle first wins newly minted bitcoin. This design is part of the open source code created by the anonymous entity that launched bitcoin in 2009.
Together, the decentralized and open source nature of the blockchain means that no one and no institution can control it. But actors like governments and large corporations still can limit access in certain circumstances. China outlawed cryptocurrency trading in September 2021 because of concerns they could weaken control over the financial system and were facilitating crime.
Cryptocurrency exchanges — where people can trade cryptocurrencies for traditional currencies — have been compromised multiple times, with digital bank robbers clearing out the accounts. Memorably, in 2018, the CEO of a cryptocurrency exchange died without relaying a crucial passcode, effectively locking customers out of millions of dollars’ worth of cryptocurrencies.
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