The Bitcoin blockchain is a decentralised, public ledger that records all Bitcoin transactions in a secure, transparent, and tamper-proof manner. Unlike traditional financial systems that rely on centralised authorities (like banks), the Bitcoin blockchain operates on a peer-to-peer (P2P) network of computers (nodes) that collectively validate and store transaction data.

How it functions as a decentralised ledger
Transaction Broadcasting – When a user sends Bitcoin, the transaction is broadcast to the network and grouped into a "block."

Consensus Mechanism (Proof-of-Work) – Miners compete to solve complex cryptographic puzzles to validate the block. The first to succeed adds the block to the chain and earns Bitcoin rewards.

Immutable Record-Keeping – Each block contains a cryptographic hash of the previous block, creating an unbreakable chain. Once confirmed, transactions cannot be altered, ensuring transparency and security.

Decentralised Verification – Instead of a single entity controlling the ledger, thousands of nodes worldwide maintain identical copies of the blockchain, preventing fraud or manipulation.

Key Advantages
Trustless System – No need for intermediaries; transactions are verified by network consensus.

Censorship Resistance – No government or corporation can control or shut down the ledger.

Transparency – Anyone can audit transactions while maintaining user pseudonymity.

By combining cryptography, decentralisation, and economic incentives, the Bitcoin blockchain enables a secure, global payment system without a central authority.