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Blocks are secured by bitcoin miners and built on top of each other forming a chain. This ledger of past transactions is called a blockchain. The blockchain serves to confirm transaction to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Individual blogs must contain a proof-of-work to be considered valid and this proof-of-work pow is verified by other bitcoin nodes each time they receive a Bitcoin block, Bitcoin uses a pow functions to protect against double spending which also makes bitcoin Ledger immutable.
Mining is also the mechanism used to introduce bitcoins into the system. Miners are paid transaction fees as well as subsidy of newly created coins called BLOCK REWARDS. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system through mining. To compensate for this pool, mining was introduced. pooled mining is a mining approach where groups of individual miners contribute to the generation of a block, and then split the block reward according the contributed processing power.
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, time: 0:22Bitcoin Trading Guide with Broker Reviews and Tutorial
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