Who verifies each transaction?

[Parishy]

I’m trying to understand some of the basics of block chain. From what I’ve read, a ledger is being verified by multiple people for transactions but who are the people verifying the ledger? Does everyone verify it? And what incentive is there to verify it?

[bitkilo]

I’m trying to understand some of the basics of block chain. From what I’ve read, a ledger is being verified by multiple people for transactions but who are the people verifying the ledger? Does everyone verify it? And what incentive is there to verify it?

Hi there,

Each bitcoin transaction is verified by the miners on the network. Their incentive to verify transactions and secure the network, is to collect the transaction fees, there is also a block reward (currently 12.5 bitcoins).

You can read more about bitcoin mining here: https://www.bitcoin.com/guides/what-is- ... oin-mining

Please read our Getting Started section to learn more about Bitcoin, how it works and how to use it.