Without a bank, who keeps the ledger?

One-sentence answer

Many independent keep and verify their own ledger copies; miners propose blocks, but decide whether those blocks follow the rules.

AT A GLANCE · EXPAND A STEP

01Nodes store and verify
Each keeps the valid history it accepts.
02Miners compete
They propose the next ledger page, not central approval.
03Peers relay
Peer connections share blocks and records.

This diagram explains relationships, not the complete protocol implementation.

The bank is not replaced by one company

Traditional systems often have one institution maintain an authoritative database. Bitcoin lets anyone run a node, receive blocks and transactions from peers, and verify them locally.

Each full node has its own view of the ledger. There is no master database everyone must trust.

Miners propose; nodes check

Miners assemble pending transactions and compete through . When a new is broadcast, check its structure, transactions, reward, and .

power cannot force to accept a that violates the rules, and do not skip verification because a famous miner produced it.

A wallet is not the whole network

A typical wallet generates addresses, manages keys, and constructs transactions. It may connect to your own node or query a third-party service, trading convenience against independent verification.

TRY IT YOURSELF

Where can a message still travel?

Message origin

Reachable: 8 / 8 · An offline origin cannot send. Click numbered nodes to toggle them.

Propagation depends on paths, not a majority of online nodes. Nodes verify rules independently; receiving a message is not a confirmation.

Teaching limits: message propagation along paths, not confirmations, consensus, or real peer discovery.

Open standalone experiment

CHECK YOUR UNDERSTANDING

Does running a node guarantee mining rewards?

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Three things to remember

✓Nodes independently verify and store the ledger.
✓Miners propose blocks; they are not the final judges of the rules.
✓A wallet manages authorization, not the entire Bitcoin network.

A common follow-up

Does running a node earn bitcoin?

A normal validating node does not automatically receive block rewards. Its direct benefit is independent verification without fully trusting a third party.

Primary sources

These links lead to protocol material, developer documentation, or open-source code—not trading services.