Part 10/16:
Central to Bitcoin’s architecture is the blockchain, a distributed ledger that ensures consensus on ownership and transaction validity. Andreas compares it to the Internet Protocol (IP): a basic, neutral layer that needs no third-party arbitrator.
One core feature he emphasizes is the irrevocability of Bitcoin transactions—once recorded, they cannot be reversed or censored. This underpins its utility for global, trustless commerce, remittances, and secure messaging.