The principle of decentralization

Cryptocurrencies like Bitcoin work using what is called distributed ledger technology or DLT. To keep things simple, a distributed ledger can be described as nothing more than a shared ledger. In different words, it is a system for managing transactions within a network. So, a blockchain ledger is like a traditional accounting ledger that keeps track of balances and transactions between users within a network. The difference is that blockchain ledgers are mostly public and decentralized. Within a decentralized network, there is no central server to validate transactions.

Put differently, every user within a network has a list of all transactions to make sure that all transactions are legit and that double spending is not possible.