You probably all know and understand Bitcoin, currently the most popular cryptocurrency. What makes Bitcoin and other cryptocurrencies great are their superfast transfer times and very low fees. The coin side of Bitcoin is not that difficult to grasp for even a newbie – think of it as digital cash if you like. If email is the digital letter then Bitcoin is the online and digital equivalent of money. You can purchase goods with Bitcoin. Send money easily to almost any part of the world. On top of this you can make nice profits trading Bitcoin on an exchange thanks to its volatility. Continue reading
What is Blockchain?
Blockchain is the technology behind Bitcoin and other cryptocurrencies. It provides a structure that is seen as impossible to manipulate and offers a shared public ledger of all transactions ever completed. It is also so far proven impossible to replicate.Once a new block has been completed it will be added to the permanent database. Every time a block is completed a new one will be generated. They are added in a linear and chronological order, forming a chain, hence the name “Blockchain”. Every new block contains a hash of the previous block. It stores complete information about the addresses and transactions and they cannot be deleted. Each computer connected to the Bitcoin network receives a copy of the blockchain automatically upon joining the network. Blockchain stands as proof of all the Bitcoin transactions.