Over the past, many people heard bitcoin. Some people don’t know that bitcoin is based on Blockchain technology. Here we discuss in detail a...
Over the past, many people heard bitcoin. Some people don’t know that bitcoin is based on Blockchain technology. Here we discuss in detail about blockchain which clear all your doubt regards bitcoin.
The first work on a blockchain of blocks was described in the year 1991 by Stuart Haber and W. Scott Stornetta.
Blockchain:
A blockchain is a database that is recorded from the network of computers. Once a transaction has been done it can’t be changed.
The first blockchain was considered by a person or group of people known as Satoshi Nakamoto in 2008.
Hash is generating a string values which will be numbers and letters produced by a mathematical function such as 18c177926650e5550973303c300e136f22673b74. This address is showing in various blocks. Hashing is one way to enable security. Each individual who using cryptocurrency has consisted of a Cryptographic key of two private and public key the bitcoin (blockchain) containing records of all transactions that have occurred on the network, 2015 to January 2019, the bitcoin blockchain grew from 20 GB to 100 GB in size. The ledger size had exceeded 200 GB by early 2020.
In the world, the blockchain is using about a 10-20% acceptance rate of the financial services.
Blockchain-based project
Bitcoin is based on blockchain technology.
Behind this, the bitcoin (blockchain) is a public ledger that records Bitcoin transactions.
It contains a chain of blocks, each block containing a hash function.
Users wallet containing wallet addresses which are protected by the digital signature.
For example, A person sends x Bitcoin to a payee are broadcast to this network using a readily available software application .
The miners verify the transaction this may take a few minutes for a transaction to be completed.
Mining
The process in which the transaction is verified by someone called miners and they get a reward for solving mathematical puzzles.
Why Blockchain become popular:
Secure
Cryptocurrency is stored in a public key cryptography system. Only the wallet owner can send cryptocurrency. This containing a big wallet address makes it impossible to break this coding. So it makes it more secure as compare to bank security.
Decentralized
After the crisis in 2009, Satoshi Nakamoto’s main objectives when creating Bitcoin was the network’s independence from any governing authorities.
Every currency in the world, except bitcoin (not all cryptocurrency), is governed by some kind of authority. Every transaction goes through a bank, where people are charged high fees, and it normally takes a long time for money to reach the recipient.
Bitcoin is not controlled by anyone. It’s a decentralized network with all the people taking part in it.
Anonymous
The Bank knows virtually everything about their clients: Account name, address, mobile no, credit history, and so on.
But in the bitcoin all are different. Neither transactions nor accounts are connected to the real identities of the person. You receive Bitcoins on bitcoin addresses, which are randomly seeming chains of around 30 characters.
Some people don’t want their finances to be governed and tracked by any kind of authority, activities like terrorism, hacking, drug supply, and other illegal activities.
Transparent
As single BTC transaction that ever happened is stored in the Blockchain. If your wallet address was done any transaction, anyone can tell how much bitcoin is in it by studying the blockchain ledger. However, we can easily check all the transaction details of the particular Bitcoin address openly.
Those people who want to stay anonymous with their transactions have advantages.
Fast and Globally
The bitcoin payment almost instantly in the network and is confirmed in a few minutes. You can send Bitcoin to a neighbor or someone on the other side of the world. While normal bank transfer can take several days.
Charges
The bitcoin transfer charges are negligible. while transaction goes through a bank, where people are charged high fees, and it normally takes a long time for money to reach the recipient.
cryptocurrencies can’t be recalled
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