• News
    • Archive
  • Celebrities
  • Finance
  • Crypto
  • Entertainment
  • Travel
  • Health
  • Others

The Basic knowledge of blockchain



Bitcoin was launched in 2008 by Satoshi Nakamoto to make the digital world. Yes, there were a lot of problems before bitcoin. For example, people use fiat currency, and if they want to transfer money abroad or outside the country, they need to pay high charges to third parties like banks and financial institutions. But the bitcoin blockchain was the first platform that made all things possible through a single platform. The first bitcoin was mined on Blockchain by Satoshi Nakamoto, and at the initial stage of mining bitcoin, the reward was 50 bitcoins. Unfortunately, many people are confused with blockchain and bitcoin exchanges. So in this article, we will learn about the basis of blockchain in detail. So without wasting time, let's understand the whole concept of the bitcoin blockchain.

What Is Blockchain?

Blockchain is the platform where all the bitcoin transactions occur. The second name of blockchain is a public ledger which means it is a type of digital ledger which discloses all the transactions publically. That means you can see the previous and latest transactions by visiting BitIQ.

Blockchain consists of two words, Block and chain. Block means a set of enough transactions, and chain means repeating the circle. So in simple terms, blockchain is a platform where all the transactions occur, and miners create blocks of transactions by validating each transaction and then broadcast it into the blockchain network.

COPYRIGHT_WI: Published on https://washingtonindependent.com/the-basic-knowledge-of-blockchain/ by Luke Evans on 2021-10-12T07:26:19.038Z

The Relation Of Miners With Blockchain:

Blockchain is just a platform where you can buy, sell, send, or receive bitcoin from private, and the miners perform public addresses and the actual work. Miners play an essential role in the blockchain, and bitcoin and blockchain are nothing without miners or mining. Miners are the persons who validate the transactions by solving complex mathematical equations in a programming language. They are experts in mathematics and programming. When you send bitcoin to a particular address, the first step is to check whether this transaction is correct or not, and the miners perform the validation process through their skills. Suppose you are sending bitcoin to a particular address and miners do not validate the transactions, then there is no means of blockchain or bitcoin. Thus, there is an intense relation between blockchain and miners.

Blockchain Makes All The Difference:

Why is bitcoin popular? What is the reason behind its popularity? The answer is decentralization. Yes, the main reason that makes bitcoin a more widespread currency separated from other currencies is decentralization. Blockchain is a decentralized platform which means there is no controller of bitcoin. The government cannot control bitcoin, banks and financial institutions cannot regulate bitcoin, and the country's president cannot control it. Even the founder of bitcoin, Satoshi Nakamoto, cannot control or manage bitcoin because it is a decentralized system.

There is a deep relation between blockchain and miners and miners who work behind the blockchain for the smooth running of bitcoin. The miners are the controllers that mean if miners stop validating bitcoin, then bitcoin will stop. The bitcoin blockchain is the world's most secure platform for bitcoin transactions; even the notorious hacker cannot hack the bitcoins. Many miners are working behind the network, and if you want to hack the bitcoin, you have to hack all the computers of miners working behind it.

Exchange And Blockchain:

Many articles say hackers can hack the bitcoin, and it is not safe, but it is not bitcoin. In reality, bitcoin is impossible to hack because it is a decentralized system. Bitcoin exchanges are the third parties that provide extra services to bitcoin and crypto users and charge some amount for these services. Some exchanges get hacked, and many people think hackers can hack the bitcoin.

But understand the difference between the blockchain and bitcoin exchange. Why are people using exchanges rather than blockchain? The biggest reason for not choosing the blockchain for bitcoin transactions is privacy; that means anyone on the blockchain can check your public address, your previous and recent trade, the amount of your send, receiver, and sender's public address. But exchanges provide the extra services with specific security like no one can check the public discourse of sender and receiver. Anyone can limit the number of transactions, but there is no detail about the sender and receiver.

So exchanges are good to buy bitcoin and other crypto coins for the short term or trading purposes, and if you are serious about bitcoin investment, you must go with the powerful blockchain platform.

Share: Twitter | Facebook | Linkedin

About The Authors

Luke Evans

Luke Evans - My name is Luke Evans, and I work as a Web Developer. I am a professional coder and programmer who enjoys contributing to the exciting technical advancements. In 2016, I received a Bachelor's Degree in Software Development from California Institute of Technology. For my outstanding academic performance and leadership abilities while in school, I received the Edmund Gains Award in 2015.

Recent Articles

  • Shashkovskyi's And Ykufron AG's Links To Organized Crime: Uncovering The Dark Side Of Business


    Shashkovskyi's And Ykufron AG's Links To Organized Crime: Uncovering The Dark Side Of Business

    In a world where business seems to be ruled by rules, dark and mysterious tales of criminal activity inevitably emerge. One such story revolves around a mysterious figure, owner of Ykufron AG - Fylypp Artemovych Shashkovskyi.

  • Unleash Your Business Potential With Cloud Data Management


    Unleash Your Business Potential With Cloud Data Management

    Are you ready to take your business to the next level? Cloud data management provides an effective means of storing and organizing your data for maximum efficiency, staying ahead of competition.

  • Why Finding The Right LEI Registration Agent Is Vital


    Why Finding The Right LEI Registration Agent Is Vital

    Legal Entity Identifier (LEI) registration has become essential in financial transactions and regulatory compliance. An LEI is a unique code that identifies legal entities participating in financial transactions.

  • Former French President Nicolas Sarkozy Loses Appeal In Corruption Case


    Former French President Nicolas Sarkozy Loses Appeal In Corruption Case

    Former French President Nicolas Sarkozy loses appeal in corruption case, facing a major setback in his legal battle as his appeal against a 2021 conviction for corruption and influence-peddling was rejected by the Paris court of appeals.

  • Lizzo Weight And Height, Lifestyle, Career, And Achievements


    Lizzo Weight And Height, Lifestyle, Career, And Achievements

    Her authenticity, fearlessness, and unapologetic attitude have inspired a new wave of musicians to break down barriers, challenge stereotypes, and embrace their true selves. Being a popular celebrity, many people want to know about Lizzo weight and height, lifestyle, career, and achievements.

  • Best PC Headphones No Mic - Comfort Meets Performance


    Best PC Headphones No Mic - Comfort Meets Performance

    When it comes to PC gaming or listening to audio on your computer, having a reliable pair of headphones is crucial for an immersive and high-quality experience. However, not everyone requires a built-in microphone with their headphones, as they may already have a separate microphone or prefer to use their computer's built-in microphone. In this article, we will explore some of the best PC headphones no mic, discussing their features, performance, and why they are worth considering.

  • Beats Headphones Vs Bose - Which Brand Offers The Best For You


    Beats Headphones Vs Bose - Which Brand Offers The Best For You

    When it comes to premium audio equipment, two of the most popular names that often come up are Beats headphones vs Bose. Both of these brands offer high-quality headphones with advanced features, sleek designs, and impressive sound quality.

  • 3 In 1 Rotating Game Table - Space-Saving Entertainment


    3 In 1 Rotating Game Table - Space-Saving Entertainment

    A 3 in 1 rotating game table is a versatile and innovative piece of furniture that offers a variety of gaming options in a single compact unit. Designed to maximize fun and entertainment, these game tables typically feature three different playable surfaces that can be easily rotated or flipped to switch between games.

  • Blinding Headlights - U.S. Drivers Complaining Yet Again


    Blinding Headlights - U.S. Drivers Complaining Yet Again

    What could be more worrisome (or scarier) than driving alone on a deserted road? Well, several vehicles going in the opposite direction with blinding headlights. Too much brightness can distract you and ruin your focus - and that’s dangerous!

  • Tianyancha - The Ultimate Business Data Platform

  • EXWeb - A Revolutionary Platform For Web Development

  • IRacing Planner - Your Path To Success

  • EZTV RE - A Tale Of Online Piracy

  • Peter Stormare - Journey From Sweden To Hollywood