How much do you know about Bitcoin?

Friday, December 6, 2019 posted by Joel 7:08 am
bitcoin

The Blockchainis a storage technology and information transmission that works seamless, secure, without central control body. It is a distributed, reliable and inviolable public database. It can be likened to a large account book, public and anonymous, unfalsifiable and indestructible. The first Blockchain was created in 2008 with Bitcoin, now a famous cryptocurrency. It was allegedly set up by a stranger named Satoshi Nakamoto. This technology is indeed the basis of encrypted currencies, their originality. Click here to know about coinbase fees.

How it works?

Any public blockchain necessarily works with a currency, a Token or a programmable “token”.

The principle of distribution

The main feature of the Blockchain is that it operates without a major controlling organization. Indeed, transactions are not centralized in one place but distributed among all members of a network via their computer (or any other terminal).Visit this site to know about coinbase fees.

bitcoin

The steps of a blockchain

Transactions between users in a network are grouped into blocks. Each block is validated by individuals or companies, paid to solve calculations and algorithms using cryptographic techniques. Once the blocks are validated and added to the chain of blocks which, remember, is accessible to all users, nothing can be modified or deleted.

The blockchain beyond bitcoin

The Blockchain, used so far in the world of finance, promises to revolutionize many other areas such as health, the pharmaceutical industry, the computer trades, the music industry, real estate, energy and politics (via voting).

It also enables the development of programmable and autonomous contracts, and can be used as a “trusted third party” when signing a contract, by securing and authenticating the transaction, without recourse to the notary or the business lawyer.

Category : Finance

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