Blockchain Technology
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Block-Chain - Techky Cars
If you want to know what is Bitcoin, how you can get it and how it can help you, without complexing into technical details, this blog is for you. Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries.
At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchase to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.
Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $112 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it.
The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?
Blockchain technology is like the internet in that it has built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
1)Be controlled by any single entity.
2)Has no single point of failure.
3)Blockchain keeps a record of all data exchanges this record is referred to as a “ledger” in the cryptocurrency world, and each data exchange is a “transaction“. Every verified transaction is added to the ledger as a “block”
4) It utilizes a distributed system to verify each transaction a peer-to-peer network of nodes.
5) Once signed and verified, the new transaction is added to the blockchain and cannot be altered.
To begin, we need to explore the concept of “keys”. With a set of cryptographic keys, you get a unique identity. Your keys are the Private Key and Public Key, and together they are combined to give you a digital signature. Your public key is how others are able to identify you.
Your private key gives you the power to digitally sign and authorize different actions on behalf of this digital identity when used with your public key.
Decentralization:
For enthusiasts of the blockchain, you will hear a lot about the decentralized aspect of it. What makes this so appealing is that it makes the blockchain impervious to censorship, tampering, or corruption.
Because it uses a peer-to-peer network, copies of the ledger are stored in many different locations, and unless you manage to track down every single one of them (Bitcoin is estimated to have over 35,000 nodes in its P2P network), you can’t destroy it. As well, because so many different, independent nodes are keeping track of the ledger, modifying it in an untrustworthy way won’t go very far because all the other nodes will disagree with that transaction and won’t add it to the ledger.
Cryptocurrency:
In Bitcoin, if you want to transfer money to other person or company it is bit complicated, After confirmation, a transaction you can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.
Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on the blockchain. On May 8, 2018, Facebook confirmed that it is opening a new blockchain group which will be headed by David Marcus who previously was in charge of Messenger. According to The Verge, Facebook is planning to launch its own cryptocurrency for facilitating payments on the platform.
Blockchain forms the bedrock for cryptocurrencies like Bitcoin. As we explored earlier, currencies like the U.S. dollar are regulated and verified by a central authority, usually a bank or government. Under the central authority system, a user’s data and currency are technically at the whim of their bank or government. If a user’s bank collapses or they live in a country with an unstable government, the value of their currency may be at risk.
This not only reduces risk but also eliminates many of the processing and transaction fees. It also gives those in countries with unstable currencies a more stable currency with more applications and a wider network of individuals and institutions they can do business with, both domestically and internationally.
You don‘t have to ask anybody to use cryptocurrency. It‘s just software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.
So, guys, We think it will help you to understand what is Block-Chain & BitCoin and What really is, what do think about this electronic currency or are you interested to buy. Please tell me on the comment section or you can ask any question that also on a comment section I will try to answer that questions, also share this on your Friends. |
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