Information about Blockchain

What is blockchain?

Cryptocurrencies such as Bitcoin and Ethereum are powered by a technology called blockchain. Essentially, a blockchain is a list of transactions that anyone can view and verify. For example, the Bitcoin blockchain contains a record for every time someone sends or receives bitcoin. Cryptocurrencies and the blockchain technology that creates them make it possible to transfer value online without the need for intermediaries such as banks or credit card companies.

Cryptocurrencies such as Bitcoin and Ethereum are powered by a technology called blockchain. Essentially, a blockchain is a list of transactions that anyone can view and verify. For example, the Bitcoin blockchain contains a record for every time someone sends or receives bitcoin. Cryptocurrencies and the blockchain technology that creates them make it possible to transfer value online without the need for intermediaries such as banks or credit card companies.

Imagine a global, open alternative that could replace every financial service you use today, accessible with little more than a smartphone and an internet connection.

• Almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, are protected by blockchain networks. This means that their accuracy is constantly verified by a huge amount of computing power.
• The list of transactions found on the blockchain is the basis of most cryptocurrencies. Because it enables secure payments between people who do not know each other without having to go through third-party authenticators such as banks.
• Due to the cryptographic nature of these networks, payments made via blockchain can be more secure than standard debit/credit card transactions. For example, you do not need to provide sensitive information when making a Bitcoin payment. This means the risk of your financial information being compromised or your identity stolen is almost zero.
• Blockchain technology is also exciting because it has many uses other than cryptocurrency. Blockchains are used to conduct medical research, improve the accuracy of health records, streamline supply chains, and much more.

What are some advantages of blockchains?

1. It is global, meaning cryptocurrency can be sent quickly and cheaply to anywhere on the planet
2. Increases privacy: Cryptocurrency payments do not require you to include personal information, protecting you from hacking or identity theft.
3. Open: Since every transaction on cryptocurrency networks is publicly published on the blockchain, anyone can examine them. This means there is no room for manipulation of transactions, determining the money supply, or changing the rules mid-game. The software that forms the core of these currencies is free and open source. So anyone can review the code.

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