What is Blockchain?

Cryptocurrency transactions are based on blockchain technology. What is blockchain and how does it work? For a layman who has no knowledge of economics, finance and modern means of payment, this concept can be difficult. However, Bitclude specialists will explain what blockchain is and what the mechanism of its functioning is.

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What is Blockchain?

What is blockchain technology? It is a kind of register containing accounting entries that is used in cryptocurrency exchange platforms. As part of the register, you can find digital information placed in a public database within the so-called blockchain. To fully understand the concept of blockchain technology, it is also worth explaining the concepts of block and chain.

Description of blockchain

A block in blockchain technology is an element of the chain, a data about data issue, transactions such as date, time and amount. In a single local deposit up to 1 MB (several thousand transactions), which means that every 10 minutes a new block is added to the chain. Each participant's username is only based on the signature list.

How does Blockchain work?

In order to add a new entry to the register, i.e. complete the chain with a new block, it is necessary to validate the data by all computers in the database. The management of blockchain technology is decentralized and is carried out by a network of computers located in different locations around the world, not within a centralized server.

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Advantages of blockchain

Blockchain technology has many advantages, among which it is worth highlighting:

  • security - thanks to the decentralization of management, it is kept safe and protected against tampering and counterfeiting attempts,
  • low running costs - data is stored and managed by a decentralized computer network, without involving the human factor, which reduces expenses,
  • decentralization - the lack of a centralized server means that the data is stored in a public but secure manner.

How to start investing in Bitcoin

Blockchain technology is used, inter alia, in investing in Bitcoin. If you want to start earning money, please contact us. The Bitclude platform allows you to easily and intuitively manage your transactions, as well as verify the Bitcoin rate on an ongoing basis.

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