Beginner’s Guide to Bitcoin and Blockchain Technology!

Online trading fields have reflected on quite some changes. Therefore, Bitcoin is a type of cryptocurrency, which is digitally decentralized without any single bank or a centralized authority. It can be sent from wallet to wallet on Bitpapa, from peer to peer, in the bitcoin network.

Each bitcoin is like a computer file, which is stored in the ‘Digital Wallet’ app in your device. Every transaction that you will do be stored in a public list called Blockchain. Currencies like Bitcoin have already opened many new doors to explore for us. It enables a new payment system and completely digital money. Bitcoin is pretty much like cash for the Internet.

Blockchain Technology and its features:

A blockchain can be referred to as a chain of blocks lying, where each block contains some data having value, without any central supervision. This technology uses 2 important data structures. Yes, to learn about blockchain, you need to have knowledge about data structures.

Blockchain Technology uses 2 Data structures:

  1. Pointers:

Pointers are similar to normal variables. The only difference that lies is that pointers stores the address of other variables. They point towards the location of variables, and hence the name Pointers is given.

  1. Linked List:

It is a type of list, consisting of blocks that are linked with other blocks via pointers. The pointer, here, stores the address of the next block, and that is how the whole list is generated.

Why are the features of Blockchain technology?

  1. Decentralization Property:

A normal network structure comprises of “Client-Server” Model, where there is a centralized server surrounded by many devices. Every device sends the query to that centralized server and the server returns them. Blockchain Technology follows a peer-to-peer network. In peer to peer networks, there is no centralized authority. Even if one peer stops working, another peer can take over that peer.

  1. Transparency:

A person who is carrying out a transaction, his identity will be stored in the public list in the form of his public address. This means, that the person’s real identity is secured and safe. As the public address is visible to everyone, the system is transparent

  1. Cheaper:

Banks spent hundreds of dollars on KYC (know your customer). Blockchain technology comes with a solution. The concept of Self-Sovereign Identity is the idea of giving individuals, their unique identity and their right to ownership. This prevents from online fraud and identity mismanagement.

The final thought:

Investing in Bitcoin can be useful as it can be converted into cash and can be moved into the bank account. You can sell away the bitcoin on the cryptocurrency exchange such as Coin base.Saves you from expending money on the classes understanding cryptocurrency better, providing the information for free, which is not only informative and educational but also accurate with the live updates and news. Visit this particular website that is recommended for more information now.

News Reporter