WHAT IS BITCOIN BLOCKCHAIN TECHNOLOGY?

btc info

Bitcoin is a cryptocurrency and the transactions using bitcoins take place anonymously, all the transactions taking place using bitcoins are stored in the blockchain which is a public digital ledger. Blockchain consists of number of blocks each block specifies a specific user and blocks allow users to take part in the transactions using electronic ledger.

Blockchain lives in a state of consensus system of networking, this technology uses a principle of write once and append many times. As once a transaction is recorded it can’t be altered thus maintaining the security of the transactions.

The transactions do not involve any central authority and directly take place between the users. Bitcoin follows a decentralized digital networking system. Bitcoin was published in the year 2009 a white paper using an alias Satoshi.

For every transaction taking place an extra block is added to the blockchain and the time taken to add an extra block is termed as block time, block time of bitcoin is 10 minutes and might vary sometimes. Bitcoins are most popularly used in online gambling industry and players can access wide range of bitcoin casinos to play their favorite games online.

Bitcoins now-a-days are widely being used in payment services. To own a bitcoin is an easy process, it has four simple ways – to have a detailed information look at the below given infographic regarding bitcoin and blockchain technology.

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