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Dive into the world of digital currencies: Bitcoin explained

The digital world is full of mysteries for those who have little or few knowledge about digital coins. While some think that these currencies are just another bubble that's going to suck in all the investors' money. Some believe in cryptos for real, invest in them and believe that they are going to be the future of the currency. Now the real question arises: What is it for bitcoin shortly? It is time to look into the future and see what’s in it for bitcoin.

So, without any ado let’s start diving into the crypto world.

The first thing that you need to understand - what is blockchain? In simple terms, the blockchain is a technology where information is stored over a decentralized network. This is one of the biggest advantages of blockchain technology as it makes it harder for anyone to alter the information. While anyone can see the information that is stored on the network but the alteration to information is not possible. The security of the recorded data generates trust and adds to the popularity of the platform.

Decentralization Nature of Blockchain

To understand blockchain technology you need to have a deep understanding of the decentralized nature of the blockchain. Blockchain is backed with a simple concept of storing complete information about what’s happening on different servers that are placed anywhere in the world. The best thing about this technology is that even if one server fails or multiple servers fail due to any reason, all the information is safe in these servers. This decentralized nature of blockchain makes it more secure and reliable for the storage of information. So now you understand the decentralized nature of cryptocurrency. If you are interested in bitcoin trading visit the ways to maximize bitcoin trading .

Transparency is the prime factor that made this platform a success over the years and gained trust among users as well. But the question is how blockchain achieves this. Here’s how. Remember we explained above that bitcoin is a decentralized platform. What this means is that it allows users to view all the transactions that take place on the network. Although all the information stored can’t be changed as it is already saved on multiple servers worldwide. With the digital ledger keeping track of every transaction. Users can view the movement of bitcoin thus allowing blockchain technology to promote transparency.

Blockchain uses:

Although the blockchain technology gained popularity due to Bitcoin. But that’s not the case today. Now, with thousands of bitcoins floating around and easy tracking of all these transactions makes it is more reliable and secure. There are companies out there that are planning to take advantage of blockchain technology and using in different fields such as:

Banking and Finance

Healthcare

Property Records

Smart Contracts

Supply Chains

Voting

What is public and private blockchain?

As the name suggests this blockchain technology is permissionless and thus known as public blockchain technology. Public blockchains, even being open, are secure and follow a consensus system like proof of work (PoW).

However, on the other hand, a private blockchain is just the opposite of a public blockchain. Here each node is needed to be verified as it follows the private blockchain rule. As each node needs prior approval makes this platform thus make private blockchain a more secure and trusted platform.

Final words

There are plenty of things that you as an investor need to know about Bitcoin that can’t be summed up in a single post. However, you have to start from somewhere and take this post as an enhancement to your knowledge for making better decisions.

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