What is Blockchain Technology and Bitcoin?

Blockchain is a data structure with number of blocks, blockchain plays a key role in the functioning and transactions of the bitcoin. Bitcoin is the first ever cryptocurrency which can be even termed as virtual or digital currency. The Bitcoin was invented with the name Satoshi in the year 2009, the identity of the inventor or satoshi still stays under the mask and is mysterious. Bitcoin is the first ever digital cash which follows peer-to-peer networking system. Blockchain is the outcome of many decades of research and breakthroughs in the security system of digital or virtual currency.
Blockchain is a decentralized digital ledger which is very much helpful in the anonymous transactions, thus it is being considered as the back bone to the present day transaction policies. Blockchain networking totally relies on the users and doesn’t involve in any of the central authority, this feature makes the usage very much interesting.
All the transactions under the Blockchain technology are made together or grouped together into a block and are supposed to follow strict cryptographic rules.
The basic advantage of using the blockchain technology is that the transactions once recorded can’t be altered or changed by which double spending can be prevented. The addition or removing of a block is too restricted in the blockchain technology. Blockchain technology helps in maintaining confidentiality in the transactions.
One big issue now-a-days that’s being the major problem of blockchain is the increase in the transaction fees of bitcoin as the number of users are being increased. After the bitcoin many cryptocurrencies have emerged which made many changes in the system and structure of bitcoin leading to the better form of cryptocurrency. We can even have examples as the minimum block time of bitcoin is 10 minutes and whereas it’s just about 20 seconds in the case of Ethereum.
We can find no central authority over the bitcoins, but we have a limit of about 21 million to the bitcoin. At present there are about 17 million in circulation.
For each and every transaction a private key generally used as a signature is generated from the cryprto wallet to provide a mathematical proof that the request has come from the owner. Bitcoin verifies each and every transaction with encryption of state-of-art which is often used in banking and has many other applications.
There are many bitcoin ATMs placed all over the world which help in exchange of bitcoins to cash and cash to bitcoins. These are traditionally known as bitcoin kiosks. The bitcoin ATMs are high in range in USA and next comes Canada.
Bitcoins now-a-days are being used in many payment purposes. We can even find some educational institutions accepting the academic fees in the form of bitcoins. Bitcoins are very much helpful in the online gambling industry, there are many bitcoin casinos which accept the deposit in the form of bitcoins, moreover we can even find some casinos which totally rely on the deposit only in the form of bitcoins. Several casinos provide special games for the bitcoin users, which might be one of the good news to the bitcoin gamblers.
To have a detailed information regarding the bitcoin and its working under the blockchain technology, do have a look at the below given infographic.
What is Blockchain Technology and Bitcoin
Infographic Source: https://bitcoinfy.net/bitcoin-and-blockchain-technology/

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