If you’re familiar with cryptocurrency then you will have heard the word “blockchain” used in conjunction with cryptocurrency but what exactly is Blockchain technology and how does it work?
In this article, we will provide you with information on Blockchain technology so you will know how it works and why it’s so important in the world of Cryptocurrency.
What Is Blockchain Technology?
Blockchain technology is a secure, time-stamped database that’s also the framework of cryptocurrency because when a Bitcoin transaction occurs, that transaction is distributed and broadcasted to all the nodes in the network.
The beauty of Blockchain technology is that the technology is 100% secure, transparent, and it prevents double spending by any Bitcoin owner at any period in time.
With Blockchain technology, everything is tracked from an individual users’ wallet so there’s never any question regarding an individual user or a specific transaction because all of the transaction details are tracked in the Blockchain.
Blockchain technology is backed by thousands of computers around the world, or “miners”, who use their computing power to mine Cryptocurrency and secure the blocks of data that essentially make up the chain. For their computing efforts, miners are rewarded with Bitcoins that they can use to spend anywhere online that cryptocurrency is accepted.
Use Cryptocurrency with Confidence
Thanks to the security of Blockchain technology, you can use cryptocurrency with confidence that all of your transactions will be 100% secure. The Integrity of Blockchain has been responsible for the creation of many cryptocurrency coins since 2009 and the technology has also been used in other areas online that require secure transactions.
Thanks to Blockchain technology, Cryptocurrency is here to stay and we can look forward too many more advancements with this technology especially in these unstable financial times as long-time investors and everyday people look to cryptocurrency as a form of asset preservation and a secure payment method.
Disclaimer: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. This is the Authors opinion.