Blockchain is NOT Bitcoin!in Cryptocurrency, Bitcoin, Blockchain, Blockchain
Today we hear here and there about Bitcoin, Blockchain, cryptocurrencies, Coinbase, digital bubble etc. And when someone beside you starts talking about blockchain you cries inside: hey, guy, I know what you are talking about! And, yeah, you are completely off. Why? Blockchain is not Bitcoin! At all! Bear it in your mind! If it has a “B” letter it does not make it Bitcoin-lock-chain! Actually, Bitcoin consists of 4 major technologies. But stop, how can currency include technologies? Easy! First and foremost it is a technology itself! Blockchain technology Here you can find out what the blockchain is. And we go further. Blockchain technology has 5 main characteristics or 5 “no”s:
- No borders
- No nations
- No censor
- No locks
- You want to make a transaction
- the transaction enters the P2P
- “indurates” there
- gets verification
- pairs with its colleagues - other transactions to add to Bitcoin’s 1mb block sizes
- the block’s information (digital ledger technology) again gets verification by anonymous parties
- blockchain gets a new block which is chained to the others
- your transaction is complete! My congratulations!
- Blockchain recorded that somebody made a transaction
- Verified it
- Kept track of Bitcoins you had sent
- Everyone saw your transaction through the distributed database but no one knew it was you who had made it.
- Well, you made it. The good news is that it could not have been falsified.
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