Cryptocurrencies are getting more and more famous day by day. With the rising popularity, one of the most famous cryptocurrencies named Bitcoin is becoming more and more interesting to investors all over the world. As far as trading is concerned Bitcoin is like other currencies but there are various unique features which make Bitcoin stands out from the rest of the currencies like Dollar and Pound. Read more here as we talk about the technology which is known as a blockchain and how that is special. Before that let’s get a small idea about Bitcoin first.
It was created by an alleged software engineer with the pseudonym Satoshi Nakamoto who proposed this cryptocurrency in the year 2008. After his leave, it became decentralised and started being managed by a group of volunteer coders from an open-source.In terms of other currencies like Dollars and pounds, the idea of bitcoin is similar as they too can be traded digitally for any deal. But they are not just currencies, they are accounting units for any kind of specific programs. One can break down a bitcoin into 1 billion pieces and each piece can be traded individually as stock, currency or anything for that matter. You can deliver any currency which is pre-programmed by using Bitcoin technology.
After getting a brief idea about Bitcoin, let’s understand blockchain.
The name blockchain is pretty much an indicator of what it is. It is the driving force or fundamental technology behind the idea of Bitcoin. This is a cluster of servers and computers which are connected and drives a decentralised control and transaction against one individual public ledger. On every piece of this network, known as the blockchain, exists one copy of this ledger and every transaction demands every piece to verify and then agree upon that.