Today, almost every individual wants to know what is Bitcoin and how it works. Though some still missing about what it is and how does it work. Bitcoin is nothing but one of the cryptocurrencies which people see as the future money that going to hijack any existing currencies. However, for this currency to exist, it requires something they called Blockchain. In one word, Bitcoin is useless without the integration of Blockchain.
Have anyone ever mentioned Bitcoin or Blockchain in your presence, but you didn’t give it attention or aware what’s all about? Has anyone told you that there is a cryptocurrency existing these days which can make you a billionaire? I know the answer is nothing but a big YES. Do you want to know more about it? If you have an interest in earning such money, kindly follow this write-up to know it in details
Mind you, the aim and objective of this article are to enlightening your people and introduce you to this technology that about to revolutionize the digital world and technologies at large. However, other people see it as the Internet new generation.
However, our primary goal with this article is to try to give a glimpse into the potential of this technology that comes to revolutionize the digital world as we know it today. And not only that even many people say that it is a “new generation of the Internet.”
Basically, the technology behind what we call Bitcoin is the Blockchain. Blockchain does not only serves as a digital currency employer but works extensively to have impacts on it.
Now let’s move forward to explain what is Blockchain better and how it works. We see Blockchain as a distributed database which exists among all the computers, which are a network part. Furthermore, let’s look at the factors that make it revolutionary, the reason behind going up and down, as well as what problems it has as a mission to unroot. You may like this video for more info on how it works:
Internet as a centralization of power in mediators
Let’s look at the internet that exists as a revolutionary aspect of our daily activities. It brings a huge knowledge and mutual understanding, and access to the information we are ignorant of. Let’s think of this new context, new organizations and companies come to monopolize a lot of decisions as well as retain information.
The above factor also lies with almost every organization that collaborates with the economy of society. Their goal is nothing but just to connect people around the world together. For example, Uber specializes in connecting people that are using cars, but with the interaction of this organization. They define the rules and regulations to keep the commission by not exposing our information privacy.
Lack of Trust in Internet
Every individual knows that we have intermediaries neither by chance nor opportunity. The reason behind this is nothing but due to the fact that we need to have trust in the Internet. For instance, when we are buying a product of Amazon or any other body, we do not put trust in the seller the way we trust the Amazon itself. However, the intermediary companies secure our privacy with guarantees, therefore, these intermediaries will take responsibility for whatever happened.
Before the Blockchain come into existence, the intermediaries role in the exchange of the goods in digital marketing was very important and indefatigable. For instance, the roles of digital banks are to secure our records by keeping it safe and monitoring their customers’ accounts. Proper monitoring will generate a cost of high commissions and information.
Blockchain is described as a distributed database in which all nodes will have an information record anytime. Let’s see it from centralization logic, in which an individual controls and monitors all the information. He will have this along with a distributed one in which the information distributes among all the computers. However, we can say that nobody can monopolize the contents.
Nobody can access or control the flow of blockchain himself, neither he can modify it. Therefore, if any of these computers hacked or stopped working, the least they can do is to watch over and ensure that the recorded information is secure.
Blockchain is primarily known as a chain of blocks by which any information is saved in something we can describe as a chain in blocks of transactions connected to a predecessor through advanced cryptography.
With all these, you are allowed to know in which the transaction orders were accepted and verified. With this, the registry remains as it is, just to know that if you send a bitcoin, for instance, it is no more yours but somebody else. This clears any misunderstanding and solves any problem facing in this field of bit copying in an online payment which serves as a receipt.