Hey Bitcoin peeps! Ever felt like the world of crypto is moving at warp speed? Prices zooming up and down in minutes, new airdrops, hard forks, and ICOs popping up like crazy – it’s enough to make anyone’s head spin!
But fear not, fellow crypto enthusiasts! I’m here to share some knowledge bombs about Bitcoin halving, an event that happens every four years and shakes things up in the Bitcoin universe.
Keeping up with the fast-paced world of cryptocurrencies can be a daunting task. In a matter of minutes, prices can swing up or down by double-digit percentages, and it can be challenging to keep track of what’s causing these fluctuations. With so many events, upgrades, and ICOs happening all the time, it’s nearly impossible to stay on top of everything without the right tools and knowledge.
But fear not, with the right tools and know-how, we can take advantage of the many opportunities this growing industry provides. Being the first to know about major upgrades or ICOs can potentially lead to significant profits. Even if you’re not interested in trading the news. So, what are these tools that can help us keep up with the crypto world? Let’s dive in and find out!
Blockchain is a decentralized and distributed ledger that keeps all the cryptography information distributed across the network of computers connected to the blockchain technology.
Additionally, there are different blocks on the chain that represents various transaction information. When a new transaction occurs from anywhere in the world, the record is added to the participant’s ledger.
A network of Blockchain
Blockchain Technology For Beginners
We know it can be a little complex for beginners to understand the whole blockchain, but don’t worry; we will help you out.
In simple terms, you can consider blockchain as a bank, where everyone can send money without any complications of authorities keeping an eye on you and without any extra bank fees.
Meaning with blockchain, you are your own bank, and you have the authority over your money, and you can perform transactions easily, just like you send emails.
However, it is not that simple as some complex things might seem a little tricky at first, but as you get the hang of it, things would be much straightforward.
The process of Blockchain
Blockchain works on blockchain technology, which is an unchangeable and unhackable medium to record your transactions.
On average, there are almost 500 different bitcoin transactions along with the cryptographic information on each “block” of a blockchain.
The information on these blocks contains the links to the blocks and the information of previous blocks and forms of chain that would be used to proceed with the transactions, Thus termed as the blockchain.
Types Of Blockchain Technology
To understand blockchain in a much better way, you should learn the four different types of blockchains.
Private Blockchains
Public Blockchains
Hybrid Blockchains
Sidechains
1. Private Blockchains
The blockchains that are restricted and are not accessible by everyone are called private blockchains. People who want to join such blockchains have to take permission from the system administrator.
A single entity holds these blockchains, and they are centralized.
Ripple (XRP) is a common example of private blockchain.
2. Public Blockchains
The blockchains that don’t require any permission and anyone can access them with their will are called public blockchains.
These are decentralized, and anyone can request validation for their transaction from miners, who earn rewards for verifying the transaction.
A sidechain is a type of blockchain that works along with the main blockchain. It usually helps in the transfer of information from one chain to another between two blockchains to improve efficiency.
Blockchain technology is a little tough to understand at first, but it is totally worth it afterward. We hope this post would be helpful for your understanding, and now your questions related to blockchain are answered.
Apart from Ethereum and Bitcoin, there is a new form of cryptocurrency called stablecoins, which are also getting a lot of attention.
In case we missed something. You are welcome to ask in the comment section below.
