Skip to main content

What is the role of The Block Chain in Bitcoin?


The block chain is a ledger which is having records of bitcoin transactions. Each and Every Transaction records in Block Ledger. It is a transaction database shared by all participants participating. It contains each and every transaction ever executed in the currency. With this it’s easy to find out how much value belonged to each address at any point. Each block in the chain is guaranteed to come after the previous to justify the address of previous block. The properties of blocks make bitcoins transactions irreversible. The block chain is the main and very innovative property of Bitcoin. The Bitcoin is valid only if all of the blocks and transactions within this are valid.The maintenance of the blockchain is performed by a network of nodes connected with each other in this network. Nodes validate transactions and after validating nodes add them to their copy of the ledger and then broadcast this ledger to other nodes. It is just like a distributed database it  Performs  independent verification of every bitcoin amount, Every  node stores its own copy of the block chain after that  a new group of all the accepted and verified  transactions is created and added as a new block to the block chain and  then shown  to all nodes connected. With this bitcoin software able to determine when a particular bitcoin amount has been spent and the replication problem and possibility of fraud can be overcome with this.
Labels:

Comments

Post a Comment

Popular posts from this blog

Is Bitcoin a Good Investment?

The whole internet is blowing up over Cryptocurrencies. People spend their time thinking about how to be rich.But it can be done if we invest our money with proper reviewing the market instead of without auditing. People are told to hold cash or put their money into funds that profits the managers whether the market goes up or down. These days every person wants a piece of the latest and greatest,  cryptocurrency .  Bitcoin deserves some attention, but no one can predict what will happen with Bitcoin or any other cryptocurrency . The Bitcoin Market is increasing day by day because of its features so it’s worth investing in Bitcoin.
40 comments
Read more

How to buy OmiseGO in India with INR?

On this page, you’ll learn how to buy OmiseGO and store it securely in a wallet. BuyUcoin makes it easy and fast to convert your Rupee currency into and out of OmiseGO. OmiseGO is moving forward and looking to a bright future. By providing a user-friendly platform that enables people to harness the power of blockchain technology, OmiseGO is speeding up the decentralization of the world economy. Decentralized applications have the potential to profoundly disrupt hundreds of industries including finance, real estate, academia, insurance, healthcare and the public sector among many others. Anyone can easily buy OmiseGO  in exchange of INR at buyUcoin, for the first time in India, just follow the given steps :- To buy OmiseGO with INR you need to register an account on buyUcoin. Click on ”Sign Up” at the top-right of the website and fill the registration form. You will get the activation link on your e-mail inbox and you have to click it. After you do the...
29 comments
Read more

Benefits of BitCoin

Exchange freedom:- Using Bitcoin its very easy way to exchange payment anywhere in the world at any time.Bitcoin can be exchanged on even bank holidays. Users have  full control on their money. Money Exchange Charges:-   Main benefits of bit coin service is that there is no fee to receive bitcoins as other wallets charges high fee to pay.Higher fees encourage faster confirmation of your transactions. With Bit coin you can send 100,000 bitcoins for the same fee it costs to send 1 bitcoin. Secure Transactions:- Bitcoin transactions are secure as well as  irreversible,The transactions do not contain customers’s personal information. This protects merchants from fraud loss caused by fraud or fraudulent charges. under control:- Bitcoin users have  complete control on their transactions; in other methods its impossible for merchants to track unwanted or unnoticed charges. This offers strong protection against identity theft. Bitcoin users can also pro...
3 comments
Read more