Crypto Currency

5 Interesting Facts About Blockchain Technology

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. Its an open-source and distributed database that is…

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. Its an open-source and distributed database that is stored in nodes or computers within the network. When new transactions or blocks are added to the blockchain, it will automatically update itself. Here are 5 very interesting facts about this ultra-modern technology.

1. Its Tamper-Proof

Once an entry has been added onto the blockchain, it will be nearly impossible to remove or alter it later. If you want to alter an entry, you’d have to basically alter all the transactions that came after it. Doing this is mathematically impossible, so even genius fraudsters would have to look elsewhere to steal bitcoins without too much effort. Being tamper-proof is also the reason bitcoin payments are final and irreversible.

2. Its 100% Transparent

Anyone with access to the blockchain can see all the transactions that have ever occurred in the past. You can even look up the first ever block (block 0) that was mined by Bitcoin founder, Satoshi Nakamoto, in 2009. This genesis block contained the message The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

3. Criminals Cant Hide Behind The Blockchain

If criminals think they can hide behind the relative anonymity that Bitcoin provides, they’re sorely mistaken. Many have tried to evade the long arm of the law by converting their stolen loot to bitcoins and transferring them to
different wallets, but with the transparent nature of the blockchain, computer experts can spot and trace all the bitcoin transactions these criminals have ever done.

4. Blockchain Technology Is Not Limited To Cryptocurrencies

Many different startups have started to experiment with implementing blockchain technology in various industries. Once such example is Ethereum with their smart contracts technology which basically runs on blockchain. Since the blockchain is decentralized, two parties can make transactions between themselves without needing the services of a middleman. This not only saves you money, but it also saves you a lot of time and conflict.

5. Blockchain Can Still Be Improved

While this technology has definitely improved the lives of many people, it can still be improved. For one, as time passes by, the blockchain will grow to be several hundred gigabytes of data. This will cause a lot of bandwidth and storage problems on personal computers. Let’s hope the brightest minds in the crypto space can find a solution to this predicament soon.

Be the first to write a comment.

Leave a Reply

Crypto Currency

Brazil payment app PicPay launches new crypto exchange service with Paxos technology

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos…

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos…
Read More

Continue Reading
Crypto Currency

Decoding why Polkadot [DOT] is struggling to regain support levels

After a “wow” performance last week, Polkadot [DOT] has reversed to digging for new red levels. Recall that DOT was the best performing cryptocurrency among the top coins on CoinMarketCap during the aforementioned period.  However, DOT has only produced losses for investors with the coin in the portfolio over the last 24 hours…

After a “wow” performance last week, Polkadot [DOT] has reversed to digging for new red levels. Recall that DOT was the best performing cryptocurrency among the top coins on CoinMarketCap during the aforementioned period.  However, DOT has only produced losses for investors with the coin in the portfolio over the last 24 hours…
Read More

Continue Reading
Crypto Currency

Top 5 New Cryptocurrency to Invest in During The Crypto Bear Market

With prices down significantly since the start of the year, there’s no better time to stock up on the top 5 new cryptos to invest in. In order to make the selection process easier, we’ll be taking a look at the top 5 new cryptos to invest in and providing an overview on how to…

With prices down significantly since the start of the year, there’s no better time to stock up on the top 5 new cryptos to invest in. In order to make the selection process easier, we’ll be taking a look at the top 5 new cryptos to invest in and providing an overview on how to buy our top pick…
Read More

Continue Reading
Crypto Currency

Top 10 DeFi Tokens to Watch in August 2022

Decentralized finance systems have allowed users to borrow, save, lend, or trade cryptocurrency without the need for the usual paperwork and red tape present in traditional financial markets. In addition to other niche crypto assets like Web3 coins, Metaverse crypto coins, and NFT projects, the current degree of popularity has many people seeing DeFi tokens…

Decentralized finance systems have allowed users to borrow, save, lend, or trade cryptocurrency without the need for the usual paperwork and red tape present in traditional financial markets. In addition to other niche crypto assets like Web3 coins, Metaverse crypto coins, and NFT projects, the current degree of popularity has many people seeing DeFi tokens […]
The post Top 10 DeFi Tokens to Watch in August 2022 appeared first on NullTX…
Read More

Continue Reading