Blockchain technology backs the cryptocurrencies.
Cryptocurrencies are digital money regulated by a distributed and decentralized ledger, the Blockchain.
They are widely adopted in many parts of the world and are used to trade assets.
The characteristics of blockchain are so dynamic that it is widely spread across many sectors.
So, when more currencies are mined, the value also increases at a faster rate.
They’re not controlled by any government or centralized system and no single entity can claim ownership on cryptocurrencies.
Did you realize that the terms blockchain and Bitcoin aren’t synonymous?
To put it another way, it’s an open, distributed ledger (database), which means the information stored in the blockchain is distributed (duplicated) among multiple computers and hence decentralized.
However, Bitcoin is only one type of cryptocurrency; blockchain technology also powers other cryptocurrency networks.
Moreover, it was unusual because it tackled a prevalent problem in digital currencies: “double spending.” This guarantees that each Bitcoin is one-of-a-kind and cannot be duplicated.
Because all Bitcoin transactions are immutable and confirmed by a network of independent miners, you always know where your money has gone.
While blockchain was created for digital money, it is currently being used for smart contracts and tracking items along the supply chain.
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