Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Svetoslava on May 21, 2018, 01:22:50 PM
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What is Blockchain briefly Explained
Cryptocoins are bit confusing but if you understand blockchains, its mean you have done half of your homework. The blockchain is used to do quick, secure and transparent peer-to-peer transfer of digital goods including money and intellectual property. In cryptocoin mining and investing, it's an important topic to talk and understand.
What is Blockchain
The most spoken and misunderstood topics in recent time, everyone what to know about it but unable to understand it or you can say that the information is not clearly explained.
But Today I will explain Blockchain in depth to you
Blockchain has changed the way for the industries to do their daily business. Most people use a reliable middleman such as a bank to make a transaction. But blockchain has changed the way, now consumers and suppliers can connect directly, and remove the trend of the third party.
How does it work?
In the case of Bitcoin, blockchain stores the information of every transaction of the digital currency, and stops the same Bitcoin from being using again.
Let’s tell you this in step by step
1. A wants to send money to B
2. The transaction is signified online as a block
3. The block is transmitted to every party in the network
4. The members of the network approve the transaction is valid
5. Now block added to the chain, which provides a permanent and transparent record of transactions
6. The money moves from A to B
Why is Blockchain so revolutionary?
It can be used in almost every type of transaction involving value, money, goods and property. Its possible uses are almost boundless: from gathering taxes to allowing migrants to send money back to family in countries where banking is difficult.
Blockchain could also help to decrease fraud because every transaction would be noted and spread on a public ledger for anyone to see.
How secure is blockchain?
With advance cryptographic protection, Blockchain offers very secure experience than traditional banking.
The fact that the technology is decentralized, and cannot be change or edit makes it perfect for financial transactions and the storage of important information.
Conclusion
As per all information, the result which I notice is the blockchain is a great technology with secure handling. As cryptocurrency use blockchain method that’s why you don’t need to worry about the leaking of your personal details.
Investing in cryptocurrency is secure. Koban Coin is the new coin in the marketing and I’m personally connected to them they use blockchain method. And this project is about mining gold and they allow an individual to invest in Physical gold.
To know more about Koban Coin Visit:https://kobancoin.org/
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Blockchain: a public, decentralized ledger in a cryptocurrency network that records all of the cryptocurrency transactions. Maybe my answer is very short and hard to understand, please correct me if my answer is wrong.
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Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data. A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
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The information above is really helpful. Thank you for sharing information and knowledge. Good luck for us :)
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The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
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Blockchain or block chain (sometimes also block chain) - decentralized and distributed database (https://pl.wikipedia.org/wiki/Rozproszona_baza_danych) in the open source (https://pl.wikipedia.org/wiki/Otwarte_oprogramowanie) model in a peer-to-peer (https://pl.wikipedia.org/wiki/Peer-to-peer) (P2P) internet network without central computers and without a centralized data storage, used for posting individual ransactions (https://pl.wikipedia.org/wiki/Transakcja_(finanse)) , payments or accounting entries encoded using cryptographic algorithms (https://pl.wikipedia.org/wiki/Szyfr). In fact, blockchain is a specific decentralized and distributed transaction register or, in other words, it is a decentralized transaction platform in a distributed network infrastructure. Blockchain is a public and public register that anyone can access
Source https://pl.wikipedia.org/wiki/Blockchain (https://pl.wikipedia.org/wiki/Blockchain)
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Being an accountant student I can explain it in my language that it is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
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I am new here. I am still learning about Blockchain. The article above is really helpful. I will learn more about it, also about this forum and crypto world.
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I am new here. I am still learning about Blockchain. The article above is really helpful. I will learn more about it, also about this forum and crypto world.
This is a very nice forum. Every member is very friendly and helping, you can get help from anyone at any moment. Feel free to ask, and welcome to our community. :)
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Bolockchain is a technology that is sold by online currency.
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I am new here and Blockchains seem like a very important but also fascinating topic! As mentioned above Bitcoin and Koban Coin use Blockchain, but do all the cryptotcurrencies use the same Blockchain technology or are there differences (other than Blockchains or types of Blockchain? As a beginner this is not quite clear to me...
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very helpful for beginners. In this case, Blockchain is a system and technology that has high codes and security levels. Usually used as a basic technology for making cryptocurrency. However, the Blockchain data structure cannot be changed, it can only be added. and thank you for helping beginners like me
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Blockchain has important elements like Block and Hash, all transactions will be stored in the ledger, Hash is a digital fingerprint or the identity of a digital data, I am very excited to see this technology, because all transaction data on the blockchain cannot be changed.
For an initial introduction visit this Demo http://anders.com/blockchain/
This is a very basic visual introduction to the concept behind blockchain.
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What is Blockchain briefly Explained
Cryptocoins are bit confusing but if you understand blockchains, its mean you have done half of your homework. The blockchain is used to do quick, secure and transparent peer-to-peer transfer of digital goods including money and intellectual property. In cryptocoin mining and investing, it's an important topic to talk and understand.
What is Blockchain
The most spoken and misunderstood topics in recent time, everyone what to know about it but unable to understand it or you can say that the information is not clearly explained.
But Today I will explain Blockchain in depth to you
Blockchain has changed the way for the industries to do their daily business. Most people use a reliable middleman such as a bank to make a transaction. But blockchain has changed the way, now consumers and suppliers can connect directly, and remove the trend of the third party.
How does it work?
In the case of Bitcoin, blockchain stores the information of every transaction of the digital currency, and stops the same Bitcoin from being using again.
Let’s tell you this in step by step
1. A wants to send money to B
2. The transaction is signified online as a block
3. The block is transmitted to every party in the network
4. The members of the network approve the transaction is valid
5. Now block added to the chain, which provides a permanent and transparent record of transactions
6. The money moves from A to B
Why is Blockchain so revolutionary?
It can be used in almost every type of transaction involving value, money, goods and property. Its possible uses are almost boundless: from gathering taxes to allowing migrants to send money back to family in countries where banking is difficult.
Blockchain could also help to decrease fraud because every transaction would be noted and spread on a public ledger for anyone to see.
How secure is blockchain?
With advance cryptographic protection, Blockchain offers very secure experience than traditional banking.
The fact that the technology is decentralized, and cannot be change or edit makes it perfect for financial transactions and the storage of important information.
Conclusion
As per all information, the result which I notice is the blockchain is a great technology with secure handling. As cryptocurrency use blockchain method that’s why you don’t need to worry about the leaking of your personal details.
Investing in cryptocurrency is secure. Koban Coin is the new coin in the marketing and I’m personally connected to them they use blockchain method. And this project is about mining gold and they allow an individual to invest in Physical gold.
To know more about Koban Coin Visit:https://kobancoin.org/
thanks for sharing, this is really helpful to new people who crypto and your effort is highly appreciated and hope that some people are willing to help others to learn in crypto investment.
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OP, your information is very useful. Have being trying to get a good article about blockchain to read and know what it's all about. Thanks a lot.