#What is Blockchain Technology and how does it work?

 

                 Visit - https://t.me/freebitmexsignals

For more latest news update on Cryptocurrency, Free BitMEX, Binance future, Bybit signals & BitMEX Bybit Trading BOT visit above given Telegram group

First things first. If you want to trade cryptocurrencies, you don't need knowledge of what blockchain technology really is. For example, you may use the internet on a daily basis without knowing the protocols behind the scenes. But you have certainly come to the right place if you want a simple, easy-to-understand explanation. Blockchain is a relatively new technology that transfers trust from third parties into their own hands. In this way, we can verify our own transactions and data. This new technology allows faster and more secure global transactions, which in turn favors globalization.

Blockchain has become known as a result of crypto-popularity, but it is important to know that its use is not limited to just one industry. In the future, we will definitely hear a lot more about blockchain and successful ICO projects that build a blockchain business.

 

Bitcoin is a completely virtual currency, which means that bitcoin can be exchanged between computers in a global peer-to-peer (P2P) network. You may be familiar with P2P if you have ever used BitTorrent to exchange files directly with friends or other people around the world. The main difference here is that we do not make any copies of Bitcoin. A bitcoin is a string of data that cannot be multiplied because it is an entry in a public register (a collection of financial accounts) called a blockchain. When a transaction is recorded, it remains on the blockchain forever.

 

The original bitcoin blockchain is an open source technology that offers an alternative to traditional currency transfer. The intermediary is replaced by a group verification system that offers a high degree of traceability, safety and speed. In our case, we can send our cryptocurrencies to Adam directly through the blockchain, without the rigid imitations of banks. The transfer rate and fees will depend on which cryptocurrency is used. But even with minimal costs, the transaction will be extremely fast. We simply send the cryptocurrencies from our wallet to Adam's wallet. The nodes (or people) in the network confirm this transaction, ensuring that the funds are displayed in Adam's account.