Understanding how Bitcoins work will allow you to embrace and appreciate the beauty of this life-changing technology. First, Bitcoin's main reasons for success could be attributed to tapping and being built on the blockchain. That means that it removes and eliminates the need for an intermediary to access or conduct transactions; it's a more secure means of payment or transfer of value while also being transparent, which promotes trust. Because Bitcoin's technology offers all the features, i.e. Blockchain, Bitcoin automatically enjoys its perks, thereby making it valuable.
It is, therefore, vital to understand what blockchain technology is. The blockchain is a digital ledger that keeps account of every transaction as the block on its network or nodes. These transactions are open to everyone, and everyone has access to them. This way, they could be verified. Also, the blockchain employs cryptographic algorithms to encrypt every data or transaction on it. This way, the security of the blockchain is top-notch. The decentralized nature enabled peer-to-peer transactions, which made it lighten quickly as against using banks with many other requests to attend to.
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