What is Bitcoin? Bitcoin is a cyptocurrency and payment system introduced in January 2009 that allows for users to send transactions without the use of an intermediary. All transactions are placed on a public ledger known as "the blockchain".
What is Blockchain? As stated above, blockchain is a public ledger that records all bitcoin transactions. What is the significance of it? Blockchain is decentralized so in essence, each transaction made is placed a on a node that is then transferred in peer-to-peer networks.
How does this affect the users?
Bitcoin is much safer than the use of credit card transactions. Centralized banks are more vulnerable and prone to cyber attacks while the blockchain is not. Blockchain allows for safer transactions and it also protects user identity. If you're concerned about privacy, your transactions are not tracked by the federal government. You do not have to worry about a service fee and you can send bitcoin anywhere without a having to pay a fee. It's universal.
What is Blockchain? As stated above, blockchain is a public ledger that records all bitcoin transactions. What is the significance of it? Blockchain is decentralized so in essence, each transaction made is placed a on a node that is then transferred in peer-to-peer networks.
How does this affect the users?
Bitcoin is much safer than the use of credit card transactions. Centralized banks are more vulnerable and prone to cyber attacks while the blockchain is not. Blockchain allows for safer transactions and it also protects user identity. If you're concerned about privacy, your transactions are not tracked by the federal government. You do not have to worry about a service fee and you can send bitcoin anywhere without a having to pay a fee. It's universal.