Blockchain: The Most Secure Platform for BTC Exchange

These days more and more people are getting inclined towards owning the digital  assets. People have started investing in cryptocurrency with full enthusiasm. Bitcoin was the first cryptocurrency introduced and is also called as “digital gold”. The worth of this cryptocurrency is more than USD 9 billion. This shows its rate of gaining popularity.  You can dial Blockchain phone number if you want to know more information about Blockchain technology.

People are earning cryptocurrency in various ways such as mining, trading, exchange, etc. However, to perform these transactions, people need a robust and secure platform that supports the cryptocurrency they are dealing in.

Realizing the need of secure platform for exchange of cryptocurrency, Satoshi Nakamoto started working on it and launched a highly secure platform for Bitcoins exchange, in 2008. This platform is called as Blockchain.

Its security is due to the way the transaction data is stored. The data is stored in the form of Blocks and the chain keeps on growing as new Blocks are being added to the previous ones. Also, the data is stored in a decentralized fashion. Due to which it is really difficult to modify the data.

Before learning more about the features of Blockchain, let us first see how the transaction takes place and how its details are stored in the Blockchain.

The user initiates the transaction. The information about this transaction is circulated or broadcasted all the computers in peer-to-peer network (Decentralized Storage of information). These computers (or Nodes) validate transaction using various algorithms. After validation, the transaction information is stored in form of records known as Blocks.

This Block is then added to the chain of already existing blocks. After being added to the chain, this block becomes unalterable. Now, the transaction is completed.

Let us now see how the data is stored in Blockchain. Whenever a transaction takes places, its data is recorded. This data is then appended with Timestamp and Cryptographic hash of previous block. This complete set of information is called a Block. Each block has information of previous block. This makes it really secure as changing the information of one block will require updating it in all the previous and subsequent blocks.

In addition to it, all this data is stored in a decentralized location. Decentralized location means that there are thousands of computers that are connected with peer-to-peer network. All of them have the same information. Changing information in one of the systems will not be possible as information should be identical in all the connected systems.

If you have been facing any issue associated with it, then you should look for Blockchain customer support number +1-800-509-3075. Wallet Online can be the one stop solution to get perfect solution to all your queries associated with crypto world. You will find expert advice and solution of the entire problem you face during trading, sign up, transactions and more. They have team of experts who provide you guidance and proper support. Hope you like the post, do comment if you have any query regarding this crypto world.

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