Blockchain is a decentralized public ledger whenever transaction is recorded and confirmed anonymously by members in the network multiple copies are kept across millions of computers/servers. So, it’s really difficult to change something without anyone else noticing. That’s what makes it so secure.
For e.g.: Suppose you have a spreadsheet the data in a blockchain is automatically stored in packets of information called ‘blocks’. New blocks
Are linked to older blocks hence the blockchain. The chain is continually updated so everyone has the same copy. Any slight change causes an error in the entire network. So, if someone were trying to change a transaction record they would have to hack every single computer on the network and change the same bits of information everywhere at the exact same time. Therefore blockchain is so secure. It is unhackable.
U hear about about Bitcoin which uses a new type of technology called blockchain. Bitcoin was the first application of blockchain.
Blockchain ≠ Bitcoin
Without blockchain cryptocurrency like bitcoin wouldn’t exist.
BUY Bitcoin with Blockchain wallet
- Go to Blockchain website https://www.blockchain.com/
- Click on Create a wallet
- Sign up A new account and filled details
- upload your documents for verification
- Buy and sell bitcoin.
Pros :
- You can choose to see your balance reflected in your local currency.
- As a privacy measure, Blockchain automatically generates a new wallet address after each digital transaction
- globally available services
- You can buy and sell cryptocurrencies directly through your Blockchain wallet.
Cons:
- Blockchain Wallet is only compatible with bitcoin and Ethereum.
- You cannot purchase cryptocurrencies with fiat directly through Blockchain Wallet.
- Online wallets, as a whole, are generally considered to be more vulnerable to security breaches than offline wallets.