About Blockchain Security and Cryptocurrency
Wondering how blockchain security and cryptocurrency work together? If you’re new to the crypto game, you might be hearing these terms for the first time.
Thankfully, we got you covered. We’ve created an interesting blog to help you understand these terms. Additionally, you can make confident crypto investments by knowing how it works.
What is Blockchain?
A blockchain is a distributed database within a computer network. It stores information electronically in digital formats and plays a central role in cryptocurrency systems.
A few differences exist between a blockchain and a more traditional database system.
- A blockchain groups information into blocks. These fill up and attach to other blocks in the chain, hence the name.
- These blocks are stored in chronological order. Think of it like a paper ledger used to record different transactions. When one page is full, you need to flip over to the next one to keep going.
Blockchains have two different versions:
First, we have Public blockchains that are accessible to anybody with an Internet connection. Everyone is anonymous and has a key to access the blockchain. Furthermore, activity on this type of blockchain is transparent to all users.
Next, we have Private blockchains. These protocols have restrictions that make them the safer way to conduct crypto transactions. While everyone can view personal information, not everyone can make changes or add transactions. Organizations and businesses primarily use this option.
How the Blockchain Secures Your Crypto Investment
Remember, all the activity on the blockchain is transparent and traceable to all users. That means users can monitor each transaction, making sure they go to the right place and avoid losing funds. And for first-time crypto traders, that’s an added boost to your confidence in going with crypto.
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