(Last Updated On: 18/02/2018)

What is a BlockChain

Blockchain A.K.A – shared ledger,decentralized ledger.

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks, the most recent transactions are recorded and added to it in chronological order and it allows market participants to keep track of digital currency transactions without central record keeping system. Each node, “computer connected to the network(blockchain)” gets a copy of the blockchain, which is downloaded automatically.

BlockChain is developed as the accounting method for the virtual currency Bitcoin/cryptocurrency.

In short, you can see all the transaction being process and it is clear so no one can cheat the system or lying about a transaction being made, Unlike a ledger being kept in “secret” like a bank only you can view you transaction and temper with the transaction records only you and the bank knows about it.

Unconfirmed > Confirmed would take up to 3 confirmations.

Confirmations up to 3 means if 1 (“Miners”) disagree on that transaction but the other 2 agrees on it meaning it’s sent, majority agrees means it can’t be undone, slowly more and more confirmations will be added in making it impossible for hackers to temper with it. Anyways once you send out your transaction it’s impossible to undo it so! Check properly before sending out your coins!

If you’re selling an item i would advise you to wait till 3 confirmation before releasing the item many people uses 3 confirmation would take up to 30 minutes, each confirmations would approximately takes up to 10 minutes. 6 confirmation would be the safest but it will take an hour or more.

Picture of a blockchain, if viewed like this its hard to click on transaction made, there are so many transaction being made.


A video to explain it in 2 minutes

Thank you for reading!

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