What is Bitcoin?
Bitcoin also called cryptocurrency which means the currency which is a digital currency and virtual currency to access fast cashless payments. Using bitcoin one can exchange money without revealing the identity of themselves. Many countries have banned bitcoin for all the misuse and exploitation occurring in the economic field. It can be used to buy different products and services. Anybody can send the bitcoins on individual e-wallet and vice versa. The bitcoins are useless if it does not contain the private codes printed on them. Bitcoins are famous among the businessmen who buy bitcoins at low rates and sell them at high rates.
Blockchain is the heart of bitcoins as it is the main technology for cryptocurrencies. It is called the public ledger of every bitcoin transaction occurring virtually. This blockchain records every bitcoin transaction occurring all over the world, to be more precise all the transactions done get immediately digitally registered on a transaction log which has the information and the control over everything like the purchasing time and every minute details of bitcoin purchasing. Blockchain records every past and present transaction with the details of ownership of every single bitcoin gets tracked. With every single purchase or transaction, the blockchain gets verified and automatically gets updated on its own. Without blockchain, bitcoin cannot work properly.
Different questions may arise relating to the security kept by blockchain for its high protection, but here multiple devices work together and control and manage the security of the whole network. Blockchain is the most important tool to maintain security, even the administers do not have the access to the blocks due to the privacy maintained for all the information shared by the holders, and also different information’s are shared on several devices in the network. Changes whether small or big if it is needed to be done then the whole blockchain network gets changed so no modification of information is done as it is hard to change. The purpose of blockchain is to look after bitcoin. Stock trading on the web has never been more famous so visit here to get the trading software .
Purpose of the blockchain
From the above description of bitcoin, most of the purpose of blockchain is clear. When one transaction of bitcoin gets accessed and the transaction gets verified all the records or the block or the unique identification code or a digital signature is given to make them different from other blocks. After going through all the processes, the unique block gets registered and gets spread through the network so that further any changes cannot be made or also cannot be removed. Blockchaincan never be hacked, it is very well encrypted and also in some exception if someone wants to make some changes in their old block then a new transaction needs to be placed and the same process needs to be followed, only then the new block gets added to the old and the changes get updated in the registered with every single detail. Blockchain even can capture any kind of fake transactions about to have happened which results in the decline of the purchase.
The relation between blockchain and bitcoin
Until now it is clear how vital is the relation between blockchain and bitcoin. Without blockchain, bitcoin is nothing as all the information of bitcoin is stored by blockchain. From a single transaction to several other transactions the blockchain keeps the record of everything, details of every minute thing. Bitcoin is nothing without blockchain, it needs the ultimate support of blockchain. The purpose of blockchain is to serve bitcoin and keep everything intact with information. Blockchain never fails to provide any kind of service to bitcoin users. Also, blockchain never makes mistakes, it has nothing like lost transactions, human and computer mistakes.
So, we can conclude by making clear the fact that blockchain is the heart of bitcoin, it is the reason behind such smooth functioning of bitcoin. Bitcoin makes big transactions much easier.