What was the unique thing about Bitcoin back when it was created? Of course, the fact that the cryptocurrency was completely decentralised was interesting enough. Plus, people were interested in the fact that the value of each Bitcoin resides within them, unlike the real world currencies which depend on the value of precious metals like gold or silver. But the thing that was most interesting about Bitcoin was the digital public ledger that it uses.
Yes, we are talking about none other than Blockchain. The blockchain technology that Satoshi Nakamoto proposed in his thesis paper seemed impossible as it violated the theory of distributed systems and game theory until he created it.
The blockchain is indeed a groundbreaking achievement in the realm of computer science due to the technological brilliance that surrounds it. The fun fact about blockchain ledger is that it stores all the information about all the transactions that are happening in Bitcoin in the form of separate blocks linked with each other in the form of a real chain.
Explore Abdul Vasi's Books on Amazon
Entrepreneurship Secrets for Beginners
Gain insights into launching and running a successful business from scratch.
The Social Media Book
Explore the benefits, challenges, and impact of social media on today’s world.
Tranquility
Discover pathways to inner peace and resilience in a chaotic world.
Bitcoinpreneur
A beginner's guide to understanding and investing in Bitcoin and cryptocurrencies.
Above all, the blockchain ledger is publicly available. As a result, anyone can check the ledger to find how much bitcoins are stored in a wallet address yet no one will ever be able to tell that the wallet address belongs to you. And that is where the brilliance of Blockchain lies. Even though it is publicly available, it still makes your transaction anonymous and provides you with privacy.
The blockchain is also virtually impossible to hack due to its robust infrastructure. So, you can be totally assured that no third party will ever be able to get hands on your personal data.
