What is a blockchain technology and why bitcoin is the future and is it legal?

Blockchain Technology and Bitcoin future - is it legal?

While countries are busy changing the color of their currency notes, it’s time to grasp the future of currency and it’s technology, The Blockchain technology. Months back a new wave of currencies have turned tables and revolutionized the way money transfer and property buying were proceeding, thanks to blockchain technology, a blessing in disguise.

Blockchain technology:

 Blockchain technology is a shared ledger of nodes and blocks that are programmed with algorithms to process digital transfer with cryptocurrencies or any other valuable things. They are robust and secure.

 Blockchains are constructed through three technologies and they are:

»          P2P networks

»          Private key cryptography

»          Blockchain protocol programs

And there are three types of blockchains

•          Public Blockchain
•          Private Blockchain
•          Consortium or Federated Blockchain

Module:

To understand, how a blockchain network works with data, consider a spreadsheet document made into thousands of copies and feed into millions of computers and then a network is designed to feed the update information.

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”Don & Alex Tapscott, authors Blockchain Revolution

Bitcoin:

This internet currency was invented by Satoshi Nakamoto, who himself owns 980,000 bitcoins and one of the internet world’s most influential billionaire. Bitcoin is a decentralized digital currency. Decentralized means without any bank or authority to administrate, transactions happen between p2p bitcoin networks.

 The total value of the currency is close to $112 billion US. Bitcoin is one of the cryptocurrencies, there are other currencies like

ethereum, ripple, dash, Zcash etc.,

Is it legal:  Though in some parts of the world bitcoins are illegal due to ethereum gas and improper understanding, on the other important note, United States have legalized it in various business sectors. Some of the business giants use bitcoins for transactions, like KFC-Canada, Virgin Galactic, Eat fresh, Subway and you name it.

In Real-estate and proprietorship, realtors accept bitcoin as an exchange.

In the near future, banking sectors are believed to adopt block chain technologies and bitcoin currencies,

“The industry is hurtling toward blockchain adoption far faster than many expected,” IBM said in its report.

Is it safe?

When it comes to the digital market, the questions that pop up are, is this secure and safe? Without any administrative authority to process the transaction how safe are cryptocurrencies?

These questions might boggle out some queries, but in blockchain networks, decentralized network wallets and keys are provided for each user for security and moreover private keys with their address are not easy to trace.

In distributed ledgers, users need permission to access and confirm the transactions.

In 2017, over 2 billion transactions have been done per day, with these statistics, the safety queries should have vanished.

Investing in shares have been here for decades, but investing in bitcoin is what billionaires and multi-millionaires suggest, your hesitation won’t add a million dollars in your wallet but a cryptocurrency would learn the market, analyze the trend, understand the business and start investing.