I want to know why is there a need of using blockchain for bitcoin transactions? Can you please explain me the about blockchain.
“What is blockchain?” is a very common question. Blockchain Technology is basically a digital ledger and is said to be the most securest system ever made. The Integration of Blockchain and Bitcoin was done to make Bitcoin safer and secure. Data is saved publicly & chronologically on Blockchain.
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. It can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. It is the first decentralized digital currency, as the system works without a government or any central bank.
And these all transactions are recorded in a public distributed ledger called as Blockchain PR . It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. It makes sure that all the transactions are safe and secured. So, we can say that to keep all the transactions in a proper place and to keep away all types of fraud it is used.