What is Blockchain for beginners ?? The best explanation ever!

What is Blockchain for beginners?

Let's say you sell a product online, I want to buy it from you, So what happens is I get my credit card And enter the details on your website, Funds are transferred from my bank account to your bank account It's simple.

What if I tell you now, that we can make the same transaction, I can send money to you without banks without governments without anyone running us without any third party.

• how? Simply via the blockchain.

What is a “blockchain”?

It's simply a place to keep records, it's like a database, the data is recorded in blocks these blocks are connected in series this is why we call it the Blockchain.

What makes this blockchain so special?

It allows us to transfer money or currency without third parties.

• The main question here that anyone should ask is: How safe is it?

The idea is simple, when we make a transaction on this blockchain this transaction the data sender, and receiver will be recorded in every single block, in this blockchain, and when each block is treated singularly or what we call the contract on this chain must verify this transaction, the majority must accept it and approve it until it is accepted that is why it is almost impossible to hack this system.

Blockchain is safe because it is not related to the central administration, It is a decentralized network as everyone in the chain has to accept what is happening on this network this is what makes it so safe It is almost impossible to hack.

So we have now learned two main features of the blockchain:

1. High security.
2. Decentralized.

• The third characteristic is that the blockchain is public and cannot be changed by anyone, so anyone can now browse the blockchain and see what's going on, see all valid transactions this is how you can ensure that your transactions are on the blockchain verified by everyone on the blockchain.

• The fourth characteristic is that the data in the blockchain is immutable, Which means you can't change or delete This is why if you look at the graph of any network in the blockchain, let's say that the Bitcoin blockchain is a cryptocurrency, you'll see it evolve because the data is always increasing, we always add data that we can't delete or change so it is always expanding.

The Bitcoin.

What is bitcoin? 

It's simply a currency like a dollar or a euro or whatever, but since we want to work on the blockchain, you need a currency that works on the blockchain.

This is why we need cryptocurrency.

Encryption.

means a currency that operates under some encryption algorithms call it mathematical algorithms related to coding, so bitcoin is a cryptocurrency that runs on the blockchain.

When you want to transfer money from one person to another on the blockchain, you can't use dollars, you must use cryptocurrency to transfer like bitcoin, Ethereum, Cardano, ADA, XRP, etc.

Blockchain is not only about cryptocurrencies, you can perform any type of transaction on the blockchain and save it on this secure network, it's not just about money and coins maybe for example you can check the correctness of the voting systems, you can do anything, save any kind of data and do anything on this blockchain.