Understand Blockchain,bitcoin simply

Blockchain is the concept and Bitcoin is implementation. I am sure you have some idea as to what Bitcoin is.

Problems/Issues in Traditional Banking system

1. Huge transaction fees

2. Fake currencies

3. transaction time is high

In addition to Bank we have 3rd party system like Paypal , Western union ,Moneygram etc to transfer money globally
but problem is again huge transaction fees as it ultimately depend on Banks

So Bitcoin came into the picture to solve all above issues.

Bitcoin - It is a revolutinary digital currency which solves all issues & technolgy behind it is 'Blockchain'

Advantage of Blockchain Technology

1. less transaction fees

2. transaction completes within minutes.

3. it is decentrialied i.e. it doesn't own by anyone so no fear of manipulation & safe

4. each person on network has copy of legder i.e collections of all transaction that ever happened on network

5)Data transfer & store in form of blocks

Now Blockchain can be:

a)Public Blockchain b)Private Blockchain

Public Blockchain
i) it is accessible to whole world, it's open source.
ii) any one can become member of public blockchain network by downloading required s/w
iii) every member has full acess to read/write data on network
iv) example-bitcoin & litecoin
v) any one can mine onto this network

Private Blockchain

i) contolled by a company/organisation
ii) it is not accessible to whole world,only authorised members has few permissions
iii) only allowed members can read/write data on this blockchain
iv) example- Bankchain

Similarities-
i) Both are P2P (peer to peer)
ii)both maintain ledger.

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