Crypto exchange is regarded as an online platform where holders can exchange the Cryptocurrencies that they own with others https://bitpapa.com. This form of exchange can also bear other types of financial assets such as bonds, flat money, etc. This medium of exchange is held in a market with brokers who charge a commission for their services.
For the past few years, most of us have heard of a new technology known as Blockchain. Even if you haven’t heard of it you must have heard of bitcoin. Most of the people think that bitcoin and blockchain are one and the same, but that notion is wrong.
While blockchain technology was present since 1991 but its practical use case came in the form of bitcoin in 2009. Since then there are hundreds of blockchains that came into existence. Visit website to know more about bitcoin.
What exactly is this Bitpapa?
Well, bitpapa is a free digital wallet from which one can make his payments to others or receive cash from them. Using Bitpapa is pretty simple, one just transfers money from his bank account to the Bitpapa wallet via direct transfer or credit/debit card and then proceed to pay others or to receive payments from others.
How does the blockchain technology work?
If you want to understand the working of blockchain technology, then first you must understand the meaning of the term blockchain. In simplest terms blockchain can be defined as a chain of blocks or a number of blocks connected in a chain.
Now when the meaning of the term blockchain is clear to you, you must have got a rough idea of how this technology works. If you are still pondering on it, then here are the few points that will clear your doubts.
- A blockchain can be called as a record or ledger of the transactions.
- With each transaction, a string of letters and numbers is generated which is called as the hash.
- Each transaction is entered or time stamped on the blockchain according to the order of their occurrence. The order of the transactions is very important which makes it unable to manipulate.
- The hash function which is generated not only contains the information of the current transaction but also of the previous transaction, therefore, the order is very important here.
- There are many nodes or computers spread all around the world that checks these hash functions to make sure that nothing has changed.
- If all the nodes approve a transaction than it is written into a block. And each block has the reference of the previous block and together they form a chain of blocks or blockchain.
The above listed points are only a few summarized points to make you understand the general working of the blockchain technology.
Thus, trading (the selling and purchase) of bitcoins has been escalating exponentially. In order to buy bitcoins people either directly transfer money from their banks or use their debit or credit card for purchases or use a payment portal for the transaction.