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Blockchain is a decentralized digital public ledger used to record or store the transactions. Blockchain is set of hashed blocks which uniquely specifies a user. Blockchain technology is being considered as the backbone of digital transactions by allowing the information to be distributed instead of getting copied and this technology is being used in many industries. Being a decentralized ledger all the transactions solely takes place between the users without the interference of any of the third party administrators or central authorities as banks or financial institutes.
The transaction directly between the users implies the transactions between the crypto wallets of the users. Whenever a transaction takes place a new block is added or appended to the blockchain, the minimum time taken for the addition of a new or an extra block is known as block time. The block time of bitcoin is 10 minutes.
Bitcoin is the first ever cryptocurrency generally called as digital or virtual currency. It was first invented in the year 2009 by group of people or a person and published as an open source with an alias Satoshi. Bitcoin is a decentralized digital currency and follows peer-to-peer networking system. All the transactions either using bitcoins or cryptocurrency is recorded in the blockchain and once the transaction is entered it can’t be altered by which the data is stored in a secure format. Now, there are plenty of bitcoin casinos accepting bitcoins from their players. For more information on Bitcoin and Blockchain technology, please check this infographic.
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