Blockchain it’s not just about Bitcoin Recently, the attention of people is increasingly attracted by the technology of blockchain, which underlies the Bitcoin cryptocurrency. However, in most cases this term is used as some kind of magical spell, in the end, it is clear to a normal person that it’s cool, but nothing more than that. In fact you won’t find any magic, of course. The technology is beautiful, but not so difficult as it seems to be. Let’s try to explain how everything works, in an easy way — without abstruse mathematical formulas and technical terms. OK, we will not manage to do without technical terms at all, nevertheless, so let’s start. What is Bitcoin? How to determine Bitcoin (btc, Btk, bitcoin) in simple words? This is a new generation of decentralized digital currency, created and operated only on the Internet. Nobody controls it, the currency issue occurs through the work of millions of computers around the world using a program for calculating mathemat
Can Bitcoin be hacked? The way the blockchain is designed prevents Bitcoins from being spent again after they've already been used. The blockchain also makes it very difficult to create new Bitcoins out of thin air. In conjunction with the cryptographic measures outlined above, the Bitcoin blockchain is based on a consensus proof-of-work model. This means that not only do mining computers have to provide answers to the aforementioned encrypted equations, but in order for data to be added to the blockchain, a majority of the mining computers on the network have to agree that the computations were correct. To overcome this, an attacker would effectively have to hack the majority of compu ters on the network (to which there are hundreds across the world) at the same time while providing mathematical proof of work. This makes Bitcoin incredibly hard to hack. Security is arguably the cryptocurrency's greatest asset. To date, Bitcoin has not been hacked. Some exchanges tha