Blockchain technology, first designed in 1991, is simply a kind of digital ledger that stores and duplicates information and further divides it into separate blocks in the computer, giving a legitimate meaning to its name. Its main property is that once data has been recorded inside a blockchain it is extremely difficult to change it. This means that it does not allow for anyone to edit the information entered and therefore it reduces the chances of hacking and fraud. Each time a transaction is entered a duplicate information block is added to the entire chain of blocks and must be validated by all peer-to-peer members. This is why blockchain technology is popular in the exchange of cryptocurrency.
Using blockchain in cryptocurrency has numerous advantages of its own. In the digital world of cryptocurrency, no one is in charge of dealing with the market centrally. In fact, people who trade are the rulers of their own kingdom. This is possible because blockchain technology allows the user to be the ultimate operator maintaining complete anonymity.
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