If you’re into investments, banking or cryptocurrency, blockchain will not be a new word to you. Blockchain is an indestructible digital transaction ledger that keeps the record of the transaction between two parties.
Furthermore, can explain blockchain as a public database where record digital information. However, despite the fact that the database is not private it’s very secure. Because after a transaction has been made and recorded on it, is nearly impossible to change the content of the block. Particularly, the one that records the transaction.h
Block in the “blockchain” refers to pieces of digital information. While the chain means a public database. Basically, the block keeps records such as transaction date and time. Also, the amount in real currency (Dollar or Euro for example) from your latest transaction.
However, it stores records of both parties that participate in the transaction block. Therefore, to add a block to a blockchain there must be a verification of the transaction. Also, it must store the transaction in a block.
Blockchain Transaction – Cryptomarket
Therefore, before investing your money in the cryptomarket you must have an understanding of blockchain transaction. However, this transaction has a lot of advantages compared to the normal banking system. A normal bank transaction might take hours or even days to go through. Also, it can cost a lot of transaction fee but this transaction does not cost users much. Furthermore, you can transfer a huge amount of money at a very short period of time for a small fee.
Therefore, after making a transaction, there can neither be cancellations nor refunds. However, you cannot delete the data of the transaction. This is what gives this transaction an upper hand over other transaction systems in the market. The consensus is a process in which the system transaction adopts for the verification of data. The consensus is when all blocks in the blockchain are in concord with one another.
When 51% of the blocks agree that a transaction is valid then a block is added to the chain. The only way you can distort the verification process can be distorted is of more than 51% of your block in your blockchain is controlled by one party. in other words, for a transaction to be incorruptible both parties must equally control a block of the blockchain
How to Create a Blockchain Wallet – E-Wallet | Bitcoin & Etherum
Blockchain app wallet is a digital wallet that users store and manage their cryptocurrency (Bitcoin or etherum). By creating a blockchain wallet, you can sell more than one cryptocurrency. Creating an E-wallet is free and easy. Therefore, the following steps will put you through on how to create the wallet.
- Ensure your internet connection is active
- Open your browser and log on to www.blockchain.com
- Click on WALLET from the menu then you’ll be taken to another interface, click on SIGN UP.
- On the next page, it will ask you for your email and a new password. This will allow you to access your blockchain wallet in the future
- Click on CONTINUE TO to create your wallet successfully. Also, they will direct you to another page. Click on GET STARTED caption and it will take you to your wallet dashboard
- Open your email, you’ll find verification in the form of a link. Also, your wallet identification which you will use to login to your wallet. Click on the link to verify your email.
Users can access their wallet through the web or downloading their mobile app by clicking on this link >>> Google play store. Your wallet homepage displays your balance (Bitcoin and/or etherum) and your latest transaction. For each request a user sends, it will generate an address by the system. You can exchange Bitcoin for etherum and etherum for Bitcoin whichever way you wish. Users can also decide to sell their Bitcoin.