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What is Blockchain Technology and How is Bitcoin related to it?

Discussion in 'General Gaming News' started by GaryOPA, Jul 9, 2018.

By GaryOPA on Jul 9, 2018 at 1:26 PM
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    GaryOPA Master Phoenix Admin Staff Member Top-Dog Brass

    Mar 18, 2006
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    Blockchain is the one of the leading software dealing with digital transactions and assets, blockchain is used to record or store all the digital transactions. Transactions directly take place between users without any third party interference.

    Blockchain plays a key role in the bitcoin transactions, which is the first ever cryptocurrency invented in the year 2009 using an alias Satoshi. The inventor of the bitcoin is still mysterious. Blockchain technology acts as backbone to all the digital transactions.

    Blockchain is the set of blocks, for each and every transaction a new block is added to the blockchain and every block uniquely is used for a user. For every transaction taking place a unique address is generated each and every time which helps in maintaining user anonymity.

    The time taken to add an extra block to the blockchain is known as blocktime and the blocktime of bitcoin is 10 minutes.

    Now-a-days bitcoin is being used in a wide range, bitcoin is used in making payments online transactions, online trading, gambling and what not. Bitcoin plays a major role in online gaming, many of the users are very interested in playing or gambling at bitcoin casinos. Many of the casinos accept bitcoin as deposit and there are even some special games provided to the players interested to wager using bitcoins.

    To get in detail, do check the below given infographic on Bitcoin & Blockchain Technology.

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Discussion in 'General Gaming News' started by GaryOPA, Jul 9, 2018.

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