BitcoinBing

As cryptocurrency is making its way into the markets, exchanges with a robust mechanism and additional benefits will enhance the usage of this technology. It would encourage more & more people to join a safer medium for trade which secures their benefits. BitcoinBing has created a platform which would empower the traders alongwith the whole market. It would usher them into a safer environment which would encourage them to execute volume trading without any fee. Before we go ahead and explain this platform deliberately, it is must to have a clear understanding of this technology. Let us go through some basic terms before we get on to the complex part.

Blockchain, according to the standard definition is a network that is decentralized and distributed across all its nodes so that the network cannot be compromised by any single node. In simple words, it means that a chain of little bits of data called ‘blocks’ being created, updated and stored across several different locations in real-time is called a ‘blockchain’.

The major difference between blockchain networks and regular centralized networks is that blockchains do not have a “server” or “headquarters” where isolated information exists in a silo. Blockchains instead make use of the entire network of nodes as their storage and processing capacity, and each node has a copy of the blockchain which is constantly in communication with the others, verifying transactions and comparing information to make sure the data across all of them is exactly the same. If any single node has data that does not match with that on the rest of the blockchain network, it is immediately isolated as a compromised node and the network automatically excludes it and keeps on functioning.