Get Ahead Of The Crypto World

Understand everything you need to know about blockchain with Tap Global.

While you’ve likely come across the world of cryptocurrencies, or at least Bitcoin, you most probably have stumbled upon the term “blockchain”. But what is blockchain? Blockchain is not only the revolutionary technology behind cryptocurrencies, it also has a large use case outside of the cryptocurrency, and even financial, world.

Buy Bitcoin Icon

What is Blockchain

And Why Do You Need It?

Blockchain is a decentralized, transparent, immutable technology that keeps a public record of all information entered. Designed to record and distribute information, not to be edited. Also referred to as a public ledger, blockchain keeps record of all information ever inputted and stores it chronologically in blocks. These blocks are linked to each other through a hashing system, which ensures that no one can ever tamper with the previous records, or try to manipulate the information on them. The “chain” of blocks make up the public database. The decentralized technology is not typically run by one entity, but rather from a variety of computers that make up the network, and work together to verify all information added. Blockchain can be used in two forms, public and private. The public version allows anyone to view all information on the network, while the private reserves the information for members granted access.

Blockchain At A Glance

Invented in 2008 alongside Bitcoin by an anonymous entity Satoshi Nakamoto, blockchain is the technology that fueled the new way that money is transacted. Not only that, the technology offers incredible use cases far beyond the financial world.

 

One of the key features of blockchain is its ability to function without a central authority. The technology is designed to be maintained by various operating systems on the network, with full autonomy dispersed evenly. Information is stored on the blockchain in such a way that everyone can view it but no one can go back and tamper with it.

 

While blockchain is the technology behind crypto, it also offers an incredible backbone to a diverse range of industries outside of this space. Companies like Nestle, Microsoft and Walmart are on-boarding blockchain, proving to offer a strong and highly adaptable infrastructure to financial, property, and supply chain management entities.

 

Understanding Blockchain

How Is Blockchain Useful?

slide_new_investors

Decentralized

Blockchain networks are designed to be entirely decentralized meaning that there is no one central authority. All network is maintained by nodes (computers) around the world and no single entity has control.

bitcoin exchange

Immutable

When looking to send fiat to a foreign location, Litecoin offers an excellent means to do so. The cryptocurrency is designed to process blocks in 2.5 minutes, as opposed to 10 minutes on the Bitcoin network, meaning that your money can reach its destination in a quarter of the time, and at a significantly less cost than transferring the funds through fiat.
bitcoin app

Transparent

Another imperative step in understanding ”what is litecoin” is understanding how the mining process works. Similar to Bitcoin the cryptocurrency is mined using mining rigs operated by members of the community. While Bitcoin uses the SHA-256 mining algorithm, Litecoin uses a newer proof of work mining algorithm, called Scrypt. This memory intensive manner of mining allows individual users to be able to mine, as opposed to being a part of a large mining pool (how Bitcoin is now run).

How Does Blockchain Function?

Blockchain Is Secure

When understanding what is blockchain, a common question is whether blockchain is secure. The answer is yes, blockchain is very secure. Due to its decentralized nature, the technology requires a network of operators (computers) to verify and input all the information. As soon as one tries to input incorrect information, the network will recognise this and reject it immediately.

Blockchain Is Tamperproof

Blocks On A Blockchain

Each block is made up of three things: the hash code of the previous block, the relevant information, and it’s own hash code. When a new block is added, the new block will again have the hash of the previous block, the relevant information, and its own hash. This special sequence of hashes ensures that all blocks are stored chronologically, in a linear fashion, meaning that you cannot tamper with one block's information without tampering with every block after that. Tampering with blocks would take an enormous amount of computing power and is largely considered impossible.

Why Tap Global Is The Best For For Buying Bitcoin

Bitcoin needs

slide_new_investors

Based in the USA

Trustworthy, reliable and global trading based in the USA

bitcoin exchange

Buy a little, buy a lot

We can process transactions as small or as large as you want
bitcoin app

Convenient Ways to Pay

Cash, crypto and more: It's always easy to pay with TAP Global
crypto trading platform

Secured and Insured

We secure and insure your money, so you're always safe with us

How Blockchain Works

Explained Simply

At its core, blockchain records and distributes information to a wide network of users that participate in verifying the information and maintaining the network. Let’s take a deeper look at Bitcoin transactions to further explain how blockchain works. If one user wanted to send a portion of Bitcoin to another user, they would require the user’s wallet code. Each wallet is made up of two codes, a public and private key, which enable the user to receive BTC (through the public key), as well as access and send BTC (through the private key). The sender will then input the receiver’s wallet code and send the amount of Bitcoin they desire. This transaction will then enter a pool of transactions waiting to be verified by a miner on the network. The miner will ensure that the sender owns the amount they are sending, and verify the transaction along with a number of other transactions. On the Bitcoin network, the size of one block is 1MB, which equates to roughly 3,200 transactions able to be stored in one block. When building a blockchain network, the size of the blocks can be increased or decreased to suit the use case. Once the transaction has been verified, the miner will add the block to their blockchain record, and distribute it to the rest of the operators on the network. This new version will then override the older versions, and so on as more blocks are added. Once the block is added to the blockchain and distributed, the funds will reflect in the receiver’s wallet.

Fully Automated and

Safe Transfer Of Information

What is blockchain? Blockchain is a transparent, immutable storage of information. As mentioned earlier, this technology has use cases far outside of just the cryptocurrency and financial ecosystems. Industries like renewable energy, supply chain management, even farming sectors are now incorporating the technology into their business systems, empowering them with a fully automated and safe means of storing records.

Understanding The Difference

Blockchain vs Bitcoin

The burning question: how does blockchain compare to Bitcoin. The answer is that it doesn’t, there are two separate, co-dependent technologies. Bitcoin, the cryptocurrency, is built on blockchain technology and requires it to function. Consider it the backbone of all cryptocurrencies. Blockchain, however, is an adaptable technology that can be used outside of the cryptocurrency industry. The technology can be used in any industry, provided that they require a transparent, immutable public ledger.

One thing the two do have in common is that they were both introduced to the world at the same time. While the concept of blockchain technology was initially invented by researchers W. Scott Stornetta and Stuart Haber in 1991, it was referred to as distributed ledger technology (DLT) and was created purely to store office documents. The anonymous entity Satoshi Nakamoto built on this and ultimately solved the double spending problem it was plagued with. In 2008, Nakamoto released both blockchain and Bitcoin in a whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Ready to harness the power of blockchain technology through Bitcoi

Why Tap Global is the answer to your

Crypto needs

cold storage

Buy Bitcoin

With Tap Global you can buy crypto anytime, anywhere, with our easy to use and secure app. With us, you can track markets and keep up to date with the latest changes to make sure you get the best price.
best crypto trading platform

Hold Bitcoin

Tap Global is a digital wallet with a difference. Your cryptocurrency assets are always secure and always accessible, allowing you to hold them when you want, and be certain that they’re safe.
crypto trading

Sell Bitcoin

It’s important to be able to sell when the time is right, and with Tap Global that’s never been easier. Our app is the perfect platform for selling cryptocurrency at the perfect time, and making sure you get the most for your money.
crypto trading

Spend Bitcoin

It used to be hard to spend cryptocurrency, but the Tap Global Prepaid Mastercard makes it easier than ever. You can pay for purchases with your cryptocurrency without having to worry about transfer times and steep charges.

This prepaid Mastercard is issued by Transact Payments Limited pursuant to a licence by Mastercard International. Transact Payments Limited is authorised and regulated by the Gibraltar Financial Services Commission. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
Tap Global Limited (Tap) is licensed and regulated by the Gibraltar Financial Services Commission under the Distributed Ledger Technology (DLT) with license No. 25532.
*the rates applied for transactions within your free limit will be calculated using the Mastercard rates at the time of the transaction, these rates will have no additional mark up or fees from Tap Global Limited.