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CRYPTO INSIGHTS: UNDERSTANDING THE FOUNDATIONS OF BLOCKCHAIN, DEFI, AND MORE!📚 1.
Blockchain Technology: The Backbone of Crypto
Blockchain is the revolutionary technology behind Bitcoin (BTC), Ethereum (ETH), and most other cryptocurrencies. But how does it actually work?
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What is Blockchain?Blockchain is a distributed ledger that records transactions across multiple computers. It is decentralized, meaning no central authority (like a bank) controls it. This provides several key advantages:
Transparency: Everyone can view the ledger, ensuring trust.
Security: Each block is encrypted, making it extremely difficult to alter past transactions.
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mmutability: Once a block is added to the blockchain, it cannot be changed or deleted.
Why is it Important?Blockchain’s decentralized nature removes the need for intermediaries, reducing the risk of fraud and improving transparency and trust in digital transactions.
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