What is blockchain

Blockchain is a decentralized, digital ledger that records transactions or data across a network of computers in a secure, transparent, and tamper-resistant way. It serves as the foundational technology for cryptocurrencies like Bitcoin and Ethereum, enabling trustless, peer-to-peer transactions without intermediaries (e.g., banks). Beyond crypto, blockchain is used in supply chain tracking, finance, healthcare, and more.

Core Features of Blockchain

Decentralization:

No central authority (e.g., government or bank) controls the ledger. Instead, it’s maintained by a network of nodes (computers) worldwide.

Example: When you transfer 0.01 BTC (as you asked about), Bitcoin’s blockchain is updated by thousands of nodes, not a single entity.

Immutability:

Once data (e.g., a Bitcoin transaction) is recorded in a block and added to the chain, it’s nearly impossible to alter due to cryptographic linking.

Example: Your Binance Earn deposit of USDT is logged on a blockchain (e.g., Ethereum or BNB Chain), ensuring it can’t be manipulated.

Transparency:

Public blockchains (e.g., Bitcoin, Ethereum) allow anyone to view transactions, promoting trust.

Example: You can verify your Bitcoin withdrawal from Binance on a blockchain explorer like Blockchair.com.

Security:

Uses cryptography (e.g., hashing, digital signatures) to secure data and ensure only authorized users (with private keys) can initiate transactions.

Example: Your private key signs a Bitcoin transfer, preventing unauthorized access.

Distributed Ledger:

Every node has a copy of the blockchain, ensuring no single point of failure.

Example: Even if Binance’s servers go offline, the Bitcoin blockchain remains accessible via other nodes (~15,000 globally).