What we found that confuses most people about blockchain is that they have no idea what it is, how it works and what it has to do with currencies. So I will try to explain it as simply as possible.
A bank records all the movement of money in a privately controlled ledger that is typically stored on a large computer. Through this private ledger, The bank is the only institution that has access to this ledger and therefore are the only body that can manage the flow of money and authorise transactions.
Now the way a blockchain works is very similar to a bank. Think of blockchain as a public ledger that works very similar to a banks ledger with a few subtle yet substantial differences.
Unlikes a banks ledger, anyone can view all the transactions on the blockchain and is not treated as a private entity like a banks ledger. Anyone can authorise transactions on the blockchain. In bitcoins case, it is the miners responsibility to authorise transactions BUT anyone can be a miner.
Therefore, anyone can see the number of bitcoins produced and circulation whereas with FIAT money like the US Dollar, that becomes pretty ambiguous.
Please note that blockchain is not just applicable to bitcoin but to virtually all crypto-currencies in circulation as all crypto-currencies use blockchain technology in one form or the other
If you want to know more about how blockchain technology works and bitcoin. Our Brilliant community manager and Crypto-geek Raphael Shalaby is hosting a live webinar at 6:00pm GMT for free for anyone to watch. It will also be available after the live stream is over:
https://events.genndi.com/register/169105139238466377/1a876a10a7Alternatively, if you want to skim through some information quickly, here is a blog written by our team:
https://wirexapp.com/en-ie/bitcoin-blockchain-makes-special/ to learn more about our services, feel free to visit:
https://wirexapp.com/new-to-bitcoin-just-found-about-wirex/ https://wirexapp.com/wallet/ https://wirexapp.com/bitcoin-money-transfers