Introduction:

Blockchain is currently mostly used for transaction management.

Issues with current Banking System:

High transaction fee. $6 billion made by top 3 banks from ATM fees alone.

Double Spending. Banks prone to this.

Banks are synonymous with crisis and financial depressions.

How Bitcoin solves these issues:

Bitcoin solved the issue of centralized banks. Issues with centralized banks are centralized power, double spending, private ledgers and prone to hacks.

Bitcoin blockchain has a distributed ledger. The ledger is public for all to access. Transactions are immutable and thus cannot be hacked. Double spending is not allowed because of the basic structure of block transactions.

Transaction fee of crypto is minimal.

What is blockchain?

It is the core technology behind Bitcoin. It is a public distributed database that holds the encrypted ledger.

A block is a collection of all the recent transactions that have happened. These transactions are grouped and a hash code is created and stored in a block. The block becomes a permanent part of the blockchain once the transactions are verified. Approx. every 10 minutes a new block is created.

What is Bitcoin:

The first decentralized digital currency.

Uses cryptography to control its creation and management. Last Bitcoin - 2140.