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M AG P I E 04
TA K E O F F
WHAT THE **** IS
Yes, we know you’ve heard of the most revolutionary technology to hit finance since the abacus. But do you actually know what it’s about? Relax, as Magpie has demystified it for you.
Essentially a blockchain is a type of database. A network of “blocks” acts as a digital ledger, making a permanent record of any transactions that are completed across that network, which is public. The ledger can’t be edited without an enormous amount of computer power.
K BETWEEN WHAT’S THE LIN D BITCOIN? BLOCKCHAIN AN Bitcoin is essentially payment for adding transactions to blocks in the chain. Computers across the network verify, then record transactions on each block by solving mathematical problems. This process is commonly known as “Bitcoin mining.” Miners receive their payment for completing these problems in Bitcoins.
UH! BLOCKCHAIN! H FOR? WHAT IS IT GOOD
Across different networks alternative cryptocurrencies are used, like Litecoin and Ethereum.
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LENDING M
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PROVING AS
BANK TRANSFER MICROPAYMENT
