What is blockchain?Last revision: Aug 17, 2016
A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority.
Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. When someone wants to add to it, participants in the network — all of which have copies of the existing blockchain — run algorithms to evaluate and verify the proposed transaction. If a majority of nodes agree that the transaction looks valid — that is, identifying information matches the blockchain’s history — then the new transaction will be approved and a new block added to the chain.
The blockchain architecture allows a distributed network of computers to reach consensus without the need for a central authority or middleman. A good example is in financial services, where trades are often verified by a central clearinghouse that maintains its own central ledger. Using that process, it can take days to settle a transaction, and the clearinghouse typically collects some kind of fee.
A few third party explanatory videos:
Resources used in preparing information above:
Frequently asked questions
- How to verify my account?
- How can i change my account details?
- How can i close my account?
- How can i view my trading history?
- How to enable 2nd factor authentication?
- What should i do if i lost my 2nd factor authenticator?
- 2nd factor authenticator troubleshooting
- How to securely store your currencies on your own?
- How we secure your assets?
- How to enable PGP or GPG email encryption?
- How to start trading?
- Supported cryptocurrencies and trading pairs
- How can I buy or sell cryptocurrencies?
- What are the fees for buying and selling?
- How are orders processed?
- How to cancel an order?
Deposits & Withdrawals
- How to do a bank deposit?
- How to deposit bitcoin?
- How to deposit altcoins?
- How to withdraw cryptocurrencies?
- How to withdraw to bank?
- Estimated withdrawal time
- Estimated deposit time