The blockchain is An openly distributed ledger that has the ability to record the Transactions between two parties efficiently and permanently with a timestamp.The basic question that arises when hearing the term Cryptocurrency is evident and the question is obviously WHAT IS IT(CRYPTOCURRENCY)?. Well, Before discussing it we will see what BLOCKCHAIN is. Some, after reading the term Blockchain might have gotten a spark. As you heard, yes!indeed it is a digital ledger for maintaining the details chronologically and digitally. Maintaining a data digitally is as good as maintaining a secret that is told to a trustworthy who can be believed blindfolded.

DATA– Could be any data regardless of a company’s asset, transaction details, financial status.

 CRYPTOCURRENCY– As the name suggests, it is digitally maintained currency which is apparently intangible. Highly secured and blockchain uses cryptography to link the blocks of data.



1.It was invented by Satoshi Nakamoto in the year 2008 and the main objective for the creation of this blockchain mechanism is to digitally and publically use the Cryptocurrency Bitcoin.

2.The invention of this blockchain made it quite easy for the creator and the user not to depend on any central server.

3.The words block and chain were used separately by him(Satoshi Nakamoto) in his papers but is popularised as blockchain altogether as a single word.

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4.As of January 2017, the file size that this blockchain has was around 50 to 100 GB. The important point to be noted is that the previous year size of this famous blockchain was around 30 to 50 GB. Immensive growth occurred during the year 2016 t0 2017.


Height Age Transactions Total Sent Relayed By Size (kB) Weight (kWU)
511831 1 minute 355 591.92 BTC ViaBTC 1,048.23 3,992.68
511830 3 minutes 2040 6,443.03 BTC 1,109.99 3,992.93
511829 17 minutes 491 1,052.49 BTC BTC.TOP 1,041.62 3,992.58
511828 19 minutes 977 5,764.22 BTC GBMiners 1,141.99 3,993.12



184,360 (Transactions)

Payment Processing:

The Blockchain Receive Payments API V2 is the quickest and easiest way to begin accepting automated bitcoin payments. Consisting of just a simple HTTP GET request, you can be up and be running in minutes.

One of the difficulties involved with receiving bitcoin payments is the need to generate a unique address for each new user or invoice. These addresses need to monitored and stored securely. The blockchain receive payments API takes care of the generation and monitoring of addresses. We will notify your server using a simple callback whenever a payment is received.

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