Blockchain is a new application mode of distributed data storage, point to point transmission, consensus mechanism, encryption algorithm and other computer technologies. The so-called consensus mechanism is a mathematical algorithm to build trust and gain equity between different nodes in the blockchain system.
Blockchain is an important concept of BTC, and Currency together with Internet Financial Laboratory of PBC School of Finance, Tsinghua University, Sina Tech has released "2014-2016 global Bitcoins development research report to state that blockchain is the underlying technology and infrastructure for BTC . It is essentially a decentralized database as well as the underlying technology of bitcoin. Blockchain is a series of data blocks associated by using cryptography method, and each block contains a BTC trading information on network, used to verify the validity of the information (anti-fake), and generate the next block.
The address looks like a long character string containing random letters and numbers that you may use when you send or receive tokens. Each wallet has at least one receiving address and one sending address. When you want to receive the currency in your wallet, you need to provide the sender with your address to receive wallet.
It is a space for your deposit, on which new users may feel confused, but it is essentially just a coin address. Wallets can exist in services (such as Artschain), mobile applications or computers, or even a piece of paper! Since it is just a series of numbers and letters, it has nothing to do with location of the storage. When you are new, you can use your Artschain account as your wallet. But after starting to accumulate more and more tokens, you might consider storing them in different ways.
Cold storage/cold wallet
Offline storage in a secure way, which is not a online wallet and also known as an offline wallet. For example, the original method, record the private key in papers and put it in a safe; The private key is recorded in USB after encrypted with AES, DES and other algorithms; offline computer storage fully guarantees that the private key stored by computer is offline, with the password set for the system, so that no one except you can access to the system; to leave private key files to third parties, such as bank safe; Other methods you can think out.
Cold wallet/cold storage is contrary. Hot wallets are located on the computer connected to the network.
Multiple signatures are usually associated with wallets. Multiple signature wallets are adopted with multiple keys. That is, if you have two of the three keys, you can turn out the money, but if you have one only, you can't do anything.
AML and KYC
Anti-money laundering and understanding your customers are a set of laws in the United States that require bitcoin sellers to know who their customers are. Specific sellers may ask for your identity information to comply with these laws. Other countries in the world may have similar laws and requirements.
To complete a transaction, the transaction needs to be confirmed. A good habit is to wait for at least 3-6 times before define the transaction as smooth one. Each time a transaction is added to a successful mining block, a confirmation occurs.
Convertibility is a platform/service that allows users to convert one currency to another.
Fiat comes from Latin, meaning "done" or "should have been". Fiat is used here as a term meaning that all currencies receive value from government regulators or other central institutions, such as RMB, dollar, etc.
Point to point. It’s a network structure. In point to point structures, any flows pass from user to user directly, but not through the centralized node. Point to point communication does not depend on any central part.
Actual behavior of moving money from one wallet to another.
When you mine to obtain BTC, the miners are responsible for verifying your deals, but they won’t do the job for free, thus, you need to pay very little BTC to them so that they continue to confirm. That's why you have a small cost after each transaction.
Transaction ID. This is a long character string containing numbers and letters, a single transaction ID. Copy it to the blockchain probe and check your transaction details, then you can easily understand the ID. The ID is mainly used to check the number of transactions.