Blockchain is a chain of blocks where each block holds a list of transactions. Miners verify these transactions and a single confirmation is considered insecure or reversible whereas any transaction with more than six confirmations are irreversible.
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Miners provide computational resource to bitcoin blockchain. They maintain integrity of the network and are paid in bitcoins as a mining reward. This reward is halved after every 210,000 new blocks have been mined. At one point it will become economically unviable for miners to mine bitcoin and then the transaction fee will have to be increased.
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Bitcoin keeps expanding everywhere around the world, and this time, the world’s first inter-banking transaction using BTC has been performed. Bitex.la, one of the most important crypto and blockchain services providers in Argentina and Latin America, was in charge of the operation.
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Banks and financial institutions all over the world are starting to embrace cryptocurrencies and blockchain technology. This time, the Argentinian bank Banco Masventas (BMV), will be using Bitcoin so as to replace Swift.
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Clearly, virtual currencies are expanding everywhere around the world, including traditional financial institutions. According to Reuters, a German online bank – known as Bitbond – allows clients to transfer loans anywhere in the globe just by using Bitcoin.
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