Topic: The Power of Blockchain Network (Read 79 times)

You tried! I wouldn't  expect too much  from you as a beginner  but you need to understand  how bitcoin  transactions works.
Blockchain is not stores transactions  but only transaction details and this transaction  need to be mined by miners to be added to the blocks  itself.
Why I'm  I saying  this ??
Don't  be disappointed that one day you might send some staches to your relative  and it get stuccked and maybe purged , fine it will drop but it might take months which might really get you worried  and hopeless entirely.
Bitcoin has transactions  fee which  isn't  constant , which is why you must check  the required fee from mempool to know the fee you will be using for transaction.
Check:
https://mempool.space/

Once, your transactions  get mined   then you can say it cannot be stored from being added to blockchain but here's  where the exchange wallets comes in , if you are used to using an exchange wallet and you wallet get tagged maybe because of your transactions (note: Bitcoin address transactions can be traced almost by anyone), you could  also get your wallet freezed by the third parties  which is why you  need to know and understand  more about usage of privacy wallets privacy  wallets.

A Blockchain is a computer based ledger of transactions where informations can only be added and cannot be edited or deleted.When a sender sends a transaction it is not received immediately, instead it is grouped together with pending transactions which are executed at same time,this group of transaction is called (A Block).On a Bitcoin Blockchain network a transaction is executed every 10mins,after a transaction is added to the ledger,recent blocks that are added to the other blocks form a Chain, that's how the name (Blockchain) was derived.Blockchain network are used to store and transfer financial assets like (Bitcoin).It is an information management system.There are significant differences between the regular database and Blockchain network;
1.In a regular database used by banks and government,the regular database has different users(Single account user, Multiple account users such as bank employees and the Super users).When a regular database is hacked,it is as a result of the hacker has gain access into the super user account and the hacker change,edit and delete informations but in a Blockchain network only one user has the access to control his or her account.It doesn't mean that in a Blockchain network a user account cannot be hacked,it can if only the user has been tricked by a scammer to reveal his/her password,or has been deceived to send his or her asset to a scammer.
2.In a regular database used by banks and government, data can be interacted in different ways, such as data can be added to a database, existing informations in a database can also be edited,so if a hacker gain access in a super user's account,the hacker can add false informations and edit/delete legitimate records but in a Blockchain network information can only be added,once it is added it cannot be deleted and edited.
3.In a regular database,there are users that have permission over your account for example bank employees,if a customer tries to make a transaction that the bank doesn't like,they have the full control to stop that transfer from happening but in a Blockchain network a user has full control over his or her account,for example if I want to transfer Bitcoin to my relative within or outside Nigeria nobody can stop the transfer because nobody has control over my transactions, meaning Blockchain transactions cannot be stopped.