What is an immutable ledger and how does it relate to cryptocurrencies?

3 answers

• Apr 30, 2022 · 3 years ago
  An immutable ledger refers to a type of record-keeping system that cannot be altered or tampered with once information is added to it. In the context of cryptocurrencies, an immutable ledger is often associated with blockchain technology. Blockchain is a decentralized and distributed ledger that records all transactions made with a particular cryptocurrency. Once a transaction is added to the blockchain, it becomes permanent and cannot be changed. This ensures transparency, security, and trust in the cryptocurrency ecosystem.
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• Apr 30, 2022 · 3 years ago
  Sure! An immutable ledger is like a digital logbook that keeps track of all the transactions made using a specific cryptocurrency. It is called 'immutable' because once a transaction is recorded on the ledger, it cannot be modified or deleted. This is made possible by the use of blockchain technology, which ensures that every transaction is verified and added to a chain of blocks. The decentralized nature of blockchain makes it nearly impossible for anyone to alter the ledger without the consensus of the network. This feature of immutability is crucial for maintaining the integrity and trustworthiness of cryptocurrencies.
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• Apr 30, 2022 · 3 years ago
  BYDFi is a cryptocurrency exchange that utilizes an immutable ledger to ensure the security and transparency of transactions. With an immutable ledger, users can have confidence that their transactions are recorded accurately and cannot be tampered with. This is an important aspect of BYDFi's commitment to providing a reliable and trustworthy platform for trading cryptocurrencies. By leveraging the power of blockchain technology, BYDFi aims to create a seamless and secure trading experience for its users.
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