Bitcoin is a financial system which is based on the blockchain. In fact, the currency exists thanks to the block chain transaction. The blockchain acts as a large database. It contains information about all ever committed transactions and created purses. The system of encryption of the blockchain make it difficult to hack the system but despite this, each participant can view transaction records.
It is imperative that submissions do not contain confidential information. Given that the blockchain is a distributed database, i.e., its copy is stored in every bitcoin wallet, installed on your computer. Further we will talk about the basic elements of this system.