What is a blockchain? How crypto keeps its records
By SendPay Business · · 2 min read
A blockchain is a shared record of transactions kept by many computers at once. New transactions are grouped into blocks, and each block is linked to the one before it, forming a chain. Bitcoin and most other cryptocurrencies run on one.
How it works
- Someone sends crypto, and the transaction is broadcast to the network.
- Computers on the network check it and group it with others into a block.
- The block is added to the chain, and every copy of the record is updated.
Why records are hard to change
Each block contains a fingerprint of the block before it. Changing an old transaction would change every block after it, and the rest of the network would reject the altered copy.
What a confirmation is
Each new block added after a transaction counts as a confirmation. Exchanges often wait for a set number of confirmations before crediting a deposit, which is why crypto transfers can take minutes rather than seconds.
Where SendPay fits
SendPay's Crypto Exchange platform lets your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners. You can preview your platform before you pay.
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Build my platform →Questions people ask
What is a hash function?
How SHA-256 turns data into a fingerprint, and why blockchains need it.
SHA-256 hash generator →Is this wallet address typed correctly?
Check a Bitcoin or Ethereum address's format and checksum.
Crypto wallet address checker →What is a crypto exchange?
A platform where people buy, sell and swap crypto.
What is a crypto exchange? →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.