The Bitcoin hash algorithm is SHA-256 or Secure Hashing Algorithm 256 bits. This algorithm is a one-way cryptographic function as the original data can be retrieved via decryption. The implementation of a cryptographic hash function is beneficial to prevent fraudulent transactions, [double spends](https://hackernoon.com/51percent-explaining-the-network-disruption) in Bitcoin. Each subsequent hash is tied to the previous hash, thus ensuring the consistency of all blocks. The algorithm is correlated to the blockchain hash as this algorithm is useful to confirm transactions and produce new blocks.
Bybit is one of the fastest growing cryptocurrency derivatives exchanges, with more than a million registered users.