What is Cryptocurrency | Introduction to Bitcoin and Blockchain
“If you don't believe it or don't get it, I don't have the time to try to convince you, it is completely your choice” – Satoshi Nakamoto
In today’s era, everything is going to be in the small size computer screen and especially the transaction revolution has been made to touch the sky. Every great revolution needs security and which is the most key factor for any new upcoming technology which will be going to make a significant role in the future.
In Today’s Article :
- What is Cryptocurrency
- What is Bitcoin
- What is Blockchain
1.What is Cryptocurrency
A cryptocurrency (or cryptocurrency) is a digital currency created to work as a medium of exchange whereas individual coin ownership records are stored in a ledger existing in a form of a digitalized database using strong cryptography to secure transaction records, here cryptography stands for crypto means the secret and graphy means the method so it is the secret method of transactions. Cryptocurrencies typically use decentralized control as opposed to centralized digital money and central bank sectors.
2.What is Bitcoin
Bitcoin in terms of unique cryptocurrency invented in 2008 by Satoshi Nakamoto and Invented in 2009 when its actual use was released as open-source software
It is a decentralized digital currency without a central bank that can be transferred from user to user on the peer-to-peer bitcoin network without the need for interchain systems. Transactions are verified by network nodes through digital cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are Invented as a gift for a process determined as mining. Bitcoin has been always praised and criticized because of its nature. Critics stated that its use in fraudulent transactions, the very huge amount of electricity implemented by miners, price fluctuations, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
3.What is Blockchain
Originally blockchain is the fastest uploading list of records, called uniquely blocks, that are linked using the method called cryptography. Each block contains a cryptographic hash of the previous block, a timestamp of the relevant data, and transaction data which is the safest way as possible.
If we look into the design, a blockchain is persistent to up-gradation of the data. It is basically "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way", For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.
Finally, we can say that by the upcoming modern era of transaction we need this kind of Fin-tech solution, and cryptocurrencies like Believer, Bitcoin are the future of the transactory field. Hope you all guys like the article if you feel the article helpful kindly like it and share your thoughts regarding the same.