Since the dawn of mankind, technology has transformed every sphere of life. Be it the transformation of bullock carts to bullet trains, pigeon posts to voicemail and archaic telephone to the smartphones. But Banking is one such area that has been a part and parcel of our lives for a long time. From the ideas of changing the financial system came a smart way out to create new digital currencies for better and secure transactions. With this idea, Bitcoin came to existence after the Economic and Financial Collapse of the US market in 2007.
Satoshi Nakamoto, a pseudo-person published a paper naming Bitcoin for peer-to-peer payment in 2009. After that Bitcoin ushered the financial market by the name of cryptocurrency. Bitcoin, in no time, became the biggest cryptocurrency in the market. Even after many false allegations, the positive attributes that cryptocurrency offers have driven the market by making a stable position.
What makes Bitcoin different?
Bitcoin, ever since its existence has revolutionized the way we looked at online transactions. Bitcoins are created and operated digitally. They are created with the special algorithm by using the cryptographic principles called Bitcoin Mining. Bitcoin works on incorruptible distributed ledger system called Blockchain. The feature that no centralized authority can control the transactions makes it the sui generis in technology.
What is Cryptocurrency and What makes it popular?
- Decentralized Nature:
The main aim of inventing a Bitcoin was to develop a decentralized control system, which is not controlled or regulated by any other entity. No authority, be it the government or the bank has the control to escrow the ledger system which safeguards it from any type of confiscation.
- Anonymous Nature:
All the real-world identities of transactions or accounts are kept anonymous. The only thing possible is to analyze the flow of the transaction but no one can connect to the names, addresses or information of the users.
- Secured Transactions:
All the cryptocurrencies are locked in a public key by cryptography system. Only the person holding the crypto key has the access to send the cryptocurrency. The cryptocurrencies are kept in the wallet which is encrypted by special algorithms and principles.
- Irreversible:
A transaction cannot be reversed once the transaction is confirmed. No matter what the state, situation of the person is, one cannot undo the transaction once done. As a result of which errors in the process of transactions are also irreversible.
- The Broad range and Fast Usage:
The transactions are confirmed in a couple of minutes with the fast network irrespective of the distance. Being global in nature, cryptocurrencies are now being used by different governments to implement them in the government functions.
Conclusion:
Cryptocurrency is growing with every passing day and is emerging as the easiest way to earn money. The skeptical approach of many Investors has also resulted in the further rise of Bitcoins. Therefore, we can conclude it by saying that cryptocurrencies are here to stay and after few successful apps by many Cryptocurrency exchange development company, cryptocurrencies have developed themselves as a great investment option in the society on the daily basis.
A great and detailed blog to understand about cryptocurrency and bitcoin easily.
ReplyDeletekeep up the good work.