The concept of having a digital currency saw the brightest ray of hope when cryptocurrencies were founded in 2009. We have all witnessed the sublime success the cryptocurrencies have amassed in the recent past. Especially Bitcoin which is undoubtedly the flag bearer of the digital currency.
Getting under the skins of cryptocurrency
For a basic understanding, a cryptocurrency is a virtual form of currency with no centralized authority. Cryptocurrencies are regulated through a network of millions of computers across the world that are called ‘Nodes’ as a cohesive unit.
It serves as a medium of exchange just like any other currency, barring the fact that it doesn’t have any physical substance or presence. It is available electronically.
Bitcoin is thus far the most popular cryptocurrency. We first saw Bitcoin in January 2009 when a mysterious person Satoshi Nakamoto allegedly created it. Bitcoin caught up the headlines when its value soared up to $20,000 per coin. One of the biggest reasons for the immense popularity is its ability to serve as a medium of exchange. Just like the traditional fiat currency or gold.
The best thing about Bitcoin is its security, it is very difficult to track the audit trails of it.
Bitcoin can be traded in fractions too, the smallest unit of a Bitcoin is called a satoshi, named on the name of its founder. Its value is equivalent to 0.00000001 bitcoins.
The record of each and every Bitcoin transaction is maintained in a leader called a blockchain. And a full network of nodes is responsible for maintaining the blockchain.
It is natural to develop some sort of curiosity and willingness to trade in cryptocurrency.
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Why Bitcoin is different from traditional currencies.
- Firstly it is decentralized, no single institution owns it. It is managed by a group of coders and run by an open network of computers.
- Secondly, the limited supply of Bitcoin makes it a luring asset to invest. Diminishing amounts of Bitcoin will be released each hour until the landmark of 21 million is reached.
- Thirdly, immutability, which means that once the transaction is made it cannot be reversed as the case with normal fiat currency transactions.
miners are the people who authenticate the transactions on a blockchain. Bitcoin mining can be understood as the process of releasing bitcoins into circulation. Mining involves solving complex mathematical problems with the help of supercomputers.