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In today’s life, everything is moving towards digitalization from your home to your work. Almost everything we use is based on a digital system. And in addition to all the other things which we use, now the traditional transaction system is displaced by the blockchains. Blockchains are the only reason for the existence of digital currency. In 2009 there was the beginning of a huge change that was going to occur in the traditional transaction system and the way we use our currency. A software developer named Satoshi Nakamoto had an idea that there should be an easy way of transaction and there should be an alternative to the currency which we use for the exchange of goods and services. So he decided to develop a digital form of currency that will bring a revolution in the lifestyle of human beings. On the other hand, you may visit official website of the bitcoin trading platform if you are interested to go into trading.
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Cryptocurrency
Cryptocurrency is the form of currency that has its existence in the digital world only or you can say in the cyber world. Unlike the cash or currency, we use in the banking system cryptocurrency is not available in its physical shape which means one can not touch or feel the cryptocurrency. Due to its existence in the digital world only it is also known as a digital form of currency or digital currency. It also does not require any banking system or centralized bank for the transactions and that is why it is also called Decentralized currency and is considered safe. By decentralization, we mean that cryptocurrencies are not issued by the central government like other forms of currency. These currencies can only be generated through the mining process which requires a lot of systems the solve the cryptographic algorithms. The first cryptocurrency developed by Satoshi Nakamoto was bitcoin so now we will discuss bitcoins.
Bitcoin
Bitcoins were the first digital assets developed by Satoshi Nakamoto in 2009. The main reason behind the development of bitcoins was to replace the physical currency with digital currency because it was more pleasing and safe. After the introduction of bitcoins no. of other cryptocurrencies were developed for example Ethereum, Litecoin, Dogecoin, etc. After some time the value of bitcoins started increasing as it was getting famous among the people and more and more people wanted to invest in them. Just to ensure that there will be no excess of anything related to bitcoins Satoshi Nakamoto fixed the no. of bitcoins that will be available for mining in the cyber world the fixed value was 21 million and according to reports more than 19 million bitcoins are already available or mined and almost 30% of the bitcoins mined are said to be lost forever because of the hard disk crashes or the key to blockchains are misplaced or lost by the owner.
Blockchain
Now here comes the mention of blockchains, so what are blockchains, and why are they important for the existence of cryptocurrencies? Blockchains are a decentralized form of the ledger of all cryptocurrency transactions around the globe. With the use of blockchains, it becomes very easy and safe for people to transact bitcoins with another person. The biggest advantage of the blockchain is that it does not require any banking system or third-party organization for the fulfillment of the transaction of the person which makes it safe from fraud. It provides transparency in the transaction to the peers and they can track their transactions whenever they want with the use of keys to blockchains. Due to this, there is no other expense on banks or third-party organizations and hence it helps in cost reduction too.
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