Cryptocurrencies have gathered huge attention in recent years. You may or might not have heard about cryptocurrency but the “Bitcoin” word is well suited in our brains. Isn’t it, even the meme industry is not untouched by this? In between all these hypes about the bitcoin, its parent category remains well unknown. Now, taking this conversation forward, give me some answers. What could be a bitcoin? How does it look like, and why is it called the new revolution?
Well, you are here only to find these answers, right. So, when we talk about the future, the only first thing that comes to our mind is advanced technology. And that is what bitcoin is. Bitcoin, according to the suffix 'coin' is an advanced type of cryptocurrency. Yes, a virtual one. Let’s take Bitcoin as an example. It is a piece of code that is composed of mathematical puzzles.
Yeah, who likes so much mathematics. Neither I am fond of it. So, humans let machines do all the mathematics.
So, creating money out of thin air using computational powers is called mining. Now you would be thinking that why it isn’t in our bank accounts, yet. Well here is the twist. Cryptocurrencies are stored in special wallets and work in a special decentralized system called a blockchain. We will look at blockchains into our further posts.
The founder of Bitcoin and the concept of blockchain is a well-guarded secret in today’s world. And thus, questions arise on its authenticity. And why not it could be a scam. No one wants to be doomed. Do you, Naah? So, using the concept people decided to create other cryptocurrencies that can be trusted. And so at the age of 19, a boy named Vitalik Buterin, a Russian-Canadian programmer founded Ethereum, the world’s second most popular cryptocurrency.
Leading to a new revolution in the world of finance, centralized banks comes on the verge of being obsolete because that is what a cryptocurrency was doing replacing banks with the latest form of technology that is unhackable, unchangeable and most important is that it is distributed among its users worldwide. Today, the amount of Bitcoin mining is vast and probably having the most numbers of miners throughout the world. Making it the most widely traded electronic currency.
Cryptocurrencies are traded on a separate exchange. Today, there are a lot of companies that provide exchange facilities. BtcEX is also a leading one among them. Even today, many people ask that Is Bitcoin safe? And every time a guy from the other end answers that it all depends upon you.
Every day hundreds of Bitcoins are created using a load of servers in a mining farm costing hundred of thousands of dollars, just for running those servers the whole day. Its time we take steps, by learning more and adapting the technology as a revolution to a new era, the 'crypto era'.