Understanding Bitcoin, Cryptocurrency and Blockchain Technology

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Bitcoin, Cryptocurrency and Blockchain are Trending topic these days. People are investing in Bitcoins and many startups are working in this domain.

Read out this article to understand the basics:

Cryptocurrency

Cryptocurrencies are classified as a subset of digital currency, alternative currency and virtual currency. It is a digital asset created to work for secure transactions. Bitcoin was the first cryptocurrency. A new cryptocurrency can be created at any time.


Today Bitcoin is currently the largest blockchain network. Then we have Ethereum, Bitcoin cash, Ripple and Litecoin, Namecoin etc.

Bitcoin

Bitcoin was invented by an unknown person under the name Satoshi Nakamoto and it was released as open source software in the year 2009.
Bitcoin is a Cryptocurrency and worldwide payment system. It is the first decentralized digital currency that’s works without a single administrator.


Network: Peer-to peer, Transaction takes place directly without any intermediate (e.g banks)
Bitcoins are created as a reward for a process known as mining.
The best part about Bitcoin is there are no transactions fees like we have in general banks and we do not need to give our real name in the process.

Blockchain

Blockchain is the public ledger that records Bitcoin transactions. It is world’s leading software platform for digital assets. Blockchain is continuously growing list of records known as blocks.
It is linked and secured using cryptography. Blockchain is secured by design and it is an example of distributed computing system.
It allows participants to verify and audit transactions inexpensively. Blockchains have been described as value exchange protocols.

 

There is a lot more to know about Bitcoin, other cryptocurrency and blockchain technology .This article is written only for the one who wants to know what exactly the Terms Blockchain, Bitcoin and Cryptocurrency means.

You all can refer many other blogs to know more about trending digital currencies. You can also opt for free courses available online these days to understand in depth.

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