More
    HomeBloggingUnderstanding Bitcoin, Cryptocurrency and Blockchain Technology

    Understanding Bitcoin, Cryptocurrency and Blockchain Technology

    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.

    Understanding Bitcoin, Cryptocurrency and Blockchain Technology
    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.

    Understanding Bitcoin, Cryptocurrency and Blockchain Technology
    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.

    Hot this week

    20 Incredible Tamil Novel Writers

    Tamil literature is known for its elegance, diversity and...

    23 Most Beautiful Beaches to visit at least once in life

    Are you a beach person? And all you do...

    Artificial intelligence In Everyday Life

    Humans are the foremost intelligent species within the world....

    Stretch Marks Cream: Does It Really Work? What Experts and Real Users Say

    Stretch marks are something almost all of us have...

    Hemp Hearts, Hemp Seeds, and Hemp Protein: A Complete Guide

    The seeds of hemp plants are known as hemp...

    Topics

    20 Incredible Tamil Novel Writers

    Tamil literature is known for its elegance, diversity and...

    23 Most Beautiful Beaches to visit at least once in life

    Are you a beach person? And all you do...

    Artificial intelligence In Everyday Life

    Humans are the foremost intelligent species within the world....

    Stretch Marks Cream: Does It Really Work? What Experts and Real Users Say

    Stretch marks are something almost all of us have...

    Hemp Hearts, Hemp Seeds, and Hemp Protein: A Complete Guide

    The seeds of hemp plants are known as hemp...

    What is Activism: 15 Popular Types of Activism

    We are motivated to speak out against harmful practices...

    Miley Cyrus Flowers: The New Heartbeat of GenZs

    Miley Cyrus, an iconic pop star, everyone’s childhood and...

    Chino Pants for Men: The Perfect Wardrobe Companion

    Chino pants have become a popular piece of apparel...

    Related Articles

    Popular Categories