Cryptocurrency (Virtual currency/ Digital currency) is the alternative to FIAT currency or paper currency. Paper currency needs banks for transactions but this is not the case with cryptocurrency. A cryptocurrency uses cryptographic algorithms for security and audit trails which make them tamper proof.
There is a major problem with FIAT or regular currency is that the central authority “Banks” can print new currency notes to increase the supply but this is not the case with most of the cryptocurrency.
At present, most of the cryptocurrencies use Blockchain technology. Bitcoin (BTC) was the first blockchain based cryptocurrency launched in 2009. Today thousands of new altcoins are available in cryptocurrency market with different functions but bitcoin is still on the top of coin market cap. These currencies are controlled by their big community and not by central authority.
Cryptocurrencies are stored in “Wallets” and a cryptocurrency can be bought through another cryptocurrency or fiat currency, at this point “Cryptocurrency Exchanges” plays their role. Transactions of a cryptocurrency network charge no or minimum fee. Public and Private keys used for security purposes.
Cryptocurrency market is not new now. More than 10 years flew away. A huge number of investors, businesses and entrepreneur help in the growth of this new market. It still has exposed just a few areas but its immense scope and potential keep on welcoming new and innovative ventures.
The people associated with this market or the newbies who are interested in this world of financial matter makes searches related to cryptocurrencies. We go through the proper research and make our full effort to give you a trustable source of information on different cryptocurrencies Price Prediction & Forecast. We also focus on Comparison of Different Cryptocurrency
Some Light on History
Humans from the very beginning are in search of saving their “Asserts”. It is in their nature from the very first day. In the early day, “eatable things” were considered to be most precious one so human not only saved them but also make efforts to safeguard them. Then an “age” came when human start “Trading” and “Businesses” with “Precious metal and stones” for example Gold and Silver. Soon these metal and stones became “Asserts” and when something become assets, the threat of “thief”, “stolen” or “robbing” can’t be ignored. History shows so many cases that it happened. So, the “Banks” intervene. A trusted 3rd party that mostly safeguard your assets in the form of paper currency. The banking system has own flaws.
So, when technology gets advanced and advanced people and companies made efforts to utilize the technology and creates “Digital Currency”. Efforts were made in the 90s’ but failed due to the number of unexplainable reasons like trust deficit, financial problems, and mainly because of 3rd party approach. Due to this “Digital Cash System” bear delay for almost two decades.
In 2008, a White Paper was published by an unknown person Satoshi Nakamoto on Bitcoin and in 2009 this technology starts working. Bitcoin protocol is open source and anyone can modify it. As a result of this 1000’s of cryptocurrencies emerges. Bitcoin and virtual currencies have Blockchain as the backbone. Now, the number of projects also tried to alter the idea of blockchain beyond the use case of P2P money.
Bitcoin (BTC) involves no third party for transactions, this one fact makes bitcoin valuable cryptocurrency and almost all successive cryptocurrencies follow this approach. Bitcoin is ban in different territories because of anonymity and privacy but a large community of cryptocurrency lover supports Bitcoin. Almost all big tech companies use Bitcoin. It is the limitation of Bitcoin, “21 million Bitcoins” can only be mined ever.
It is an unsolved mystery that no one knows who is or was “Satoshi Nakamoto”. Few says Satoshi was a person or group of person and few argue that Bitcoin was a collaborative effort of 4 big giants companies and they use anonyms name for the developer or owner for privacy. People often asked, “How much Bitcoin does Satoshi Nakamoto have?“. Well, the research shows anonymous Satoshi has no Bitcoin in any account.