With cryptocurrencies on rise, there is no doubt that you might have already heard about them. If not cryptocurrency, you might have come across a term called Bitcoin.
Bitcoin is a digital currency that exists virtually with its presence on the base of a technology called Blockchain. Bitcoin came in existence on 3rd january, 2009. Since then it was intended to ease the task of transactions which happen all across the web and between people. Today every country has its own currency that further leads to conversion issues and fees bringing in between the role of banks.
Now that internet is everywhere, there was a need to come up something which could be used anywhere and was equal for all. Bitcoin is thriving every day but what excites is the amazing technology over which it works. The tech helps any internet enabled user to get rid of the burden of transferring money. Today if you are supposed to transfer some amount of money to a friend, you are totally dependent on a third party like a bank or an online media but the problem is the margin they take and their need to be in the picture.
A solution could be that you maintain a register or a journal where you can maintain a record so that both the parties know when and how did the transaction take place. Still there is a possibility of that journal or register might get stolen or you misplace it, but what if you seal it and make copies of the same which is a way to make them secure, as having copies will be a way to keep a record safe at least somewhere.
Meanwhile, Blockchain represents a technology where there exists a single page which is actually a block and the folder inside which there exists a chain of several such pages. In a crux, the whole thing is called a blockchain.There are tons of benefits of that this technology like all involved in the chain get rewards and the best live example of this technology is BitcoinAmong the most efficient ways to transfer money online in this day and age turns out to be Blockchain.
It is secure to the point of being almost airtight, and with rising popularity and soaring prices of cryptocurrency like Bitcoin, it is turning out to be pretty profitable for people who collect cryptocurrency as a means of investment.
Source: Techiespad.com
Author Bio: Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years.
