CRYPTOCURRENCY AND BITCOIN
What is Cryptocurrency?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically subsets of digital currencies. There are several cryptocurrencies that emerged since sevearal years ago. Few Examples are; Bitcoin, Litecoin, Dogecoin, Onecoin, Dash, Ethereum, etc [Just to name a few.]
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto.
Bitcoin was introduced on 31 October 2008 to
a cryptography mailing list, and released as open-source software in 2009.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.
Bitcoin was introduced on 31 October 2008 to
a cryptography mailing list, and released as open-source software in 2009.
The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
Bitcoin has become acceptable worldwide as the price of Bitcoin keeps soaring high.
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