Well every one reading and publishing content on this Publish0x platform has definitely heard about the most famous cryptocurrency Bitcoin (BTC) and my first post on this platform is a testimonial to the mother of all cryptos Bitcoin (BTC).
The first time I heard about Bitcoin (BTC) was in a tech documentary shown in DW Tv some years back.The program showed among other things this new internet currency being used for buying products from some select group of retailers. The complicated technical jargon like ‘distributed ledger’ ‘Blockchain’ did no favor to warrant an interest in the same. At that time I neglected the importance of an emerging technology which could change an entire eco-system of money as we know it. It was only in 2015-16 after watching a financial program ‘Keiser Report’ in RT Tv, a show hosted by Max Keiser a former stockbroker, inventor of the virtual specialist technology and co-founder of the Hollywood Stock Exchange, with co-host Stacy Herbert on global finance trends - opened up my eyes on possibly the best internet invention a certain cryptocurrency called as Bitcoin. Keiser explained about BTC price trends at that time.
Bitcoin-Origins:-
Bitcoin was invented in 2009 by a person/group who called himself/themselves as Satoshi Nakamoto. His/their aim was to create a “new electronic cash system” that was “completely decentralized with no server or central authority”
However, cryptographers have been experimenting with cryptocurrencies since the 1980’s.
# During 1983 an American cryptographer named David Chaum conceived Ecash an electronic cash system through his corporation Digicash.
# In 1997 a British cryptographer Adam Back created a proof of work system ‘HashCash’ to prevent email spam and dos attacks.(The POW is the same system as it is the original consensus algorithm in a blockchain network like Bitcoin and other related currencies where miners compete against each other to complete transactions on the blockchain network and get rewarded!)
# In 1998 a computer engineer,Wei Dai’s publication of B-Money an anonymous distributed electronic cash system which had all the making of a modern day cryptocurrency system.
# In 1998 a cryptographer by the name Nick Szabo, an American of Hungarian descent released Bit-Gold, a mechanism for decentralized digital currency.
Bitcoin-Technology:-
Unlike US Dollars Cryptocurrencies like Bitcoin do not exist physically as they are digital assets secured by cryptography within the Blockchain.
So, what is Blockchain in simple words?
Blockchain is a decentralized and distributed immutable ledger technology containing information about transaction records that is distributed and spread over many computers, with the same time maintaining security and transparency, without being controlled by any single authority and the data in it is open for anyone to see!
The process of mining creates new Bitcoins when users add transaction records to the Blockchain. Bitcoin mining is now done on BTC mining farms using ASIC miners for solving the blocks of transactions & hence rewarding them with new bitcoins and transaction fees!
Bitcoin users can send and receive any amount of money instantly to & fro their wallet to anywhere worldwide, on any day of the year with no holidays after the confirmation of the transaction, paying low fees far lesser than conventional Bank charges, Paypal and Credit card networks.
The acceptance of Bitcoin is constantly growing and hopefully the future will be bright for crypto world.
Thanks!
Image Credit:- Pixabay
