, 2023-01-01 07:20:00,
Cryptocurrency gained immense popularity within a decade of its existence. But ever since it was introduced, while the technology is evolving rapidly, the debate about its ability to replace existing forms of currency has remained as wild as day one, only, the number of people on both sides of the camp is increasing. To even begin understanding the debate, it’s essential to revisit the basics.
According to Oswego State University of New York, a cryptocurrency is a virtual currency, which enables the transfer of money based on encrypted algorithms. The use of encryption technology features crypto both as a digital currency and also as an coded accounting system. Some major crypto currencies are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), etc.
As described by Forbes, BTC was the first crypto, and is the most well-known among the 19,000 odd cryptocurrencies. BTC was created by an anonymous identity or a group of peopleperson(s) called Satoshi Nakamoto, with an aim to establish “an electronic payment system based on cryptographic proof instead of trust.”
BTC is based on a distributed digital system meant for recording transactions called Blockchain. It is an entirely interconnected body of data, formed by combining sub-units termed as blocks consisting of complete information of each transfer. They are finally linked together in a chronological order, of an outcome as chains of blocks. The information and the order of the transactions (sequence of the…
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