This work is focused on one particular cryptocurrencythat has made ripples across the globe since its inception in 2009, Bitcoin. It is said to be a creation of Satoshi Nakamoto (possibly a pseudonym). But before that, I would like to introduce you to two key concepts that need to be understood to even contemplate the vast potential cryptocurrencies as Bitcoinprice possesses.
This is the brain that runs the back end ofcryptocurrencies. Blockchaintechnology is a ledger that keeps the tab on all transactions that happen across the network. This network which is of peer-to-peer nature needs feedback or acknowledgment on both ends when a transaction occurs and the blockchaintechnology functions to make this happen. Since there is no central authority that governs these transactions, blockchaintechnology is the decentralized ledger here and started out specifically for bitcoin price before going wide for all other currencies.
There you go, it’s as simple as that. Bitcoinis the currency and Blockchainis the technology that helps run things smooth and secure. The vital USP (unique selling proposition) of blockchaintechnology is its increased transparency, the precision in tracking each transaction, and the fact that the intangible ledger is a permanent one in the digital realm.
There still exists scope for human errors, privacy issues, and worse, forgery and counterfeits. Bitcoincould be a solution to these problems and create a revolution, provided people accept it.
Many techies speculate that around 21 million bitcoinsare available for transactions and people obtain them through different cyber processes. The revolution that could happen via Bitcoin price spreads through several key industries like Medicine, War, and so on. How this is possible is a whole another arena that deserves a separate write up.