What is Bitcoin? Bitcoin, the first virtual currency, was born nine years back in 2008. It introduced a novel idea set out in a white paper by the mysterious Satoshi Nakamoto: Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. There are no physical Bitcoins, only balances associated with public and private keys. Over these years, the acceptance of the concept of a virtual currency has increased among regulators and government bodies. Although it isn’t a formally recognized medium of payment or store of value, it has managed a niche for itself and continues to coexist in the financial system despite being regularly scrutinized and debated. What is Blockchain? The attempts to understand Bitcoin more closely resulted in the discovery of blockchain, the technology that powers it. The blockchain is not just the hottest topic in the FinTech world but also a sought after technology in many industries. A blockchain is a public ledger of all transactions in a given system that have ever been executed. It is constantly growing as completed blocks are added to it. The blocks are added to the blockchain in linear, chronological order through cryptography, ensuring they remain beyond the power of manipulators. The blockchain thus stands as a tamper-proof record of all transactions on the network, accessible to all participants. The blockchain offers a chance to work at lower costs with greater regulatory compliance, reduced risk, and enhanced efficiency. Enter Ethereum! Blockchain technology is being used to create applications which are beyond just supporting a digital currency. Ethereum is the largest and most well-established, open-ended decentralized software platform that enables SmartContracts and Distributed Applications.
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