All About Cryptocurrency
Cryptocurrency might have sounded weird for most people; however, it’s not nowadays. But still, many might be familiar with the term with very little knowledge about it. Cryptocurrency, briefly, is a digital property that can be exchanged instead of the normal tangible currencies. Going back to the origin of the word itself, we’ll find that the “crypto” part of it comes from the cryptography terminology for some security purposes during the exchanging transactions.
What Is Blockchain?
While making transactions using any type of the cryptocurrencies, the owners of such type of assets don’t depend on banks in order to make the transactions easier, they can simply and successfully pass any extra fees that go to the financial institutions. Instead, the transactions are being processed through a blockchain network. So, Crypto Head’s Canada guide has made it easier for the public. Blockchains are doing the banks’ job, just with the difference of decentralizing the process. All the computers that are connected to the network have to contribute and confirm the transaction in order for it to be processed.
Generally, this is offering a safe environment for the transactions to be processed for all the users involved. It surely has its flaws which are represented in the waiting time it takes for completing a transaction successfully.
Banks or Blockchain?
Around the globe, there are banks that are interested in what the blockchain is offering, but the problem that arises there is that cryptocurrencies were originally made in order to avoid the use of the traditional banks and the traditional transaction process. The idea of the decentralized network that does all the supervising and verification process, without any human interruption is what attracts the cryptocurrencies fans. So their favourite place will not be the traditional banks.
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How It All Started
Before the Bitcoin was introduced to be the first cryptocurrency that was released to the public, the developers of the crypto had some trials of coming out with a cryptocurrency that had the same concepts as Bitcoin’s. But unfortunately, none of it was able to reach the popularity levels that Bitcoin has reached.
Before Bitcoin, there was B-Money and BitGold, they faced many algorithmic and mathematical difficulties being introduced at the blockchain systems. However, finally, the Bitcoin was introduced to the public to be the first iteration in the history of cryptocurrencies.
It all started in 2009 when the Satoshi Nakamoto entity created and introduced Bitcoin. They made it available for buying and using for transactions, it also has been since available for mining and creating its own blockchain.
Something worth mentioning also is that Bitcoin has been at the bottom of its market, as the first transaction that has ever been made was back in 2010 and it was made for buying two medium sized pizzas for 10,000 BTC. As of the time of this writing, 10,000 BTC now is worth more than $30 million.
Cryptocurrencies’ values, in general, have increased with these incredible rates because of the demand for it; and if that says something, it would definitely say that the cryptocurrencies market is growing to replace the traditional banking and the tangible currencies we all grew up to know.