The idea of a [cryptocoin], named Bitcoin, the present day pioneer of [cryptocurrency], was put forward on a forum by a Japanese person- Satoshi Nakamoto, the identity of whom still remains a mystery. n
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In this era of technological advancement, we have evolved from barter system to cash-credit system.
None of the systems is clearly superior and each has its own set of drawbacks. A cash-based system
needs initial ‘bootstrapping' and in a credit-based system, everyone owes some risk. When the web
was new, customers were hesitant to hand over their credit/debit card details to online vendors of
unknown repute. Such environment created a need for anonymous decentralised currency.
The idea of a [cryptocoin], named Bitcoin, the present day pioneer of [cryptocurrency], was
put forward on a forum by a Japanese person- Satoshi Nakamoto, the identity of whom still remains a
mystery. Bitcoin works on the principle of creating a scarcity of design called ‘Cryptography' that
prevents the problem of ‘Double Spending'. This scarcity of design is achieved by solving
computational problems that take a little while to crack. This defines [Cryptocurrency Mining].
One of the key components of Bitcoin worth mentioning is ‘Blockchain', a ledger which
securely records all transactions. This ledger is maintained from first ever transaction of Bitcoin. The
term ‘Mining', as mentioned earlier, can be ascribed to the computing power which solves complex
problems and maintains the bitcoin ledger. Upon successful contribution of their system's computing
powers, the miners are profited with Bitcoin.
Bitcoins have remarkably succeeded and it has several notable innovations including
Blockchain and decentralized model of [digital currency]. It provides a practical and successful
system to trade services, content and products etc while maintaining a decent level of anonymity.
Moreover, the convenience of instant transfers and the possibility of trading it in parts or full provides
it with an upper edge over traditional currency system.