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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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deciphering cryptocurrencies bitcoins

Deciphering Cryptocurrencies & Bitcoins

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.

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