This is what Google had to offer me as the first piece of knowledge when I typed in the name of the popular cryptocurrency and searched for relevant resources. Right below this information was the image of an orange being slashed into two halves by a knife. I could very well relate to that since my imagination went all the way from trying to know more about Bitcoin to wonder how rich I would become if I were to invest in it! People can check price of btc to usd on any internet browser.
But this buzzword has become just as popular as the riveting question about the possibility of the bubble to burst. Sure enough, this entity has gained enough prominence in the media, education, industry as well as general gossip to be ignored. Here is brief know-how about the revolution and the economics surrounding it.
What is the buzzword all about?
As the world evolves, the race towards making money keeps becoming tougher. Hence, an unidentified person named Satoshi Nakamoto decided to change the game altogether in 2008. His introductory paper on the cryptocurrency grabbed eyeballs and paved the way for an unstoppable disruption. This digital currency is based on the concept of a distributed ledger, in which the nodes in the network maintain all information related to transactions, thereby eliminating the need for any centralized bank or administrator.
In a nutshell, it is a blockchain-based cryptocurrency system. The system has been designed based on a protocol combining mining, transactions, and wallets using blockchain.