The evolution of Cryptocurrency : Blockchain technology and more..

Cryptocurrency is certainly one of the hot topics of the market right now. Although it was introduced in 2009, and Bitcoin being the first cryptocurrency, the buzz is still hot and fresh. 

So, Cryptocurrency is basically a decentralized digital money, and is based on blockchain technology. Bitcoin and Ethereum are among some of the most hyped up and famous cryptocurrencies but there are more than 5,000 different cryptocurrencies in circulation.

In some countries, you can use crypto to buy regular goods and services. Although, A lot of people invest their money in cryptocurrencies as they would in other assets, like stocks or precious metals. 

How Does Cryptocurrency Work?

A cryptocurrency is a way of exchange that is digital, encrypted, and decentralized. Hence, unlike other currencies like the U.S. Dollar or the Euro, there is no centrally managed authorization that manages and maintains the value of a cryptocurrency. So basically, these tasks are broadly distributed among a cryptocurrency’s users via the internet.

Bitcoin, being the first cryptocurrency, first outlined by Satoshi Nakamoto in a 2008 paper with a title “Bitcoin: A Peer-to-Peer Electronic Cash System.” He presented the project as “an electronic payment system based on cryptographic proof instead of trust.” 

The idea was to create a secure way of transition over the internet and that’s when BlockChain Technology comes into play. All these crypto exchanges are based on a highly secured system called Blockchain. Although it was not as famous as it is now, Blockchain created its worth by providing a fool-proof solution in internet security. 

What is a Blockchain? 

In 1982, Blockchain was introduced by a cryptographer named David Chaum. He proposed the first blockchain-like protocol. In 2008, Bitcoin changed the way Blockchain technology was seen in the industry. Santoshi Nakamoto, in 2008 conceptualized Blockchain, and he used this technology for the first cryptocurrency named Bitcoin. 

Blockchain technology can be simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. The data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity, healthcare, and many more. 

Conclusion 

Blockchain technology has really revolutionized the Cryptocurrency market. Despite having so much government interference, the popularity of blockchain is increasing every day. So is it safe to bet on it? Well, blockchain technology has proved itself but blockchain technology is not the only factor to consider while investing in any cryptocurrency.