After Paper Money, Plastic Money and several other forms of money it’s time for digital money. Yes, money has changed from time to time. Now, it’s time for digitalization. Imagine a form of money without any physical appearance and shape. We know that there are several FIAT CURRENCIES in the world. They are Dollars, Rupees, Dirham, Dinar, Euro and vice versa. We all are aware about these currencies.

BUT . . .

Have you heard about CRYPTO CURRENCY?
I hope, ‘YES’.

If ‘NO
Then No Problem.

I’ll introduce it for you.

The word “Crypt” itself means hidden. So, Cryptocurrency means Hidden/ secret currency in form of digital money.

It all started in year 2008, when the very first cryptocurrency was invented. It was named as BITCOIN. It was created by SATOSHI NAKAMOTO. Nobody knows whether he’s a single person or group of peoples. The identity is still anonymous. Bitcoin was then launched and came in use from the year 2009. The quality people loved about it was its anonymity. It was totally decentralized and did not come under any governing bodies. It has its own blockchain technology. BLOCKCHAIN is the heart of BITCOIN. Blockchain is used as Wallet to keep Bitcoins. Buying and selling of cryptocurrencies are placed through EXCHANGES. Later you can convert these cryptocurrencies into your FIAT currencies through your local exchanges.

What exactly a BITCOIN is?

·        Bitcoin is a cryptocurrency.

·        It is a decentralized digital currency without any central/ governing bank who controls it.

·        It works on PEER TO PEER (P2P) Bitcoin network.

·        It is usually symbolized by “BTC” or “XBT”.

·        Small amount of bitcoin used as alternative units are ‘Millibitcoins (mBTC)’ and ‘Satoshi’.

·        A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction.

·        Bitcoin is an open source and is created for public.

·        Nobody owns or controls it. So, everyone can take part.

·        Bitcoins are stored in WALLETS. As it works on Blockchain Technology, it holds major cryptocurrencies in its wallet.

To understand more deeply about Cryptocurrency and its working properties just go through our other blogs on BLOCKCHAIN, MINING OF CRYPTOCURRENCY, etc.