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Cryptocurrency, Bitcoin and Blockchain: What Has Brought the Craze Among the People?

The one key concept on which the world is running economically is “MONEY”. Probably some consider it the best and the others consider it the worst catalyst for human endeavors. We have seen people chasing for money either to have social status or to have power. But do you think that we are heading towards bringing our money to an end? Will we burn our physical currency to move towards a digital form of money or rather transform towards it which is the “Cryptocurrency”. It has been termed as the new gold or the future of money.

Cryptocurrency has its origin to wipe out some lacunas of our banking system and since it has come into existence it has brought a revolution in the way our transactions took place and eliminated the banking system. We have seen people talking about it and even a single day goes by when we do not hear about it. Its price surges have also not been hidden and it is always on the forefront when we talk about a piece of financial news.

Knowing The Three Basic Concepts

Bitcoin

Bitcoin is the topmost cryptocurrency which is also known as the first era cryptocurrency and the reason for being called so is its notoriety. As we know that our physical currency, be it of any type has authority behind it, cryptocurrency has no such hegemony of any authority. This currency exists in the form of codes formed through the computer which means it is also an electronic form of money, which is the very first of its kind. Although the originator of the first such currency is not known. It might be a single individual or a group of people that have led its formation. To invest in bitcoins you can visit online trading platforms like bitcoin code website

Cryptocurrency

Cryptocurrency is the stimulus for bitcoin through which exchanges are done. Through this mechanism encryption of the data that exists in electronic form is ensured so that security to the transaction is promoted. Just like the WhatsApp chats that shows that the chat is encrypted, likewise, the transaction made on the digital platform is also encrypted, which means that the data is secured. But in contrast to the physical money which facilitates us the credit and debit cards, cryptocurrency has no such cards to offer, it has one form in which it exists and that is the digital/electronic form.

Blockchain

Talking about the third basic concept of digital money, it is Blockchain. Blockchain is the medium that gives life to any cryptocurrency. just like the data that exists on the digital network and is accessible to everyone all over the world. So cryptocurrency also operates across vast networks of computers. This technology is just not exclusive to cryptographic money, rather it has got many other appreciable uses apart from being an impetus to digital money.

Conclusion

There is no doubt that the future of everything is digital and so is with money. There are over four thousand cryptocurrencies that exist in the digital world. The reason is that it is a framework that has its existence as an open-source and anyone at any time can do so. The topic that I have shared in the present article talks about the three basics of a cryptographic form of money. They are, cryptocurrency itself, blockchain and bitcoin. All these three concepts are basic to digital money and each crypto aspirant who is looking forward to initiating his excursion in this field must know about these three basic concepts. But one must keep in mind that whenever you invest there is either winning or losing and you should always be prepared for your actions.

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