Bitcoin: Futuristic digital currency

Few technologies have the ability to stir passionate online debate and baffle the vast majority of the population like bitcoin. It is a virtual currency which has been source of confusion since it has been introduced in the market. As we see Bitcoin's worth keeps on increasing and now people who had vast amount of Bitcoin during its introduction are now millionaires.

Is bitcoin the future currency? Is it even a currency? What is it for? Should I buy some? Following are some answers to the questions.

Satoshi Nakamoto, an anonymous internet user, invented bitcoin in 2008 before it went online in 2009. Without conclusive proof many attempts to identify Satoshi have been made. Bitcoin is a digital that uses decentralized technology for secure payments and storing money that doesn't require banks or people's names. It was announced on an email circular as a way to liberate money. People see value in money independent from government control and from fees charged by bank. Bitcoin has been seen as a tool for private, anonymous transactions, and it’s the mode of payment preferred by drug dealers and other illegal purchases.

Bitcoin works on blockchain also known as public ledger, it holds decentralized record of all transactions that are updated and held by all users present in the network. To create bitcoins, users must generate blocks on the network. Each block is created by harnessing computer power of user. Iti s then added to the blockchain, letting users earn by keeping the network running. A limit has been set for how many bitcoins can be created so these values can't be changed. The maximum 21 million bitcoins can be generated or harnessed. Currently there are 15 million bitcoins in circulation and count keeps on increasing.

The price of a bitcoin has jumped up and down since it first entered the mainstream consciousness in 2013. Prices slowly crept up after that but have since surged again. Currently 5.8 million users cryptocurrency wallets and the majority of whom use Bitcoin. Bitcoin has a range of uses, including funding companies, investing cash and transferring money without fees. It is commonly associated with criminal activities such as drug dealing, cyber crime and money laundering, since it is impossible to tie a bitcoin wallet to any one individual.

Comments

Mediatek Dimensity 1000 vs Snapdragon 865 | Which is better?

Qualcomm is the king of smartphones processors and all the major flagship devices use Snapdragon processors. Now MediaTek is back in the flagship segment with its new chip the MediaTek Dimensity 1000. But the big question remains how does MediaTek Dimensity 1000 specs compares with Qualcomm Snapdragon 865. Qualcomm Snapdragon 865 vs MediaTek Dimensity 1000 specs Snapdragon 865 Dimensity 1000 CPU Config 1x 2.84GHz (Cortex A77) 3x 2.4GHz (Cortex A77) 4x 1.8GHz (Cortex-A55) 4x 2.6GHz (Cortex A77) 4x 2GHz (Cortex A55) GPU Adreno 650 Mali-G77 MP9 AI Hexagon 698 Hexagon Tensor Accelerator hexa-core APU 2x heavy cores 3x medium cores 1x ligh t core Process 7nm 7nm Camera support 200MP snapshot / 64MP single with Zero Shutter Lag 24MP dual camera 80MP single / 32 and 16MP dual Video capture 8K @ 30fps, 4K UHD @ 120fps, 720p @ 960fps 4K UHD @ 60fps Charging Quick Charge 4+ Quick Charge AI Pump Express Modem X55 5G & RF system 7500 Mbps down 3000 Mbps up mmWave Sub-6Ghz Helio M70...

How IoT will impact online gaming industry.

Internet of Things, also known as IoT, is a hot tech that is on everybody’s lips. It is a network of physical devices such as vehicles, home appliances and other electronic devices through internet connectivity which enables these objects to connect and exchange data. There are endless opportunities in IoT, when you start connecting things with things, humans with humans, or humans with things. Nowadays this hot tech has become an important part of our lives. Companies are earning huge amount of money by connecting devices and their revenue chart have skyrocketed. Gaming industry is one of the major industry which is impacted by IoT, and it’s most significant impact is on online gaming, whether they are consoles or online gambling. Impact of IoT on Casinos: One of the key area which has flourished over time is gambling industry. Online casinos have been effected by the growth of IoT. Playing poker or blackjack remotely without going to the casinos is of huge advantage as peop...

Bitcoin vs Dogecoin: All you need to know about these cryptocurrencies

Cryptocurrencies have been a hot investment from past 12 months. Nowadays everyone is keen to invest in cryptocurrencies due to their high return values and Dogecoin has increased tremendously, it was created as a meme cryptocurrency, started as a joke in 2013, featuring a Shiba Inu dog and it has emerged as a tough competition to the cryptocurrency giant Bitcoin. The recent rise of Dogecoin has been fueled by tweets of Tesla CEO Elon Musk and other celebrities. The Origin It all started in 2009 when a person named Satoshi Nakamoto created Bitcoin. After some time the white paper was published providing details regarding how Bitcoin could be used to build a new financial system and reduce the transaction costs by eliminating the need for financial institutions. In 2013 the Dogecoin was created as a jest. There was also a tweet by Adobe employee quote "Investing in Dogecoin, pretty sure it's the next big thing." At the time, Dogecoin didn't exist and his comment poked ...

Tech2Craft

Search This Blog