What Happens in the Cryptocurrency World?

For the past decade, bitcoin has been the main interests in the cryptocurrency industry despite the confusion and uncertainty. Bitcoin is the well-known token in the world of cryptocurrency in relation to the blockchain, beneath these jargons, lies the strength of new technology which has improved our system financially.

Bitcoin came in to existence as an outcome of an experiment, by then bitcoin was mainly known by tax invaders, drug dealers, money launderas and many more since the introduction of internet which has been described as technology fraud, as time goes on, we have seen that several multi-dollar crowdfunding done on bitcoin in relation to blockchain market. projects are been raised using cryptocurrencies: selling of native tokens such as bitcoin, Ethereum, Litecoin and others needed in their corresponding networks to improve financial support.

Bitcoin has been in the system of cryptocurrency for a very long time, bitcoin is electronic money which is not given or manipulated by anyone.it is stored digitally and can be electronically transferred from one point to another from any part of the world at any amount of value of interest.

Bitcoin, popularly known as digital money can be used for the exchange of goods and services. Transactions can be done anywhere without the involvement of a third person. bitcoins are stored electronically. that is, it cannot be hacked or taken over by the local government. This gives people full potentials to manage their own bank through the internet. In relation to physical gold, bitcoin speeds up transaction compared to real gold.

Currently, there is a 21 million bitcoin supply that makes it a valuable and reliable asset. Logically, the basics of how cryptocurrency works and why it is powerful is that it cannot be traced. Networking in relation to bitcoin is a one-to-one network that runs on it own away from authoritative group or location involving the central government using blockchain.

Mostly, the well-known currency that runs on cryptocurrency network is called bitcoin, which is a unit of currency stored and transmitted among online traders. Most currencies distributed by the bank can easily be reduced or manipulated, unlike bitcoin which is distributed according to the arranged set of rules which improves a smooth transaction that cannot be manipulated by the central government or a vindictive actor.

Buying and selling of goods and services, sending money to organization or group of individuals make it easy for bitcoin users for a fast and secure manner. Internet access and a secured key which is exposed to the general public which provides access to coins which is accumulated in the bitcoin network.

Not having official approval to access someone’s secured key is like taking gold from someone’s vault without premising. Miners maintain the database of cryptocurrency by using their specialized computers to speed up transactions that goes on in the internet by using their electricity and data bundle, as a result of this they receive transaction fees known as tokens whenever new coins are allowed or released into the network by protocol whenever there is a new block added to the chain.

In order for this to work, users transmit transactions through the network, miners then record with their authoritative computer power by completing complex mathematical puzzles which indicate that they are working for bitcoin network.  In relation to confirmation of the transaction, every 10minute new block is released into the blockchain miners then record and confirm these transactions and the race for the block then begins again. These transactions are been guided by protocol/algorithm rules of bitcoin governing by NSA algorithm.

More accurate app developers have come up with various ways of gaining cryptocurrencies in a form of a token by completing surveys or playing of games. This allows individuals to gain some tokens which can later be changed into Bitcoin, Ethereum, Litecoin and other cryptocurrencies which can be withdrawn at any point in time.