Cryptocurrencies or digital currencies have turned out to be the global phenomenon to most people around the world. Most of the banks and governments are quite well versed with this term virtual currency. Maybe few are not aware of it.
These virtual currencies predominantly Bitcoin, has captured the imagination of many economists around, it has also created fear and confusion in some economists.
But the majority of people be bankers, governments, scientists, and developers are aware of this digital currency. But the knowledge they have is very limited and need to explore more.
Let’s understand the story of cryptocurrency.
This digital or virtual currency has emerged as the side product of another invention made by Satoshi Nakamoto.
Satoshi Nakamoto in his process of developing a” Peer to Peer Electronic Cash System” has become an unknown inventor of Bitcoin which is the first and most important cryptocurrency. The scientist in his announcement in 2008 regarding Bitcoin said that he had no thoughts or never intended to invent any digital currency.
His goal was to create digital money which was failed by many people earlier. He finally discovered a way to build a digital cash system which is decentralized. A digital cash system which has no interference of central entity or something similar to a peer to peer network to share files.
This thought has given birth to cryptocurrency. The missing piece that the scientist Satoshi was looking out for was the digital cash.
To get more understanding of this digital cash, knowledge on the decentralized system is required.
Satoshi out of nowhere has come out with this fact and proved it. There exists a currency which can achieve consensus without a central authority and Cryptocurrencies are a part of this solution.
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