How It All Began: A Brief History On Bitcoin & Cryptocurrencies

Cryptocurrencies emerged on the outbreak of the 2008 financial crisis. Cryptocurrencies are decentralized digital currencies which means that they do not rely on banks and governments. It uses many security methods like encryption and cryptography to do transactions. All the transactions are done using the private and public keys used for security purposes.

There are various advantages that led to the usage of cryptocurrency globally.

  • It is solely built for supporting during the scarcity.
  • Reliable means of exchange that are not controlled by national banks.
  • Controlled by self-policies according to its need.
  • Best protection from the sophisticated communities with the privacy policy.
  • Quality of being unfreezable by governments.
  • Provides the cheaper electronic transactions.
  • Fewer costs over the international transactions.

Bitcoin is the first type of cryptocurrency that made its 1st transaction in 2009. It uses the blockchain technology to do transactions. All the transactions are stored in blocks that contains the hash functions, timestamp and transaction data. These secured characteristics made bitcoins popular over all the world for making transactions.

Cryptocurrencies have proved to handle the global financial transactions better. It aided people in breaking the constraints kept upon their money by companies, banks and their governments.

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