Introduction
The rise of crypto currency and economic development are essential to the future of our world.
Blockchain
Blockchain is a technology that allows the transfer of digital information without any central authority. It’s a distributed ledger that records transactions in a permanent and secure way, using cryptography to validate them. A blockchain database is maintained by multiple computers around the world and connected to one another over an internet-like network known as “the blockchain” or “distributed ledger technology (DLT).
Bitcoin
Bitcoin is a digital currency, a form of cryptocurrency and an open-source software project. It was created in 2009 by an unknown person or group using the alias Satoshi Nakamoto. Bitcoin can be used to send payments between two people without the need for a central authority (such as PayPal). The network works without any central authority: the bitcoin network is self-regulating, with no central banking system and no financial institutions taking part in transactions.
Bitcoin’s payment system uses cryptography to control the creation and transfer of money, which makes it difficult to counterfeit or steal. Transactions are recorded in a public ledger called “the block chain”.
Bitcoin allows users to make peer-to-peer (P2P) transactions securely without involving banks or other third parties like credit card companies do today thanks to its decentralized nature where everyone has access over public ledgers so you can use bitcoin anywhere around the world wherever there’s an internet connection
Satoshi Nakamoto
Satoshi Nakamoto is the author of the bitcoin white paper, which describes how a new decentralized electronic cash system could be created. His invention is called “bitcoin,” and he’s been described as an introverted, socially awkward libertarian. He has said that he invented bitcoin in 2009 when he was trying to solve some problems with payment systems online.
Nakamoto holds dual Japanese/American citizenship and lives in Japan with his wife and three children; however, there’s no evidence that he possesses any kind of proof-of-work algorithm for mining bitcoins or other cryptocurrencies like ethereum (ETH).
Business
Businesses can use cryto currency for payment, raising capital and accounting purposes.
- Payment: Cryto currency is used as a means of payment in the marketplace. It can be exchanged for fiat currency at any time. Cryptocurrencies offer many advantages over traditional currencies when it comes to making payments: low fees, fast transaction times (typically less than 10 minutes), anonymity and security features such as encryption and decentralization that eliminate risk of fraud or theft.
- Capital Raising: In addition to being directly accepted by merchants or traders in exchange for goods or services (see above), crytocurrencies are also used as forms of investment capital by companies looking to raise funds through ICOs – initial coin offerings – where they issue their own digital tokens which represent ownership rights over something like shares in an entity’s future profits/revenues etc…
Digital Currency
Digital currency is a form of currency that only exists in digital form. It can be exchanged for other currencies and used to purchase goods and services, but unlike fiat money it does not have any legal tender status or backing from any central authority.
Digital currencies are usually not issued by governments or central banks, but rather by private companies that use blockchain technology to manage transactions between users. The most common examples include Bitcoin (BTC) and Ethereum (ETH).
Cryptocurrency is an emerging trend and a disruptive technology. It has the potential to change the world, but it’s important that you understand how crypto currency works before you invest.
Conclusion
While many people are still unaware of the potential of this technology and the possibilities it can offer, others have already started implementing it into their businesses. This article has covered some basic information about cryto currency, but there are many more aspects we haven’t touched on yet. Hopefully by now you have a clearer understanding of how these new technologies work!
