What Is Cryptocurrency & Blockchain Technology

Cryptocurrency is a digital currency, an accounting system, It is a way of recording who owns what, who has what, who owes what to whom,  and that is what money is.

Cryptocurrency is a type of digital currency which is classified as a subset of alternative currency or virtual currency which is designed to work as a medium of exchange for transactions in a very secure way called cryptography. For example, Whenever a transaction takes place, the transfer of the digital asset from one account to another account is saved or shared over with everyone who uses the virtual currency network. Well, this type of virtual currency comes with the certainty to control the creation of additional units and to verify the transfer of assets.

Bitcoin was the first cryptocurrency and also it was the first decentralized digital currency. The difference between centralized and decentralized digital currency is as below.

Centralized: Administration & Dependent. Any activity takes place which is under control of Goverment or  a Private company. Privacy is not guranteed and more risk of individual’s personal identity.

Decentralized: No administration & Independent. No one takes care of responsibility. 100% Privacy, no need of any personal information.

Bitcoin uses peer-to-peer technology which is a distributed application architecture that divides tasks or workloads between peers. Peers are equally privileged, equipotent participants in the application.

What is Bitcoin?

What is Cryptography?

Cryptography or cryptology is a way of writing or secret writing for secure communication in presence of third parties or other people.

Blockchain Technology

The blockchain is a continuously growing list of records, called blocks. Blocks are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modify the data.

Ledger | Distributed Ledger

The records of transactions are called as Ledger, In blockchain, it also called Distributed Ledger. A distributed ledger is shared, replicated and synchronized digital data geographically spread across multiple sites, countries all over the world. There is no central administrator or centralized data storage.

Bitcoin’s Ledger is an openly distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

Virtual Currency

To get started with cryptocurrency such as Bitcoin you just need bitcoin service providers some popular websites like MinerGate, NiceHash, ZebPay, Bitcoin Wallet offers trading, mining, send and receive.

  • Get a wallet address
  • buy bitcoins with your existing centralized money
  • send/receive bitcoins to addresses
  • earn digital currencies by mining them.

You can get a free wallet at  blockchain.com

If you’re a programmer and looking for something you might need, yes it is here, Take a look at Bitcoin application architecture at GitHub. Bitcoin software is written in C++ programming language. And Bitcoin Core software here.  By downloading Bitcoin Core you can download the full bitcoin blockchain from 2009 to now.

So what do you think about cryptocurrencies and blockchain technology?. Share your thoughts with us by commenting below.

Naren Ram

Avid gamer, also loves programming and web. You can reach me on twitter.

Naren Ram has 89 posts and counting. See all posts by Naren Ram

Leave a Reply