Cryptocurrency is getting bigger as people invest their hard-earned money, seeing this as a money-making opportunity.
Let's begin with taking a quick look at the terms Cryptocurrency, and Bitcoin, which is one of the most widely-accepted cryptocurrencies.
Cryptocurrency, in simple terms, is a digital currency based on the Blockchain technology, designed with the ability to send, receive and trade, based on the principles of cryptography. Unlike printed money, cryptocurrencies are decentralised, which means they are not controlled by any traditional bank or government. You alone control your cryptocurrency.
Blockchain is a digital ledger where transactions made in Bitcoin or any other cryptocurrency are recorded chronologically and publicly. It allows users to keep track of digital currency transactions without central recordkeeping. Each computer in the network gets a copy of the Blockchain, which is downloaded automatically. For example, consider it a record book of which everybody on the network has one copy, and once changes are made by any one person, it is reflected in everybody's copy and is updated only if that particular person is authorised to do so.
There are a number of cryptocurrencies, and Bitcoin was the very first one, launched by Satoshi Nakamoto on a white-paper. Bitcoin was invented as a peer-to-peer system for online payments that did not require a trusted central authority.
Cryptocurrency is getting too big to fail as people invest their hard-earned money, seeing this as a money-making opportunity.
With the passage of time, Bitcoin has gained popularity and success beyond what was imagined. It has grown to a whole new technology, and a powerful investment medium.
Now, the obvious question is - why does the world really need a cryptocurrency?
This is not a sudden change, and it has taken eight to nine years for cryptocurrencies to reach to the adoption stage from validation stage. If you compare the current time with the 90s where the use of internet was a bit shocking for people, we can say the biggest revolution in the tech industry after the Internet is ‘Cryptocurrency - Blockchain Technology’.
As stated by Ben Yu in one of his articles, Bitcoin was invented in the aftermath of the 2008 financial meltdown, and the crisis was indeed a motivating factor for its creation.
