Want To Invest In Bitcoin? All You Should Know About Cryptocurrencies

What is a Crpytocurrency?

Bitcoin and other cryptocurrencies are like gold in more ways than one. They have to be mined like gold. They do not have a central issuing authority, so they are deregulated currencies. In simple words, there is no central authority to regulate them and decide how much amount of cryptocurrencies should be produced.

How Did Cryptocurrencies Originate?

Cryptocurrencies first came to the scene in 2009 with blockchain technology. Blockchain is described as a decentralized global ledger, which keeps a record of every transaction. It has a number of replicated databases visible to all people within the network.

According to Financial Times report, Blockchain is to cryptocurrency what the internet is to e-mail. Blockhain was also advised to adopt for banking system by the Institute for Development and Research in Banking Technology.

What About Bitcoin?

Among over 1,300 digital cryptocurrencies, Bitcoin is one of the most popular. Earlier in 2008 a person or a group of persons under pseudonym Satoshi Nakamoto, published a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System’. It allowed online payments without going through a financial institution.

What Are Cryptocurrency Exchanges?

There are representing a platform for promoting the change of cryptocurrencies in return for another currency, including fiat currencies like the rupee or dollar. A unique digital wallet is given to investors to store cryptocurrencies, after you create an account. There are major cryptocurrency exchanges like Coinbase, BitStamp, Bitfinex, Okcoin and others.