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Bitcoin And The World Of The Crypto Space

Over the years, there have been a lot of talks about the idea of a decentralised currency, and it finally came to life in the year 2009, when world’s first cryptocurrency Bitcoin was announced. The foundation of this peer-to-peer electronic currency was laid in 2008 when an anonymous group published a white paper on the practical implementation of the cryptography,

Bitcoin is typically a digital currency, which is not administered by any state or central authorised, therefore, free of the clutches of the government limitations of supply and transactions around the world. Probably, this is one of the strong points of cryptocurrency, which has made it a big hit in today’s digitalised society. Apart from this, the digital currencies are far more safe and secure, yet swift as digital currencies. Thereby, this is fostering merchants across the globe for accepting cryptocurrencies. The popularity of the cryptocurrency has grown tremendously from just one at the time of the advent of the Bitcoin to thousands and thousands of cryptocurrencies today.
The heart of the cryptocurrency
The Blockchain is the model on which the concept of cryptocurrencies is formulated. This is a shared ledger, which is shared over each computer in the network and maintains a record of every transaction that happens over the crypto chain.  In the Bitcoin network, whenever a transaction is initiated between two parties and the miners will compete with each other to solve a complex math problem to process and record the data of that transaction over the Blockchain ledger. The miners here are those who employ supercomputers and dedicated software to answer the complicated equation and approve the transaction. They take up the charge of mining, in the allure of rewards.
Bitcoin- A safe and secure network
Since the heart of the Bitcoin model is the Blockchain network, it is considered safe and sound. The hacking of the Bitcoin network is next to impossible. Here, if someone wants to hack the network, every computer in the Bitcoin chain has to be attacked, which is not possible. This is why the Bitcoin is popular for this safety assurance. In a Blockchain ledger, the entry once made cannot be manipulated or deleted, thus, Bitcoin is the future of next-gen world economic.
No transaction fees required
Unlike the credit cards, the cryptocurrencies don’t ask for any transaction fees, this is what made it popular digital currencies popular among the merchants, and in recent years, they are accepting cryptocurrencies.
Boom in the price of Bitcoin
The year 2017 was significant for the growth of the Bitcoin; it comes along from to become a buzzword today. During the first quarter of 2017, the prices boomed and made this currency to gain ground in every nook and corner of the world.
At the end of it all, from the above data, it is no brainer to say that cryptocurrency is the future ahead with the people and businesses are betting for financial opportunities.

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