Blockchain Technology – A Revolution

In today’s world, there are a lot of investments being done in the field of cryptocurrency. Cryptocurrency is the digital form of currency that has its value and existence in the cyber world only which means one cannot touch or feel the cryptocurrency in the physical world as we do with other currencies. Cryptocurrency is like a substitute for cash or currency for the exchange of goods and services. Cryptocurrencies came into existence after the development of the first crypto asset bitcoins in 2009. Bitcoins were developed by the software developer Satoshi Nakamoto. He developed bitcoins to create a safe and easy way for the payment method other than the traditional payment method. About twenty thousand (20000) bitcoins were given as payment for the first time for the purchase of the Pizza. You can trade efficiently when you use a reliable trading platform and quantum ai is one of them. 

Satoshi Nakamoto kept it very clear from the beginning that there will be only 21 million bitcoins in the cyber world that can be mined and no bitcoins can be mined once the no. reached its fixed value. From the reports all over the world, it is estimated that about 19 million bitcoins are already mined. After the development of bitcoins, many other cryptocurrencies were invented like Ethereum, Litecoin, Dogecoin, etc. In the beginning, there was not much interest of the people in cryptocurrency but with time it gained popularity and people started investing in it. With the increase in the investment in the currency, the value of the cryptocurrency started to increase rapidly. 

Development of bitcoin and blockchain

Development of bitcoin

The main concept of the development of bitcoins or any other cryptocurrency is to provide a safe and secure method of transaction which does not involve the banking system or any other third-party organization. The independence of bitcoins or other cryptocurrencies from the central banking system is the main reason behind the popularity of cryptocurrency bitcoin. But there should be some medium that provides the secured path for the transaction of the assets or cryptocurrency and this medium is called Blockchain. Blockchain is the medium that makes the person able to send crypto assets or cryptocurrency to another person or receive the crypto assets or cryptocurrency from the other person safely and securely without involving any other organization or center-based banks. With the deletion of the central banks or organizations, the whole process becomes decentralized and that is the reason why the cryptocurrency is also called the decentralized form of currency.

Development of Blockchain 

With the introduction of the blockchains in the transaction process, the person does not have to pay extra fees to any bank or organization and the biggest advantage is that there are no chances of fraud in the blockchain and it is safe. The blockchain is considered a safe mode of transaction because it provides transparency over the transactions being performed. One can access its transactions only with the help of a key to the blockchains so it is very less prone to fraud or personal data leakage. The introduction of blockchains in the transaction system can be very helpful shortly because it requires fewer sources and if it is handled very carefully we can minimize the use of the energy for the transactions being done. It also reduces the cost people had to bear as the fees of the banks or any other third-party organization. But for all these things we have to make sure that there is no wrong usage of the blockchain technology and if it is harnessed in the right direction it can lead to clean and resource-preserving transactions thus helping in planet conservation. 

Thus blockchain has changed the generation of economic assets and their development.

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