Introduction
bitcoin alternative
Bitcoin is very Volatile. if the Bitcoin can go up very fast , it can also fall very fast.
In fact this is a general rule of investment , if the return value is so high then, risk will be also very high. Today ,the value of Bitcoin is nearly $40,000 and the total value of all Bitcoin is around $750,000,000,000. That means , the total market capitalization of Bitcoin is more than the GDP of 80% Countries in the World. One thing is very clear , if in future there is no Bitcoin , Cryptocurrency will be there with us. To make Cryptocurrency better to understand , it is very useful for us. In this article , I would like to talk about this:-
# Important parts of Cryptocurrency
# Usage of Cryptocurrency in our real lives
# Are there is alternatives of Bitcoin and Why?
Satoshi Nakamoto have created Bitcoin , as a form of alternative currency. As the currency of Each Country controls by that Country's Central Bank. He make Bitcoin as a decentralised currency so that not a single bank nor an institution can control the bitcoin. Basically, according to his algorithm new Bitcoin can be mined and this Bitcoin can be traded through the peoples using the digital wallets and keys. All the transactions of Bitcoin is recorded in a publicly, that is known as Distributed Ledger. Good thing is that all the transaction are in front of public. Any person residing any part of the World can access this and see some details of each transaction, not all details as Identity of Buyers and Sellers. And as this currency is decentralised , this is very secure and hacking this is almost next to impossible. Satoshi decided that the supply of Bitcoin will be limited, so that he coded them this way that only 21 million Bitcoin will exist. So, as in all the world the supply of Gold ,Diamond is limited and In this way only Bitcoin is created, so that the value should increase. To make Bitcoin more rare and valuable , he maked algorithm in that way as - as new Bitcoin will be found , and founding the new Bitcoin will more be difficult. In today , 90% of Bitcoin is founded and next Bitcoin will be mined in 2140. And Bitcoin is not a perfect currency , it also have some negatives.To address negatives of Bitcoin, there are many cryptocurrency came particularly known as Alt-Coins.For example, one of the biggest negatives of Bitcoin is That It takes lot of time to perform a transaction.i.e. that is almost one hour. To address this negative , an Alt-Coin is created known as Ripple(XRP). in this cryptocurrency to confirm a transaction it take <4 seconds. Another example, an Alt-Coin known as Ether(ETH). The creaters of Ether think that the system of limited supply of Bitcoin is not great and they make Ether by saying that the supply of our Cryptocurrency will be unlimited and every year 18 million new coin will be issued.After the success of Bitcoin , many institution think that they may also have to make Cryptocurrency. Do you have heard the name of Libra ? This was the Crptocurrency created by Facebook. This coin was stucked in many controversies. These days , this coin is known as DM and according to the sources , Facebook will officially release Libra coin in these months
To make Cryptocurrency better understand , you have to first understand the important features of Cryptocurrency:-
1. Blockchain
Every Cryptocurrency has its own Blockchain. Blockchain is used to keep all the track of Cryptocurrency. When one transaction is completed, a new block is added to the chain
Important thing is that No transaction shall be reversed And In this case new block will be added, You can't delete old block. So , there will a record of all the transaction.
2. Cryptocurrency Exchange
This is a online platform where you can convert any Cryptocurrency to your affiliate currency ; such as Indian Rupee or a US Dollar.
3. Miners
The work of Miners is to maintain Security and they have to ensure that each transaction's block is added to Blockchain.
If you want to create a new Cryptocurrency , then you have to first create a new blockchain and to code a new blockchain, it require a lot of time and money. You may also need to learn advanced techninal skills. You can also create a Cryptocurrency that works on existing blockchain, that Cryptocurrency is known as Token.
At last , I would like to say that Bitcoin is having highest Return as well as highest Risk
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
If you have any doubt, let me know ConversionConversion EmoticonEmoticon