What is CryptoCurrency? History Of CryptoCurrencies, Can You Earn Money From CryptoCurrencies?

Hello friends, In today's blog, we are going to talk about Cryptocurrencies and also we are going to talk about whether you can earn money through cryptocurrency at this time? Now, before moving to any field to earn money you should have basic knowledge of that field. Now, many of you have been heard that many people have become a billionaire, millionaires because of cryptocurrencies. As there are many different cryptocurrencies are there in the online market but the most famous cryptocurrency you probably have been heard of it "Bitcoin" yes, this is the most famous cryptocurrency in the world right now. Other cryptocurrencies are also there which are popular like Ether, Litecoin, Monero, Ripple, Dogecoin, Dash, MaidSafeCoin, these are the best and most populous cryptocurrencies. It sounds like these are varieties of different coins. It's amazing. The only bitcoin is the oldest cryptocurrency in this list and most of them are newly born. Now, not wasting our time let's move on to the main topic that what is Cryptocurrency? Can we earn money from Cryptocurrency?

What is CryptoCurrency?

Cryptocurrency is a digital currency designed for the medium of exchange only it's not like a real currency which we use in our real life. Cryptocurrency having its own value it is not controlled by any government authorities or any organization. Also, we can say that there is no ruler of cryptocurrency means the rules which are regulated by the government authorities don't apply for cryptocurrency or digital currency. No one can change the value of cryptocurrency as it is not controlled by any organization its value is changed on the change in demand and supply of any commodity.

What is CryptoGraphy?

Cryptography or CryptoLogy is a study of techniques for secure communications in the presence of third-party visitors or companies like advertisers.

History Of CryptoCurrency

Now, the history of CryptoCurrency is not much great but it's interesting if you are the lover of the cryptocurrencies. Now, let's back to the past it was the year 1983 the American Cryptographer, David Chaum created an idea of an anonymous cryptographic electronic money called eCash which later on he implemented this idea in 1995 through DigiCash. It was an early cryptographic electronic payment and medium of exchange of money through the internet. It requires a user software in order to withdraw your money and deposit too. Cryptocurrency works on encrypted keys mean it doesn't send a real money or cash through software, in fact, it transfers a message through encrypted keys to the depositor. Now, In the 90's tech boom there have been many attempts to create a digital currency to send money through digital currency but later on, it came across to so many failures because of the online frauds, hacking risk, and even a bias between companies. While the digital currencies face so many failures but no great results. In the year 2009 a group of such anonymous programmers who introduced Bitcoin into the real world. One of the programmers introduced that bitcoin will be the peer-to-peer electronic cash system.

What is Bitcoin?

Bitcoin is another digital currency as it is a part of a small part of a cryptocurrency. Bitcoin is a decentralized currency means it doesn't have any central authority who control bitcoin and the value of bitcoin. It is totally depending on the opposite party to which we are sending money. All the transactions a user does in bitcoin are recorded in the public distributed ledger is also known as BlockChain.

It was created by the unknown group of persons of programmers in the year 2009. We are also going to talk about how bitcoins are created. *READ FULL ARTICLE*

Whats is Peer-To-Peer?

Peer-to-peer is a network distribution system. In simple words, When two or more computers are connected together to share their data, files, and documents then it is called a peer-to-peer network. It doesn't have any dedicated server to download files, in fact, your computer acts as a server and get connected to many computers who want to share their data. This network is also known as a P2P network. Like torrent doesn't have their own servers they just host the data into your computer if you want to. The main benefit of this networking system is that the all clients act like servers and also clients and because of this there are more chances of hacking, online frauds, Cracking as well as virus attacks.

Benefits Of Peer-To-Peer Network

• This networking Method is less Expensive because it doesn't need any dedicated servers.
• In this network, all computers are get connected to each other to share their data.
• It's much easier to set up compared to other networking systems. All you need to do is just connect to another PC.
• It spends less time to configure.
• It can get connected through USB also ( Universal Serial Bus ).
• The user can set their own permission which files they want to share.

Limitations of Peer-To-Peer Network

• The computer can be accessed at any time in fact at night also.
• It doesn't have any great security measures because different computers are get connected to each other, If any one computer system founds a virus it can get automatically spread to all the computer systems which are connected.
• There is no rules and regulations in this peer-to-peer network.

History Of Bitcoin

Bitcoin was introduced in the year 2009 by the group of fellow anonymous programmers. It is said that bitcoin was introduced by the unknown person using the name Satoshi Nakamoto which was released as open source software in 2009. 

The company domain name was registered on the internet with the name bitcoin.org in the year 2008.

As in the year, 2011-12 bitcoin was considered as 'Black Markets'. When bitcoin was released there was no value of bitcoin. In 2011, one bitcoin priced for 0.40$ and now one bitcoin is about 6300$, Can you imagine! how expensive it is.

In the Next Blog, We are going to talk about What is Bitcoin and How it Works?