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CRYPTOCURRENCY: THE NEW WORLD

Currency. Currency. It is everywhere. But the only difference is some have more and some have less and that makes them rich or poor or middle class. Nowadays, people want that investment that yields them instantly or more often they need it right now. In this modern technology, everything evolves as fast as it should be as I know. But in this recent month or more often a year, there has been an increasing craze about cryptocurrency. Now, all want to invest in crypto but take a moment and get knowledge about it as it could be helpful.


For the very first time, Cryptocurrency was introduced in the year 1983, by American cryptographer David Chaum. In 1995, he implemented it through "Digicash", an early form of electronic payments in which the person has required software where he/she can invest its money without knowing any bank neither receiving side nor accepting side nor any other third party by any means because it is completely encrypted. Later in 2009, an Anonymus which is believed to be named as "SATOSHI NAKAMOTO". He is believed to be the person who made the very first cryptocurrency named "BITCOIN". He is claimed to be Japanese. Yet no one knows where he is or whether he is alive or dead. It does not matter what he wants but he created such a masterpiece that today's world wants it.


Later in October 2011, a second cryptocurrency was introduced named "LiteCoin". It is also one of the most popular currencies nowadays. Later after 3-4 years, the craze increased rapidly and it crossed its all limits. Mainly because this Cryptocurrency can't be traced by any means because it works that way only. Here, a word is tossed up as  "Mining". No, it is not like coal mining but totally different. Mining of Cryptocurrency is very tough and needs seriously fast and powerful computers because these are cryptographic means these are some really huge math problems that have to solved to make one Bitcoin or any other coin. These numbers are too big to be done by normal computers. Normally, our computers use to lag for like 5-10 minutes when we switch on and we compare it be mining computers. Actually, mining is a very difficult process and even these powerful computers use to heat up to such an extent that their CPUs are stored in cold storage or in running water. Ya, you read it right, it is that much difficult. Here's the pic, 




Yes, these are bitcoin farms. I told you it is highly difficult but people use to do it.

Now, here a question arises that why it was necessary. As we know that, "NECESSITY IS MOTHER OF ALL INVENTION". The answer is, it was necessary. As the world is moving at a high pace and everything is going digital and even safer in some cases. It is believed that Bitcoin is hackproof due to its complex nature and that's good news.


As I was told not to write very long articles by my fellow mates. So, I end this part here only but very shortly there will be another part of it which will be really exciting for u all. In the next part, I will tell you about investing in it. Until then tata.


SIGNING OFF.

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