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Overview of Bitcoin and Ethereum

A Basic Guide on Bitcoin and Ethereum

Cryptocurrencies

Millions of online transactions each day involve the use of cryptocurrencies, which work on the blockchain principle. The simplest way to describe blockchain is to say that it is a type of decentralised cloud storage, where the data is scattered across hundreds of different computers that are connected via the internet. With the help of this method, the technology will be almost impervious to hacking attempts and safe from attempted data breaches. Because the data is never totally accessible on a single computer at a time, it is nearly hard for even the best hackers to simultaneously attack more than a thousand systems.

Since bitcoin is a product of the internet, anyone with even a basic smartphone and internet connection can buy, sell, or engage in trading on the platform profit-revolution.com without difficulty.

Bitcoin

Bitcoin is one of the many cryptocurrencies in use in today’s world all over the internet and by millions of users. It is inarguably  one of the most famous cryptocurrencies to exist to date. One of the first digital currencies to leverage peer-to-peer technology or the passive sharing of assets or data is Bitcoin. This technology enables immediate payments. Nodes or miners are the independent people and businesses that control the governing processing power and take part in the Bitcoin network.

It was launched in the January of 2009, for a price of $0.0 and only 50 coins existed at that time, today 1 Bitcoin costs more than $20,000. Websites, help people all around the world in setting up their Bitcoin accounts and also trade in cryptocurrencies.

MORE:  Alphabetical Glossary on Bitcoins

Some of the salient features of Bitcoin are:

  • It is not a physical currency and exists only on the internet and can be stored in e-wallets or physical drives made especially for the purpose of storing cryptocurrency.
  • The balance of a user’s Bitcoin is stored on a public ledger that is scattered in the form of fragments over thousands of computers simultaneously.
  • Each transaction of Bitcoins involves thousands of computers all working in unison and the transactions use heavy computing power.
  • Bitcoins are neither issued by a bank nor are they controlled or regulated by a government or any banking system.This makes them completely private and safe to use.
  • Bitcoins in itself, hold no value in the initial stages. It is only after the computer is connected to the internet for bitcoin storage and that is when the massive blockchain ledger Bitcoin gets its value.
  • Bitcoins are not recognised as legal tender by many governments of the world yet. Still, it is used by millions of people for online shopping and other transactions on the web.

Ethereum

Ethereum is also a type of cryptocurrency same as Bitcoin, it was launched on 30th July 2015 for a price of $0.31 for one coin and today it is valued at more than $1,000 per coin. It has also given massive returns on investment to people who bought Ethereum in its early stages after the launch. It is considered by many to be the second most famous cryptocurrency after Bitcoin. Ethereum is denoted by ‘ETH’. Ethereum has many useful features and is being used in many different industries by all sorts of people all over the world.Some of the features of Ethereum are highlighted below in brief:

  • Ethereum allows the functionality of automated contracts which are self-execution based and have helped in many huge business deals till date.
  • A Dapp is a short form of decentralized application, also written as DAPP, App, or DApp. Decentralized applications, which are consolidated applications, are possible using Ethereum.
  • A user can construct decentralized autonomous organizations (DAOs), using Ethereum to facilitate democratic decision-making. This has helped make and break governments all over the world.
  • The voting system, banking systems, shipping, agreements, etc all makes use of Ethereum in the present world.
MORE:  Reasons for not using Bitcoin as a means of payment in Nigeria

Conclusion

Numerous industries, like banking and finance have profited greatly from the development of blockchain technology and cryptocurrencies.As a result the world has  seen continuous improvement. Many diverse professions are finding uses for bitcoin, which is making daily company operations much simpler and more secure. Collectively, these advantages show that Bitcoin is a technology of the future and won’t go out of style any time soon.

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