Cryptocurrency Exchanges, Mining, Wallets!!!

Crushing the barriers of a centralized system, cryptocurrencies have emerged as a virtual and highly secure currency of the digital era. With absolutely no control exercised by any central authority, it is designed as a peer-to –peer method of transaction and functions on the concept of cryptography.

Though Bitcoin was the first CryptoCurrency, it did not stop there. The number of CryptoCurrencies has crossed 1384 mark on 7th January 2018 and is constantly growing. Few noticeable ones include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin.

Bitcoin, the first CryptoCurrency to have caught public attention in the year 2009, was the brainchild of a famous reclusive Satoshi Nakamoto. Satoshi developed a unique way of creating new Bitcoins (termed as Bitcoin mining) and ensured that the sanctity of each Bitcoin transaction through blockchain. To decentralize the whole affair, Satoshi created a smart third-party verification system. Each time a Bitcoin user sends CryptoCoins to another user, a third party verifies and validates such transaction and enters it into a public ledger called 'blockchain'. An updated copy of blockchain is accessible to all users on their own systems thus ensuring greater transparency and eliminating the chances of errors and frauds.