Bitcoin is a new holy-grail and anyone who had it few years back would have made fortunes. Bitcoin surfaced the internet back in 2011 when its value was just $0.93. In 2013 it touched a value of $900 and before April 2022 it was valued at $47,000. Bitcoin came into being in the year 2008 when a pseudonymous person Satoshi Nakamoto published a paper on this new currency and worked on it with a team. Mysteriously, he never met any member of the team and usually communicated over emails. Soon after the bitcoin was launched and was gaining popularity among the tech communities, the founder Satoshi Nakamoto suddenly disappeared and no one knows who he was and where did he go with the 2 million bitcoins he possess.
Bitcoin is a cryptocurrency based on blockchain technology and was created to act as decentralised currency where the banks and government had no control over it and the users could hide their identities while making exchange over the internet. Bitcoin is not the only cryptocurrency that exists today but there are many of them like Ethereum, Doge-Coin, Solana etc. A person can use bitcoin through an e-wallet and can send or receive fractions of bitcoin in their e-wallet.
Blockchain technology is a shared, immutable ledger that facilitates the process of recording transactions in the business network. The transactions recorded are immutable thus making them free from alteration in future. Every transaction on the blockchain is stored in a block and as such remains there on the network forever thus making the system reliable and secure. Blockchain also finds its use in creation of smart-contracts that is expected to be a game changer in the real-estate ownership, supply chain management, storage of immutable records like, medical records, educational records, property records etc.
Bitcoin has failed so far to act as currency, the Governments across nations are concerned with its decentralised concept and lack…
