Bitcoin touches the highest recorded value ever; Blockchain in demand
It has reached almost $8,000 where investors have now starting pouring in the alt-coins
As we all know crypto-currencies are those digital assets which have no physical form, however they are in huge Demand. They have become a hot asset to invest in and specially as Bitcoin now touches record high values.
There are various types of cryptocurrencies existing in the market which are called Altcoins. Altcoin includes some famous coins like Litecoin, Ethereum, Monero etc which have a high increasing demand in market. But if we talk about Bitcoin it a self proclaimed Currency. Highest in demand and touching around 8,000 USD it is the first ever decentralized currency in the whole world.
All the other altcoins also are decentralized which means there is no third party which may have the decision making power for instance banks, government. Here the transaction takes place directly in between two parties interested in transaction. This actually keeps satisfied the individuals as there is no regulating authority. The price of the currency entirely depends upon the demand and supply of the currency which actually leads to higher rates. As all the cryptos are based on the blockchain technology thus it becomes a public ledger for transaction of the currency.
Decentralized currency and its mining
Any person interested in obtaining cryptocurrencies can do it through two methods:
- either they can mine them and earn them
- Or they can buy it through exchange
The people indulged in the mining of the cryptocurrencies earn cryptos by verifying a mathematical equation which are further to be recorded on the blockchain. With the help of ASIC chips these miners mine the currency. To verify a transaction done on bitcoin more than billions of calculations are undertaken each second. To earn more currencies more equations have to be solved. This helps to strengthen the whole system and provide the miners with more currencies.
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