A Short Introduction to Blockchain and bitcoin

Here We are! Sharing our beds with another beauty with a new face and in Luxuries Dress!
From Decades, Most of us are watching and some are participating in Race of Removing Humans from systems and Looks like we have a new Player in this race and is seizing attention, actually a lot.
Despite the fact We Fear Automation, We Love it whether it's ATM's for cash instead of Disturbing Cashier in Bank or Robotics for our normal routine works.
Until Now We have faced Two Forms of Money, Physical and Digital. Physical walks with the speed of Humans and Digital runs with dependence from Institutes like Banks, Paypal and These institutions collaborate with each other in the same way as wives of the same man costing us a large amount of money just for transferring our own money and sometimes they quarrel too! As a result, many times we are unable to use our Credit cards in other regions.
So What is Money? Its all about exchange and transactions we have. So how does transaction works. In the Digital world, they are just like changing numbers in DataBases and Banks are not even good at that resulting loss of money.
So What's the solution? Seems like We are falling in Love with a new Buddy. And Its name is BlockChain (Bitcoin right?)
Blockchain is a DataBase in which change is not possible and it's highly volatile child, Cryptocurrency is designed to work without intermediaries with the help of softwares.
Cryptocurrency is based on cryptography & CryptoGraphy is an art of securing communication. Enigma in world war 2 is an Example of Its.
In The Past Few Decades we are sending things like Email, PowerPoint slides but actually, we are sending copies. But in case of Assets e.g if i'm sending you money. It shouldn't have a copy left after sending. That's why we rely on intermediates like banks.
So That's why now Blockchain is in Game. Blockchain is an immutable Record of Data (a public ledger) in The Form of Linked List & It removes the need for any third party such as lawyer, bank or govt to facilitate the exchange. Every time when something new is recorded or existing one moves from one Place to another. It is time-stamped and publically recorded on blockchain (Database). It relies on a large network of computers that verify each other's data.
BlockChain has many uses from Protecting rights and storing data to creating a shared economy to Compensating Creators (SteemIt.com)
So what's the usage of Immutation? Let say you have bought a land in your country and now dictator is ruling the country. He might say that Your land is not Your's but is of his friend. Yes, you have papers of land but govt. computer says it's of his friend.
In That case, blockchain will Help.Despite the other uses of Blockchain, it is notorious because of Cryptocurrencies. They are many cryptocurrencies available now but Let's talk about
Mr. Bitcoin. Bitcoin is an application of blockchain and one of the most scandalous thing right now because of it's volatility, some illegal usage and of course it is darling of News!
Bitcoin is based on BlockChain, Bitcoin blockchain has all the records of all transactions around the globe. We have other ones also Like Ethereum with some other uses. Bitcoin is a currency but Ethereum is development platform and is much smarter, fast..First Cryptocurrencies are slow like first cars but look at the cars today! New Applications of Blockchain are becoming smarter.
Bitcoin has a limited supply and Miners make bitcoin by solving a random cryptographic puzzle. Miner can be anyone, You, Your Friend or a Person living next to your home. Miners have heavy systems. Those systems verify transactions and as a result, miners get paid.
Bitcoin is a currently highly volatile and is an asset. It goes up and down and this child will take some time to become stable as Bitcoin is not even 10 years old.
New Innovations are going to remove some jobs and are also creating some new one. Enjoy the game by Watching on TV or Participate in it!
Feedback is welcome

Comments

  1. Nice article which you have shared here. Your article is very informative and useful for us because it nicely describes the Blockchain and Bitcoin. If anyone looking for the Blockchain For Agriculture And Food, Visit ingeni.io

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