You can guess what was born of as an act of defiance, yes you guessed it right it is Bitcoin. The inequalities and corrupt nature of the age-old financial system led to the formation of cryptocurrency which was considered an antidote. They cherished the trust as this currency will take a leap, would compete and ultimately dismantle those institutions that brought about the crisis.
The Bitcoin’s unofficial catchphrase ” In cryptocurrency, we trust” makes it crystal clear who are the ones to be blamed, yes you got that right the middlemen, the bankers whom the common man trusts blindly who actually couldn’t be trusted anymore. These humans came in the way of other humans as obstacles making transactions more complex and skimming profits out of it.
Bitcoin was meant to replace the service provided by these intermediaries with cryptography the science of encryption and decryption with a blend of some complex code.
Whenever you send money to someone a series of agreements take place behind the scene between your bank and other organizations a record is kept and a lot more. Bitcoins, in this case, replace all those with software, especially a distributed and secure database known as blockchain. A process which composes of passing the ownership of a bitcoin token will pass from one person to other irrespective of where they are or what government they live under, a bunch of computers is held responsible.
Satoshi Nakamoto is the one who could possibly be called the father of Bitcoin if blockchain was a religion as he released the first piece of code for blockchain though it was unofficial Satoshi Nakamoto was believed to be a Japanese hacker.
Bitcoin in common man’s language is a lot more safer than that of obsolete security systems if one wants to break in and hack the account he has to decrypt all the systems as it is a distributed system therefore breach is possible but is extremely tough in these cases however blockchain is still safer and promising than the existing financial systems.
It is a real and nice system of digital currency which some thought of and others brought it to reality. A big number of people in the society have not received the idea very well as they have been from their birth using the old methods which were new at that time. As known already innovation and invention are important for a breakthrough but a change with time to keep yourself updated is also equally important for an individual or a collective organization.
The Cryptocurrencies work in a very safe and sophisticated manner in cryptographic form the data is stored transferred encrypted and decrypted also there is no requirement for a central system to run this whole system.
If in case this is accepted by the community in terms of the positive outcome the intermediaries will be removed and thus transparency will be there, no transaction charges. It is really easy to understand that lesser is the number of middlemen lesser is the loss of funds in transactions, although these transactions run complex code behind the scenes these are way safer.
As for a normal person to get to know, that if a person sends money to other one present in the opposite side of the planet and if everything is approved by a series of software and hardware a thumbs up or an approval will be given to the transaction which will in turn, proceed further otherwise a thumbs down will lead to an unsuccessful transaction likely this technology could change the world of social media if it is used in the same and in chatting sites then the data would be secured to a respective level and thus no breach would take place or at least the chances of breach will become close to nil.