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Bitcoin, Cryptocurrencies and Blockchain

Q.: What is Bitcoin ?

Ans.:  Bitcoin is a form of digital cash/currency/asset coded in computer language. In other words, it is a computer code.

There is no central authority/bank which controls it like in fiat currencies which are controlled by the central bank of any country.

Financial system of Bitcoin is run by thousands of computers distributed around the world forming  an eco-system  where anyone can participate in decentralized manner.

Bitcoin is the king of cryptocurrencies and first one of all cryptocurrencies in market.

It was announced in 2008 and launched in 2009. Users can send and receive digital money (in form of bitcoin or cryptocurrencies) to anyone, anywhere/from anyone, anywhere without the involvement of any bank or financial institution and that is with in minutes.

 Bitcoin is decentralized, censorship-resistant, secure , and borderless.

It was launched in 2009 by an individual or group known by the pseudonym “Satoshi Nakamoto”.

Total number of bitcoins have been fixed by the creator with 21 million bitcoins and as on March 2021, there were over 18.6 million bitcoins in circulation and rest of the bitcoins are being created with a special mechanism which is called “Mining” by the minors.

Mining and Minors will be covered later on.

Q.: Is it worth it to invest in cryptocurrencies? Will it give higher returns in the future?

A.: This is a question which is very general in nature.

I am crypto enthusiast, so I will say investing in cryptos is profitable but I am also a person who is here with some knowledge of pros & cons of investing in cryptos. If you invest in cryptos after studying the technical and fundamentals of any cryptocurrency then there is higher probability of good returns in such investment otherwise be ready for vice versa also.

Do your proper research work, then jump in to it.

Q.: Is cryptocurrency easy to learn?

A.:  See my own experience says that learning anything is neither easy nor difficult whether it is crypto, blockchain or anything. All depends upon your approach or say “ATTITUDE” which decides your fate. My opinion is Start now wherever you are. Start from whatever in your front, if you have no idea what to do. After sometime you will realize that lot of forces are there to help you.

Learning from basics of blockchain, cryptos etc. , you can refer to Binance academy or other lot of mediums are there.

This journey of learning never ends. Level of “Belief in Yourself & Universal Forces” will decide level of success for you.

To summaries answer here “Learning Cryptocurrency is easy”.

Q.: What is Blockchain ?

A.: Blockchain is just a collection of data base in blocks and every forward positioned block is linked with its immediate former block and the process goes on till the end block. Such linkage of blocks is through cryptographic technique. In other words, blockchain is distributed ledger of records organized in blocks that are linked by means of cryptographic validation. Each new entry must contain a sort of digital fingerprint (hash) of the last one.

It is a distributed ledger technology that is known for its peculiar characteristics such as transparency, security, immutability, consensus, and faster settlements.

Blockchains are append-only. That means that you can only add information but can not delete or change any information from the block.

A blockchain is immutable : if you change a block, it changes the fingerprint (hash) of last one which makes it domino effect where any change becomes evident. No one can change or alter any information without everyone noticing.

Q.: What is cryptocurrency? How Cryptocurrencies are connected with blockchain?

A.: Cryptocurrency is just like a digital form of cash which you can use to pay or buy anything anywhere in the world. Is it just like bank transfers ? Not really, it’s more interesting.

In traditional banks, you ask some centralized organization/s to pay or transfer digital money on your behalf when you want to spend your money. But in cryptocurrencies, there is no organization/s to whom you have to ask to transfer/ spend/pay your crypto money to anyone anywhere in the world. You can do it yourself without any middleman but with the help of free software which connects your computer/mobile phone with other people’s computer/mobile, which means you do it directly. It is permission-less, censorship resistant, cheap & fast payment method.

To run cryptocurrencies, we need blockchain technology which already explained above.

  • bitcoinBitcoin (BTC) $ 65,439.00 1.7%
  • ethereumEthereum (ETH) $ 3,516.07 1.75%
  • tetherTether (USDT) $ 0.998358 0.05%
  • solanaSolana (SOL) $ 142.89 1.72%
  • usd-coinUSDC (USDC) $ 0.998691 0.1%
  • xrpXRP (XRP) $ 0.502239 2.18%
  • dogecoinDogecoin (DOGE) $ 0.133000 2.41%
  • shiba-inuShiba Inu (SHIB) $ 0.000020 4.49%
  • tronTRON (TRX) $ 0.116824 1.29%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 65,412.00 1.66%
  • polkadotPolkadot (DOT) $ 6.17 0.81%
  • bitcoin-cashBitcoin Cash (BCH) $ 413.91 4.11%
  • litecoinLitecoin (LTC) $ 77.25 2.41%
  • matic-networkPolygon (MATIC) $ 0.595675 3.89%
  • ethereum-classicEthereum Classic (ETC) $ 24.25 4.64%
  • galaGALA (GALA) $ 0.030093 9.13%
  • decentralandDecentraland (MANA) $ 0.357253 7.91%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.43 3.15%
  • iotexIoTeX (IOTX) $ 0.048589 2.55%
  • binance-usdBUSD (BUSD) $ 0.966705 2.97%