Cryptography has introduced new possibilities and revolutionized whole world with the concepts of cryptocurrency and BlockChain technology. Bitcoin is the very first cryptocurrency which has appeared to be a big competitor to normal currencies. But with the passing time, many other cryptocurrencies came in existence to give a tough competition to Bitcoin. Due to the decentralized approach, many investors and common people are getting attracted to this Cryptocurrencies’ concept. In this super modern era, it is essential to adopt the newest possibilities. Quick Desk Solutions has also come up with crypto solutions to assist all the interested ones. But before discussing our services, it is important to know some fundamental terms related to crypto-world.
Cryptography is basically a process of storing and transferring data in a specific form that only those for whom the data is transmitted, can read and use. Cryptography built of techniques like mixing words with images, microdots and any other ways to hide message in storage or transfer process. Though, in this digitalized world, cryptography is more related to merging normal text (clear-text) into cipher-text while transmitting (encryption) and performing the reverse process at the receiving end (decryption). The ones who practice Cryptography, are known as Cryptographers.
A cryptocurrency is a digital or virtual currency which uses cryptography as a base for protection. It is like impossible to copy/counterfeit or be interrupted because of its rare configuration and safety features. The most essential feature of cryptocurrency is that it is completely decentralized i.e. free of all the government regulatory or central authorities. It means that no government can interrupt or alter the process in between.
Cryptocurrencies make it easier to transfer funds from one person/party to other. This transmission is done using public as well as private keys for safety issues. This transferring of funds is performed with minimum progression fees, offering users to transmit without any abundant charges kept by banks or government bodies while wire transferring.
Bitcoin is a digital currency and payment system that is completely different from usual currencies. It is the first invented cryptocurrency by Satoshi Nakamoto (2009). It’s called as decentralized digital asset or digital gold. It was invented
Bitcoin is an open source software which means that not any particular person, company or nation owns it (just like the internet). This follows peer-to-peer network i.e. 2 or more participants can transact individually without an involvement of bank or any central authority. Such transactions are authenticated by network servers and stored in a public distributed ledger i.e. called the blockchain.
A blockchain is a dispersed information-set which is used to handle an endlessly increasing list of records (blocks). Each block holds a timestamp as well as a link to a last block. Blockchain technology established a completely different internet base by providing a platform through which digital information can be distributed but cannot be copied. It was firstly designed for the very first digital currency Bitcoin, but presently techies are trying to amplify its utilities.
To know every small detail about blockchain process is time consuming and also difficult to take at very first. So elaborating basic processing of blockchain technology to give an idea of it.
To understand it clearly, you can assume a datasheet which is being copied millions of times through a network of computers (servers). Then again assume that this network is developed to continuously update this datasheet. This is the fundamental idea of blockchain.
The data is not being stored at a single location, but it is stored and updated through a series of servers that make this process fully decentralized i.e. without any involvement of central authorities. It clearly indicates that no centralized statement abides for anyone to hack or interrupt.
Central to the genius of Bitcoin is the block chain it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Many experts see this block chain as having important uses in technologies, such as online voting and crowdfunding, and major financial institutions such as JP Morgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient.