Home Finance The Whole Story Of Bitcoins Evolution Unplugged For You

The Whole Story Of Bitcoins Evolution Unplugged For You

5 min read

There was a need for a single currency that could be used all across the globe as travellers and Industrialists as these people face a lot of trouble when they are in a new country as the currency that they use in their homeland may not be acceptable in the new country that they are venturing into. So at the beginning of the year, 2009 someone called Santoshi Nakamoto created and mined the first Bitcoin and then slowly in the same year the evolution of Bitcoins began and within months of being launched they became one of the highest valued cryptocurrencies across the globe.

As this was a totally online currency without the supervision of any centralized bank it became very famous very quickly as people all across the globe could use it for business purposes. You would not believe that the first-ever purchase with the use of Bitcoin was for just 2 Pizzas for which the buyer paid the Pizza Seller 10, 000 Bitcoins. If that purchase was done today then the worth of those Pizzas would be around USD 99,990,000.00 which is indeed a very huge amount. Read more about bitcoin evolution review for things to be clearer.

What is Blockchain Technology?

Blockchain can be called as the Brain of Cryptocurrencies as this is that very thing that stores all the valuable data about the sales and purchases of these unique currencies. There is something called a network of communicated nodes which is connected to a Public Ledger that is accessible by everyone so that they can see who is the present owner of the Bitcoin however the personal details of the people or the agencies that own bitcoins is never revealed and all that you can see there is the name of the person or the organization.

Blockchain has been there since the inception of Cryptocurrencies as both were formulated at the same time because it is very important for people to know who owns bitcoins as there is a lot of money invested in it.

Difference between E-Wallets and Cryptocurrencies

One of the major differences between E-Wallets and Cryptocurrencies that the ownership of the former one cannot be transferred from one person to another however for the latter one this is possible as Bitcoins are meant to be traded. When it comes to an E-Wallet the amount of money you have in it will remain the same however in terms of Cryptocurrencies the Value keeps changing each and every single day and when it comes to bitcoins the value may be sky-high in one day and the next day the values may drop shockingly low.

E-Wallets can be connected to your bank accounts as the transfer of money in the E-Wallet can be done from one user to another or money can be added to the wallet directly from the bank to the wallet using online transfer. However, when it comes to Bitcoins there is no involvement of Banks as here all that happens is the transfer of ownership from one person to another.

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