Introduction to cryptocurrency
Many people around the world don’t know much about cryptocurrency. Even if they know about cryptocurrency they ‘ll be having hell lot of doubt regarding the cryptocurrency. It’s very geeky and tricky, not as other trading related topic. But once if you get to know about the cryptocurrency well, you ‘ll understand what is the concept behind it. Here, on this page we will give complete information about cryptocurrency, what are the effects of it.
Cryptocurrency – Is it the start-up worth or valued billion dollars or is it the future money?
Even though cryptocurrency has become the global phenomena of the globe many people fail to understand about it, not the common people but the scientists, bankers, government and many other software companies. It’s very hard to find a company or a bank which has not done a research about cryptocurrency and publish an article. It also leads to a project called a blockchain project. Although the software companies, government, scientists, bankers have a limited knowledge about cryptocurrency, they fail to understand the basic concepts of cryptocurrency.
But here’s a complete information about cryptocurrency, where did it originate from and what you need to know about cryptocurrency.
Let’s start with how cryptocurrency took birth. What made cryptocurrency grow?
The basic thought to all of them is that cryptocurrency was a side product of another invention. But Satoshi Nakamoto explained what made him invent the cryptocurrency. In 2008 he announced that he developed “A Peer-to-Peer Electronic Cash System”. After many attempts by many of them to develop the digital cash system they failed to do so. So Satoshi Nakamoto took it as a challenge and developed the cryptocurrency which is a digital cash system without central entity.
Digital currency is going to be very powerful thing – John Donahoe, CEO of Ebay
Let’s make it easy to understand- To use digital cash you need a payment network with accounts, balances, transactions, and record. One of the major problems all these payment networks is facing is to prevent the double spending. The meaning of double spending is spending the same amount twice in one entity. To keep the record of balances, a central server is used. In a decentralized network, they don’t have this server. So every single individual entity of the network has to do this job of keeping the record of balances. Basically, cryptocurrencies are limited entries in the database where no transactions can be changed without fulfilling the specific conditions.
Blockchain technology – Evolution of bitcoin
The blockchain has been undeniably incredible invention around the world invented by the brilliant person, Satoshi Nakamoto. Since the invention of the blockchain, it has reached a great extent. But as cryptocurrency had a question, blockchain also has the same question. What is blockchain?
Here is the solution to your question: Read on…
Every digital information around the world was to be copied from one source to another source. But blockchain creating an evolution allowed the digital information to be distributed rather than copying it to different sources. Originally they had a plan to invent digital currency called bitcoin, now they are working on other potential uses of technology.“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” wrote an author of blockchain revolution, Don & Alex Tapscott.
The same old way of sharing documents with one another is to send a Microsoft word document to another recipient and ask them to revise it make any corrections needed. The major problem with this method is you need to wait until the other person makes any corrections and resend it to you back. You are locked out of editing the document until the other person is done with it. That’s how databases are working nowadays. Holding one record, two owners can’t fight for the record. Keeping this concept in mind all the banks are maintaining money balances and transfers are working on. They decrease the balance while they make a transfer and then update on the other side and the process repeats once again.
Blockchain is the key technology in Digital supply chain.
Top 10 cryptocurrency in cryptocurrency market
- Bitcoin – BTC – $15.596.60
- Ripple – XRP – $3.51
- Ethereum – ETH – $1065.25
- Bitcoin Cash – BCH – $2,398.68
- Cardano – ADA – $1.11
- NEM – XEM – $1.73
- TORN – TRX – $0.215680
- Stellar – XLM – $0.790840
- Litecoin – LTC – $246.75
- IOTA – MIOTA – $4.07
Bitcoin is one of the most top cryptocurrency in the cryptocurrency market we have to discuss about it. So we ‘ll discuss bitcoin mining. What is bitcoin mining? Is it secure? How does bitcoin mining work?
About bitcoin mining, it is the process of adding transaction details to blockchain to make sure it is secure and is not stolen by others. This blockchain is also known as the ledger of past transaction which is in the form of the chain of blocks. The ledger of past transactions also known as blockchain makes sure that other networks are hereby confirmed that the transaction is taking place. Bitcoin mining is a trustworthy mining where the miners keep the bitcoin network secure by approving the transactions. The bitcoin mining ensures to keep the bitcoin network stable, safe and secure. For the paper money, we have a government which decides when to print the money and when to distributes the money. But bitcoin mining doesn’t have a government which guides them to produce it. Bitcoin being a unique cryptocurrency it uses a special software to solve mathematical problems and are issued a certain number of bitcoins if the problem is solved properly. This method provides a smart and clever way to issue the currency and also motivates people to mine.
Zebpay app – Leading app in India for buying and selling Bitcoins
In nowadays Zebpay has been the leading app for buying and selling bitcoins. They ensure fast transaction and best bitcoin rate. India’s first bitcoin exchange company was found by Mhin Gupta in late 2012 under the name Buysellbitco.in. Later in September 2014, it was rebranded as Zebpay with two more partners joining – Saurabh agarwal and Sandeep Goenka.
Zebpay is an app which is used as a bitcoin wallet provider whose headquarter is in Singapore and IT office in Ahmedabad and Gujarat in India.
Zebpay is India’s first bitcoin wallet app that enables the transactions of bitcoin with very simple steps. It uses only mobile number, without any difficulties and complexities to using it. There is no fear of taking backups and losing bitcoins. All you need to provide to a zebpay app is your mobile number and the 4 digit pin which is sent to your mobile to buy, sell, store and spend bitcoin. At CoinAgenda in Las Vegas Zebpay was voted as best bitcoin company in 2014. It has crossed over 100,000 downloads on Android and iOS stores combined in 2016. Later in September 21st, Zebpay announced that it has crossed over 100,000 downloads on android play store individually. The bitcoin company turnover was Rs- 500 crores. In December 2016, Zebpay has over proud 250,000 users.
Definition of “bitcoin exchange”
A bitcoin exchange is basically the digital marketplace wherein traders from anywhere can buy and sell bitcoins using different currencies. A bitcoin which is also a currency can be exchanged on an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency. It can be any cryptocurrency.The currency ticker used for bitcoin is either BTC or XBT, which is the symbol of bitcoin.
Bitcoin exchange is the platform where it matches buyers with sellers. As usual, by inputting the limiting order, traders can opt to buy and sell bitcoin. When a limiting order is selected, the trader is indicating to exchange his coins for the best available price in the online marketplace. With a limit order set, the trader directs the exchange to trade coins for a price below the current ask or above the current bid.This trade depends on whether she/he is buying or selling the bitcoins.
To understand it better let’s take an example, on a bitcoin exchange, 3 coin sellers are asking for BTC/USD 2345.75, BTC/USD 2264.55, and BTC/USD 2270.00. A trader who initiates a market order to buy bitcoins will have his order filled at the best ask price of $2345.75. If only five bitcoins are available for the best ask and 10 coins are available for $2264.55, and the trader wants to buy 10 at the market, his order will be divided and filled with 5 coins @ $2345.75 and the remaining 5 @ $2264.55.
However, if a trader who thinks that he can get bitcoins for a better price could set a limit order for, say, $2260.10 as per his wish. If a seller matches his/her ask price with this limit order or sets a price below this figure, the buyer will get filled with the bitcoins.
Online bitcoin marketplaces recognize bitcoin participants as either makers or takers. When a buyer or seller places a limit order as per their wish on how much to trade, the exchange places add it to its order book until the price is matched by another trader on the opposite end of the transaction. When the price is matched, the buyer or seller who set the limit price is recognized too as a maker. A taker is the one who trades a market order that immediately gets filled.
To transact and use bitcoin exchange, a user has to register with the necessary details through a series of verification processes to authenticate his or her identity. Once the authentication is successful, an account will be opened for the user who then has to transfer funds to this account before she/he can buy bitcoins. Different exchanges have different payment methods that can be used for depositing funds including direct bank transfers, credit or debit cards, and even gift cards. A trader who would like to withdraw money from his or her account could do by using the options provided by his exchange which could include a bank transfer, PayPal transfer, check mailing, cash delivery, bank wire, or credit card transfer.
It is important to note that a bitcoin exchange is way too different from a bitcoin wallet. While the former offers a platform through which bitcoin buyers and sellers can transact with each other and the latter is simply a digital storage service for bitcoin holders to store their coins securely and safely. To be more technical, bitcoin wallets store private keys. Private keys are used to authorize transactions and access the bitcoin address of a user. Most bitcoin exchanges provide bitcoin wallets for their users. But they may charge a fee for this service of providing wallets.