K
Kathleen Martin
Guest
The blockchain technology has been an innovation pertinent to our digital age. When most transactions are offering digitally blockchain provides a secure and more efficient way of transacting money e anywhere across the world without any hassle.
What is the application of the blockchain technology in peer-to-peer transactions? How is it used in this new form of digital currency? These are some of the important questions that we should answer in order to understand how the crypto infrastructure works.
Cryptocurrency is powered by a new model of decentralized ledger that is also known as the blockchain. In the current article, we will explore how blockchain and cryptocurrency are related.
Bitcoin and cryptocurrency
Bitcoin is the first cryptocurrency ever developed. In 2009 Satoshi Nakamoto created this new digital currency which would allow users to make transactions without the mediation of any financial institutions.
Bitcoin was the first real-life application of a ledger technology that is known as the blockchain. It was followed by a number of new cryptocurrencies like Ethereum Litecoin, Ripple, etc. today there are thousands of cryptocurrencies that have improvised on the existing infrastructure laid down by Bitcoin. These new cryptocurrencies offer more features and have lower transaction times than their predecessors.
The Bitcoin is considered a better alternative to a fiat currency because:
What is the application of the blockchain technology in peer-to-peer transactions? How is it used in this new form of digital currency? These are some of the important questions that we should answer in order to understand how the crypto infrastructure works.
Cryptocurrency is powered by a new model of decentralized ledger that is also known as the blockchain. In the current article, we will explore how blockchain and cryptocurrency are related.
Bitcoin and cryptocurrency
Bitcoin is the first cryptocurrency ever developed. In 2009 Satoshi Nakamoto created this new digital currency which would allow users to make transactions without the mediation of any financial institutions.
Bitcoin was the first real-life application of a ledger technology that is known as the blockchain. It was followed by a number of new cryptocurrencies like Ethereum Litecoin, Ripple, etc. today there are thousands of cryptocurrencies that have improvised on the existing infrastructure laid down by Bitcoin. These new cryptocurrencies offer more features and have lower transaction times than their predecessors.
The Bitcoin is considered a better alternative to a fiat currency because:
- The ledger system used in Bitcoin is more efficient than the traditional ledger used in banks and other financial institutions.
- The blockchain ledger is maintained by smart contract technology, unlike the traditional legacy system which is manually maintained. This decreases the time needed for transactions. Cross-border transactions usually take up to 2 to 3 days through banks. With Bitcoin, it is possible to make a similar transaction in a few minutes.
- Because the Bitcoin ledger is maintained by the smart contract technology it is susceptible to accounting errors. does problems like double spending which is a common issue of the traditional ledger system can we avoid it through the blockchain ledger.
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