The world has come a long way for sure, and it still has a long way to go. One of the greatest inventions by man for man is the invention of computers and the digital world. The chance to create something entirely different from the workings of real-life yet having the potential to change how we view our own is a beautiful and powerful thing indeed.
At the start of the century, we wanted something that would simplify how we would calculate a lot more complicated things. As time went on, Charles Babbage, also renowned as the father of modern computers, gave rise to a creation that would inspire work in the technological field for years to come.
With the creation of IBM, calculations were revolutionized and had reached heights we never even thought we could achieve at the start. From there, we’ve come to a world that has advanced technologically so much that the creation of the first modern computer seems almost like a few centuries ago.
This exponential growth in technology is improving technology itself and finance and transaction in our world. It is essential to realize that the world of finance and technology are intertwined deeply in each other currently.
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This article will state some of the interesting facts that you might not have known about the cryptocurrency platform. With that being said, without further ado, let’s get in!
Table of Contents
The Need For Cryptocurrencies
Let’s address a situation so the explanation of this topic might be the simplest that you can understand. The fundamental point of a transaction is that you pay money in exchange for something you want. Here’s one of the main problems with a traditional form of transaction.
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The carriage is likely to go many places before reaching your desired destination. Here’s the main problem. There’s a high chance that it might get stolen, damaged, or any other thing that you could imagine.
We’re trying to say that better financial instruments and transaction methods are invented every day so that people will not have to worry about their packet loss during the transaction. This is how computers have revolutionized the way we even go about our transactions at this point right now. Computers have eliminated the need for an external and physical environment where many things could go wrong.
But as we know, the universe is based on balance, and technology will also be so. With the increase in technology, the positives grow and the negatives as well but with different rules.
What Are Cryptocurrencies?
With all of the various problems that we’ve stated above, it only makes sense to find a solution to all of them. Cryptocurrencies in simple terms is a virtual currency governed by the rules of cryptography that has no trace of physical existence.
Coming to cryptography, remember when we talked about packet loss and the probability that you might lose something on the way to complete a transaction? Well, cryptography is one such technology that eliminates the need by completely encrypting the things that you send.
It was purely developed as an encryption technology adapted onto the financial world, more specifically, its instruments. It is essential to understand that cryptocurrencies are 100% safe while transacting them, as a third party cannot decrypt them unless they are at the receiving ends of it.
With that being said, there are a lot of cryptocurrencies, but none of them come close to being one as big as Bitcoin, which is why now, we’ll showcase a few facts about Bitcoin platforms.
3 Facts About Cryptocurrency Platforms
The Bitcoin Creator
It is usual for the creator of a vast innovation to go down in the history books as one of the greatest. This is not the case for the creator of bitcoin, however, as the true identity of the creator of bitcoin has never been revealed to date and may never be revealed.
In 2008, a group of people or one person under the false name of Satoshi Nakamoto were to be credited with the creation of Bitcoin.
They only had contact with them on emails and other platforms but finally went cold in the latter part of the 2010s. It is very unsettling and weird to understand why a person with such a massive contribution to the world would choose to remain anonymous.
There’s a limit to how many bitcoins can exist in the market. This number is capped at 21 million bitcoins. As of this moment, 17 million bitcoins are already in circulation. To give you an idea, that’s almost 80 percent of the 21 million already.
But don’t worry, as, until 2140, we’ll still have bitcoins to mine. This is because of how miners are rewarded. Now miners are rewarded with 12.5 bitcoins for each block added to the blockchain, and every four years, the reward reduces by half.
The next halving is supposed to occur in 2023 where the reward reduces to 6.25 bitcoins.
Ethereum – A Crowd Funded Project
Ethereum is a dream come true for people who love the concept of a decentralized society where everyone contributes as well as a testament to the power of the internet.
One of the most fascinating aspects of there is that it was founded by crowdfunding Vitalik Buterin, a programmer and bitcoin enthusiast who devised the concept in 2013. He needed the funds, so he turned to crowdfunding, and by 2015 there was then created and therefore publicly traded.