Blockchain, the Platform for Future Electronic Transactions

raaman Dec 7, 2018

Ever since the year 2000, people are familiar with different digital payment platforms. Given that, one of the most popular to date is PayPal. Mainly, digital payment platforms such as PayPal are intermediaries between two parties who enter into transactions. Such intermediary acts as a trusted party for both the parties to verify the transaction entered into, then take note of it and finally transfer the requisite funds from one party to the other party. 

Advent of and Cryptocurrency::

In fact, this digital payment platform like PayPal is similar to the platform of interbank ATM transactions, such as ATM Maestro, Alto, Cirrus, Link, or Prima. Until the year 2009, a mysterious figure using the name as Satoshi Nakamoto, launched a digital payment platform with the name 'Bitcoin'. Of course, there are at least two basic things that tell apart this Bitcoin from traditional digital payment platforms such as PayPal. 

First, the digital payment platform PayPal and the like are just intermediaries for electronic transactions using currencies that are commonly recognized and used on a daily basis. Like all other international transactions, the currency standard that is generally accepted by digital transaction platforms is US Dollars. While, Bitcoin is a separate 'currency' in digital form, which is outside the currency system that is recognized and regulated by the world's central banks, it fluctuates in value. 

At present, the value of one Bitcoin is equivalent to $2,490. To have Bitcoin can be done in three ways: buy, get paid, or ' mining '. Of course, mining here is not like we dig the earth to mine gold. Mining to get Bitcoin is done by running a series of algorithms to solve a key that is used to verify a transaction. Secondly, Bitcoin transactions do not require a third party like PayPal or others.

wemedia logo Powered by RozBuzz Wemedia

RELATED ARTICLE