Blockchain And Cryptocurrency Issues That Should Matter To You

Written by Posted On Monday, 02 December 2019 03:13

The most famous cryptocurrency, Bitcoin and it’s underlying technology, blockchain technology has been influencing the global market today. It has changed the way we do transactions. Transactions with cryptocurrency required an online identity that makes the transactions more secure and easy to monitor. Blockchain is a decentralized technology with no central entity having control on it. Cryptocurrency has the potential to change some of the core industries like healthcare, law firms, real estate, banking etc. There are lots of discussions on very popular Bitcoin and Ethereum mining. Although lots of information is published nowadays, still there are some blockchain and cryptocurrency issues that you should care about. In this blog, you will be guided on some of these topics that are important for you to know.



Blockchain And Cryptocurrency Issues That You Should Know


1 History


Blockchain came into existence in the year 2008 when a group of unknown people naming themselves as Satoshi Nakamoto created a decentralized form of a peer-to-peer network containing millions of computers. Thus, its creators’ identity remains hidden from this world. The first chain of immutable blocks that were secured using cryptography was created by two contributors W. Scott Stornetta and Stuart Haber. They wanted to create a decentralized network which is untameable in nature. In the year 2014, some improvement was made to the capacity of the blockchain file was increased, which contained the transaction information. The size of the bitcoin blockchain increased more and more as the years passed by.


2 Working Of Blockchain 


Blockchain is the backbone technology behind any cryptocurrency that exists today. This decentralized peer-to-peer network of computers runs transactions against a ledger that is both public and single. Each computer is the network holds the copy of this ledger, every other node must agree with and verify the transaction. All the computers on the blockchain network follow a common agreement and check the transactions according to it. Miners are the people behind the transaction verification, and they also add the blocks to the blockchain. 


3 Process Of Cryptocurrency Mining


Cryptocurrencies are mined by an extensive group of miners who verify the transactions and maintain the integrity of the ledger. These miners generally host the computing power required to extract the cryptocurrencies and verifying the transactions. The miners also get cryptocurrency as a reward for solving very complex mathematical problems that are involved in the verification process. At last, these transactions and number of cryptocurrencies are updated to the public in real-time. 


4 Investment


The central part on which the investment in cryptocurrency depends is the computing power needed to solve the difficult problems required to verify the transactions. Thus, the more complex the problem, the more computing power is needed. Today, systems are becoming more powerful as per requirements and miners are buying more server storage for their mining process. So people who don’t have enough servers have to mine have no chance to get success.


5 Real-Life Applications For Business


The cryptocurrency is innovating and empowering the process of business. Here are some of the companies that are already using blockchain technology.

 1. Ujo - Ujo provides a platform that controls the creative content for many talented artists. It also provides the facility for direct payment for musicians all around the world. Ujo decided to solve the problems among Public Relation Officers, Labels, artists and fans by connecting all of them via a blockchain network.

2. OpenBazaar - It is an open-source project to create a decentralized network using Bitcoin for peer-to-peer e-commerce, with absolutely no transaction fees. It targets the business model of e-commerce websites like Amazon, Flipkart that accept payments from credit cards and other payment platforms like Paypal. 

Blockchain’s Future


Today, people are interacting with each other and businesses online. They rely on centralized entities like governments, banks and social media to keep their online identity secure, but we still see the problems of data leakages. Blockchain provides you with the power to take control of your identity due to its decentralized and transparent nature. 

Blockchain can also be useful for storing medical records. It can also find its application in an online voting process.



In summary, we have gained some insight blockchain and cryptocurrency and how they are influencing the global market. Also, there are lots of bitcoin discussion that are published every day in the form of blogs and news. Tech-savvy enthusiasts are showing their interests in this new growing technology which will offer a decentralized platform for payments and doing transactions. Thus, we can finally say that blockchain will bring a revolution to the global market in the future.

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Hellen jones

Hi, this is Hellen jones. I am a blogger and crypto enthusiast. I work for Cryptoknowmics which is known for the best ongoing initial coin offering listing and ongoing initial exchange offering to list. I like to find and share new information across the web. You can follow me on Twitter and Linkedin too.

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