The Bitcoin is a digital cryptocurrency which was made up in year 2009. One anonymous person having the pseudonym Satoshi Nakamoto laid out the ideas in a blueprint regarding the technology and the hardware requirements behind the advent of this cryptocurrency Bitcoin. It was felt that the promise of lesser transactional charges is needed; which is a major turning off in the usual payment mechanism present in the traditional banking channels. Also, it was felt that the currency system in the whole of the world is too much centralized and regulated, therefore, a banking channel is required which is totally decentralized and transparent.
The government controlled currencies lack transparency as well as are subject to the unholy manipulations which are happening all around the world. The idea picked up the momentum and now we have more than US dollar 7 million amount of Bitcoins circulating in the world’s markets. Bitcoin differs from the usual fiat currencies of the world in a way that Bitcoin exists only on the open public database over the cloud and there are no physical existing tangible Bitcoins. The record of each and every Bitcoin is stored in the public ledger which is open for every one of the user and miner of the crypto chain.
A gigantic amount of computing resources are required to solve the algorithmic problems as posed up by the blockchain technology which is underlying the Bitcoin production and the transactions. This makes Bitcoins free from the clutches of governments, their regulatory authorities, monetary regulatory organizations, as well as from individual banks' controls. However, as was envisioned to be a currency but nowadays Bitcoin has become more of a commodity which a person buys to be traded when the prices rise. Also, the success of Bitcoin has caused other people to envision different other cryptocurrencies having a similar blockchain technology but with different functions to work up as independent altcoins.
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Born in 2008, with the bitcoin being the first open-source and widely popular cryptocurrency, the fad associated with them seems to have died down. Theirs is a story similar to that of the California