Bitcoin

Asymmetric Cryptography or Public/Private Key Cryptography is the backbone of the modern information society. They comprise two uniquely corresponding cryptographic keys (basically long random numbers) where the key pair are mathematically related. Whatever is encrypted with a Public Key may only be decrypted by its corresponding Private Key and vice versa. Public Key Cryptography can, therefore, achieve confidentiality. For asymmetric encryption to deliver confidentiality, integrity, and authenticity, users and systems need to be sure that a public key is authentic, belongs…

Bitcoin is a groundbreaking invention that spurred a new financial revolution with long-term consequences globally. Bitcoin could very well be the most important invention since the creation of the internet. Economy experts see it as the dawn of a new age in which electronic cash and virtual transactions will reshape our understanding of currencies, investments, and financial intelligence. Bitcoin in a nutshell: Issued in 2009, Bitcoin is the first decentralized digital currency. Bitcoin gives financial power back to the people.…

To solve the current issues faced in the financial world, digital currencies were invented, with Bitcoin being the first of its kind. Fourteen years later, bitcoin has grown from less than a dollar in 2010 to almost $17000 in January 2023, after hitting an all-time high in November 2021 of $69000. The open-source software possesses distinct yet convenient features that have become an investment option for many. Among the features include decentralization, privacy, transparency, and many more. Due to this reason,…

Despite the rapid rise in cryptocurrency value, mainstream adoption seems to be a far-fetched dream. In a survey by Finder.com involving 2,001 American adults, it was established that only 7.95% of respondents owned bitcoin, with the majority being millennials at 17.2% compared to baby boomers at 2.2%. Furthermore, 92% of Americans have never owned cryptocurrency, with only 7.76% claiming they will purchase one in the future.  However, despite the low rates of crypto uptakes, especially in Europe and America, there…

Investing in cryptocurrencies may be easy, but taking care of your digital assets is difficult. Cryptocurrency wallets are an essential factor in owning and investing in cryptocurrencies of any sort. Most digital currencies have their official wallet, but third-party wallets gain momentum by allowing you to manage multiple coins simultaneously. However, such wallets will only support a limited number of cryptocurrencies. This article reviews Coinomi, which we believe is one of the most trustworthy and experienced companions in our Crypto…

The cryptocurrency hype continues into 2021 with an unprecedented boom on significant coins such as Bitcoin and Ether. The crypto industry is evolving daily and will seemingly rule the traditional financial world. Despite the known volatility of digital assets like coins and tokens from their introduction, people are still anxious about them and want to try their luck by investing in them. However, one thing that might confuse the new class of investors is the crypto industry terminologies. For instance,…

Cryptocurrency, most commonly identified as digital money, was first instituted in 2009 with the famous Bitcoin launch. Litecoin followed the launch in 2011; since then, many more crypto assets have joined the crypto world.  Cryptography secures the currency in crypto, thus protecting against counterfeiting and double-spending. The host of crypto is blockchain, a decentralized ledger system using state-of-the-art infrastructure.  Recently, the advancements in the crypto world have made many people think of investing in crypto. Naturally, beginner investors want to…

Anyone in the financial technology space must have heard about blockchain technology. However, not many people know how it works and the technology behind it. Blockchain technology is an invention of an anonymous individual or a group of people under the pseudonym Satoshi Nakamoto which powered the first cryptocurrency, Bitcoin, released in 2008. Technology has been in play ever since. Since blockchain technology release, the IT industry has massively evolved. However, several people are still skeptical due to a lack…

When Bitcoin launched in 2009, technological and financial experts wanted to see how a digital currency could function. Satoshi Nakamoto, the currency and blockchain creator, introduced proof of work algorithms designed to mine and increase coin circulation. Many blockchains that launched afterward used crypto mining to release new coins.  Crypto mining is primarily the process of gaining new cryptocurrencies by participating in block validation. It mainly involves solving computational puzzles, adding new transaction records to the blockchain, and creating new…