Facts That Make Cryptocurrency a Unique Idea

Cryptocurrency is no doubt a unique invention of science and technology; people who are aware of it in detail or even know something about it, know this fact. This new era was started in 2009 with the creation of the first crypto namely xBitcoin Club. Before that, scientific experiments among developers were being one to try to create a digital currency but, after so many unsuccessful trial bitcoin were generated. On 3^rd January 2009, Satoshi Nakamoto introduced this digital coin to the world.

But, what makes it different or unique? Well, the fact of digital currency is itself a unique concept and, you will be more amazed after you come to know what more modern and unique technologies it has brought to us and all the other facts about it as well as the whole crypto world. To have an even clear understanding

Cryptocurrency is a boon in the context of the global financial crisis:

To understand it you have to know about the financial history of the years 2008 and 2009 and have an idea about bitcoin's underlying technology and utilization.

Back in 2008 and 2009, the financial condition of the world was not good. In the US, some lending institutions started doing unethical businesses and started robbing people buy this. Following them, some other financial institutions such as several banks also started taking advantage of this illegal way of business. As a result, people started losing hope in these institutions. However, this situation got worst when one of the largest banks names Lehman brothers declared itself bankrupt. The world fell under an economic crisis which is known as the global financial crisis.

At that time, bitcoin, as the first cryptocurrency came into existence with all the features that can question the role of the traditional banking system and the trust of people they need to run the system. But, why bitcoin was valid to address these issues? Here is the reason-

Bitcoin serves as a decentralized network that offers its users to send and receive funds directly to their peers. It is not possible through the banking system. Here you need to trust the banking authority but in bitcoin, there is no one in the intermediate zone.

Bitcoin network is open to all and there is only one network globally. For that, transactions are fast and affordable. Also, the users are the only controller of their money. And, there is no territorial guideline to transfer funds internationally.

Moreover, the bitcoin network is safe. All the transactional data are copied, verified, ad save equally to every online ledger and they are not removable or changeable. Also, bitcoin uses cryptography which is considered to be the safest online security system.

All these reasons make bitcoin different and unique from the traditional banking system.

Unlike money, cryptocurrency is finite:

When bitcoin was created, its protocol was set for the total number of bitcoin will be 21 million that can ever exist in reality. On the other hand, money is finite or can be. Government can produce finite numbers of paper currency, it is a limit set in the case of bitcoin.

Cryptocurrency is new but different from paper money:

When the word money is concerned, we all are familiar with paper currency such as the Dollar, Euro. But, with the introduction of bitcoin, we all come across a different form of money that only exists in the digital world. You can't see or hold bitcoin in your hand. But, the amazing thing is it works the same as money you can now buy things from bitcoin, and it is valued high in the real world. Moreover, bitcoin is traded as one of the most valuable trading assets.

The production of bitcoin is unique:

Yes, the production process of bitcoin is also unique. Money is produced or manufactured physically as a paper currency but, in the case of bitcoin, it is all digital or computational. Large and highly energy-consuming computers are required in this process. The creators are known as miners here. They solve complex hash puzzles and after a successful mining, new bitcoins are created as their rewards.

Conclusion:

These are some facts that make bitcoin come from cryptocurrency unique from tee hole traditional form of money. However, the crypto world is vast and there is more to explore in the future.