Bitcoin or Cryptocurrency

Bitcoin or Cryptocurrency Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble at various times. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.   A cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.  It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created. But now Bitcoin has its own separate identity, so Bitcoin and Cryptocurrency have different points which end in the same digital currency.               BITCOIN            Cryptocurrency Bitcoin is the digital currency that utilizes cryptocurrency and it is controlled by the decentralized authority which is not like the government-issued currencies. Cryptocurrency refers to the technology that acts as a medium for facilitating the conduct of the different financial transactions which are safe and secure.    What is cryptocurrency technology? Cryptocurrency is the technology that acts as the medium for conducting financial transactions. From the creation of units to final verification of the transaction being made, cryptocurrency provides that safe and secure platform for transactions with the help of cryptography technology. Cryptocurrency is a kind of digital currency that is virtual and doesn’t have a physical form. It works on decentralized control which doesn’t have any central banking systems. This makes it easier for cryptocurrencies to work with distributed ledgers. With distributed ledgers that provide peer-to-peer transactions and the transparency of providing transaction details to the public, cryptocurrency technologies have now become a force to be recognized all around the world. Initially, it was only used for digital transactions, but now it is used for trading almost anything through the internet. It has become a very huge success that many companies around the world are using them. Some top-level companies are also investing a lot of money to make the process even simpler with advanced safety and security measures thereby helping the cryptocurrency to develop at an astonishing rate.          Bitcoin or Cryptocurrency Basis for comparison           Bitcoin      Cryptocurrency Main Aim To simplify and increase the speed of transactions without much of government restrictions. To provide low cost, safe and secure transactions. Trade Bitcoin is limited to trading by using it as a currency. There are a lot of cryptocurrencies that are used for trading as well. Popularity Bitcoin is the most popular bitcoin. The number of cryptocurrencies has increased but their share is still less than Bitcoin. Strategy Bitcoin focuses on lowering the cost of influencers and reduce the time of transactions but is less flexible, Cryptocurrency aims at the exchange of goods and services is a safe and secure environment with very little or no government and middleman interference. Status Bitcoin likes to be anonymous and hence even though we can see their transactions in the ledger, they are meaningless numbers that are not in any particular sequence. A lot of cryptocurrencies that came recently are following transparency in their transactions and hence they are able to work with a lot of other industries.              conclusion Bitcoin being the first cryptocurrency has a head start over other cryptocurrency technologies. Since then, a lot of cryptocurrencies have come and some are even specializing in a few sectors. The most important thing is competition. Due to heavy competition, cryptocurrencies are continually improving themselves and the technologies that they are using. This paves the way for a lot of innovation and improved performance and security measures. Bitcoin may have had a greater chunk of share in the sector initially. But with the introduction of new cryptocurrencies and sophisticated & transparent technologies, the gap is diminishing as every day passes. Soon, this market will also become more dispersed with the cryptocurrency that provides the maximum value being at the top.