Cryptocurrency, Bitcoin, Blockchain- These three words are being used interchangeably and universally. It's not a surprise to see the spiraling views of twit done by Tesla Boss Elon Musk vis-à-vis acceptance of Crypto in his company. The craze and hype around Crypto are something to watch these days. But do we really understand what Crypto is and what Bitcoin and Blockchain in fact are?
Let us have a brief but concise view of these three terms from the eyes of a common man.
Today's world is poised to be significantly impacted by blockchain technology. Blockchain was first inspired by Bitcoin and throughout its development, cryptocurrencies were its primary use.
We must first try to comprehend Bitcoin, the first and most well-known blockchain application, in order to understand the larger crypto and blockchain landscape.
Bitcoin is regarded as the original and most popular cryptocurrency. It can be understood to be a unit of this Cryptocurrency.
An entirely digital, decentralized money is known as a cryptocurrency is created utilizing computer science, cryptography, and economics principles. Therefore, the main underlying concepts of Cryptocurrency Are-Computer Science, Cryptography, and Economic Principles. It works on the main tenant of freedom from any centralized controlling authority, which is generally a central bank in all countries.
Whereas, the blockchain is the fundamental data structure of this cryptocurrency. This data structure maintains a permanent record of all transactions made in this currency, thereby giving it a sense of reliability and permanence.
Going by the above explanation the main takeaway of this article Crypto Series-1, is Computer Science, Cryptography, and Economic Principles clubbed together.
Crypto Series-2 will be released soon for more insights and detailed information on the topic.
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