It is no coincidence that the process of generating cryptocurrencies is called “Mining”. Bitcoin returned the possibility of generating money for everyone. Although it was temporarily solved in the era of the gold rush, when every ordinary man could mine gold and generate money, since then, banks and credit companies took control over the money, shifted over to working with credit, and practically cut off the connection to gold itself and created a monopoly on printing money. Since the invention of money, the problem of centralization has always existed. In 2009, Bitcoin was one of the first applications of the blockchain. When a majority of the computers authorize a transaction, the money is securely transferred and added to the next block which will be written. In other words, a group of computers around the world holds copies of the order books and for any given change in it, all the copies are updated. Blockchain, is a type of a ledger that confirms transactions and lives in a distributed-fashion in the cloud. The decentralization is done using the blockchain technology.
While the coins of the “old world” as we all know, were and still are issued by centralized bodies such as banks and governments, and are created as printed bills or banknotes, the process of creating money in the world of crypto is decentralized. The basis for creating value in the crypto world is the mining process for major and veteran coins – with Bitcoin leading them. The crypto market cap continues to grow with record breaking volumes.
The world of cryptocurrencies is growing at an accelerated pace.
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