The history of the CryptocurrenciesI Bitcoin & Ethereum I Guideline for beginners. I 20% to steemit-pak

Aslamo Alaikum everyone. Hope you all are doing good and enjoying life in a healthy way. The crypto currencies are playing a vital role in our lives and making the world more digitized. I have seen that there are only few Pakistani users in crypto academy. There is need to bring awareness among the people about the importance and usage of crypto currencies. In this post, I will highlight the history of crypto assets and how you can use these coins to earn income easily.

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There was a time when there was no concept of crypto currencies and decentralized applications. The people had to use the centralized ways to perform all of there transactions. In centralized applications, there is always a middle man. The dealing between two people is done with interference of that third party. That middle man is the owner of the application and run it according to his own rule. The people have to follow all the rules and in case of violation, the people may get blocked.

Then a person, named as Satoshi Nakamoto, realized this problem and with his team, he worked and introduced the Bitcoin. The Bitcoin is the first ever crypto currency with large market capitalization. It is a virtual currency which was introduced to the world in 2008. It work on the blockchain which is decentralized. There is no middle man to interfere between customer and producer. The customer directly interact with the producer and transactions are done within no time.

It is a P2P system where the transactions are recorded in the ledger. The data stored here is totally transparent and cannot be change by any person ever. Here there is no middle man so the users data is totally secured. When a transaction is performed, it get verified by the participant nodes. When a transaction is verified by the minor, it get added on the ledger and the minor who verified the transaction first is rewarded.

The transaction on the bitcoin are traceable. You can get the bitcoin with real money or get it when someone pay you for your product in bitcoin(In the early age of bitcoin, a person in Europe pay for pizza in BTC whose amount is now equal to million). When the minor solve the puzzle to verify the transaction, they are rewarded with the BTC.

This is a faster way to perform your transaction. In traditional way, if you want to transfer the money to a person, you need to involve a third party which is usually a bank. The bank is not fast at all and deduct the transaction fee too. In bitcoin, you can perform a transaction in 10 minute. But in case of Bitcoin, you can perform transaction while sitting at home. The transaction fee is not so high so in compare of centralized system, it is less costly. Bitcoin now has a very bright future. Many big companies are now accepted payment in bitcoin. Amazon is one among them.

Then the bitcoin got popularity. Then another crypto currency named as Ethereum was introduced in 2015 which is now second largest crypto currency. The market rank of ETH is 2 in world exchange market. The ETH is different from BTC in sense of its usage. The great innovation of ETH is the smart contracts and its speed. Here 15 seconds are require to crea a new block which is quite faster than BTC. In Ethereum blockchain, the minor get the ETH in reward for verifying the transaction. It is also work on the blockchain that's why totally transparent and much secure.

The Ethereum has a very bright future. Having Ethereum in your wallet may be very beneficial and profitable for you. It is not possible to cover all the aspect of the Ethereum and Bitcoin in one post but this post may help you getting idea how and why the crypto currencies started and help you to analyze the BTC and ETH.

Now hundred of thousand crypto currencies are there in the market. You can buy any among them but before investing, do proper analyzes and research. This will help you to save your money from the big loses. Coinmarketcap.com is a site where you can get the knowledge of any coin you want and can analyze it too. Many tools are there which help you to determine where to invest in coin or not and you get an idea about the market trend.

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@haidermehdi
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