In January 2009, digital currency Bitcoin was introduced, but it failed to
noticed by none except by the handful of programmers who tend to follow
cryptography. Bitcoin was considered to be a cryptocurrency. It was cleared
that no governments, banks would have any participation in the
cryptocurrency. The cryptocurrency had robust encryption algorithms to
secure transactions in an efficient manner.
Gone are the days, and today the industry is projecting 14.6 million of
Bitcoin units in rolling. It owns a market value of USD 3.5 billion.
Moreover, the system is sketching impressive interest numbers from
financial institutions such as JP Morgan Chase. This is anticipated to
streamline internet payment processing and cut international transaction
Most of the people believe that the blockchain architecture as the template
for a host of other applications including crowdfunding, secure systems for
voting, and self-enforcing. Ethereum is a blockchain-based system launched
in July by the non-profit Ethereum Foundation based in Baar, Switzerland. It
is the research agenda of the Initiative for Cryptocurrencies and Contracts
(IC3), an academic consortium also launched in July, led by Cornell
University in Ithaca, New York.
If we discuss about the future outlook of bitcoin, this can be a never-ending
debate. The financial media has witnessed a growth by so-called crypto-
evangelists, Harvard University Professor of Economics and Public Policy
Kenneth Rogoff express and a full-house sentiment among crypto. A
cryptocurrency to become a part of the mainstream financial system to
satisfy different criteria. It is about to change the algorithm mathematically
complex to avoid hacker attacks and frauds, but it will be easy for
consumers to understand the operational procedure.