You have probably heard about digital currency like Bitcoin in the recent years and read how it’s trading at an insanely high value when compared with standard currency. On 18th October 2017 (today), 1 bitcoin is trading at 3900 pounds, 5200 dollars, 4400 euros and a whopping 342000 Indian Rupees. To put this in perspective, a single bitcoin can purchase an 800cc hatchback car (Alto, Eon, i10) in India. Other cryptocurrencies are trading at very high values too.
What exactly is cryptocurrency? Why is it gaining popularity and how does it work? What exactly is mining? While the users of cryptocurrency try to explain the concept to the people who are not initiated, they fall short of easy examples and stick to their indecipherable jargon which can make the listener pull his/her hair out. In this post, I try to explain cryptocurrency to you in as lucid a language as possible. Continue reading “Understanding cryptocurrency”