Understanding Bitcoin, Cryptocurrency and Blockchain.
Let us begin with understanding currency first. In ancient times, thousands of years back, there was no currency (money like rupee or dollar, etc.) to trade or buy items that people wanted. At that time, the most common system of buy and sell was the barter system. People exchanged goods or services in exchange for goods or services. Suppose if I wanted rice and I had sugar in my house, I will find someone who will take my sugar and give me rice in exchange. This system of exchange of goods for some other goods is called the barter system. It was the standard mode of trade or buying or selling of items that people needed. But this was not very easy to practice. E.g., if you needed food immediately and you had some iron, you will have to find someone who will exchange food for iron. Sometimes it was difficult to find someone who would exchange your item for their items. The process was also very slow and even the quantity of exchange and the value of each item was not decided. E.g., ho...