The global system which comprise of interconnected computer networks is known as Internet. It is designed for sharing information on a worldwide platform and can be rightly called the base of technology. All the modern amenities like social networking websites, online shopping stores and online business websites would not have existed without Internet. Now you can talk face to face to person sitting in the other corner of world through video calling or skype. You can easily exchange almost any type of information online, from pictures to documents, music and even audiovisual files. It can be said that Internet has made impossible possible.
Online shopping is a recent rage in the world of Internet and it is increasingly becoming popular. E-Commerce industry is developing at a fast pace because nowadays people are finding it more convenient to buy products online than visiting a physical shop to hunt for their requirements. In our fast paced lives, we hardly have time for shopping so we prefer finding stuff online and ordering it. The stuff that we buy online gets delivered to our doorstep, so it is less time taking and more reasonable because online shopping websites offer great discounts.
The increasing popularity of online shopping websites made way for the invention of crypto currency, which is a currency exchange medium designed for the E-Commerce world. This currency exchange medium was invented in 2009, when the first crypto currency Bitcoin was launched. It was invented to make online money transfer easier and more secure. In just few months this cryptocurrency managed to impress E-Commerce giants, who eagerly welcomed this new money transfer technology.
It is a decentralized currency, which employs peer to peer technology enabling collective currency issuance, verification and transaction processing. All the processes that are involved in online money transaction are accomplished collectively by a single network. The decentralization makes Bitcoin free from any external interference and even government regulations.
This crypto currency is digitally created through a process which is known as mining. Mining is a process in which extremely complex crunch numbers and algorithms have to be solved. This process is capable of generating 25 Bitcoins in ten minutes, which is limited to a level when 21 million coins are mined at once. Transaction anonymity is a major benefit of this crypto currency but in last few years it has came out as a major problem.
It is because this feature of Bitcoin has made way for people who want to commit cyber crimes like theft and fraud. However the popularity of Bitcoin is still unsurpassed and most of the people prefer them instead of the latest crypto currencies.