Welcome friends, can you imagine a thing , in past 10-12 years it’s value was zero , is around 21 lakh, now , I am talking about bitcoin, merely 14 years ago , on 31 October, 2008 , a person named Satoshi Nakamoto , published a paper on the Internet, satoshi main motive, was clearly evident, from the first line , ( A version of electronic cash that would allow payments to be send directly from one party to another without going through a financial institution ) crypto currency is a digital assest , over which central banks and any financial institutions have no control, for instance, US dollars is controlled by US government, Indian rupees is controlled by RBI , but bitcoins are not controlled by these financial institutions, back then , crypto currency’s was merely a idea , in the mind of that person , but now it is trading in lakhs and crores , on its crypto exchange

In order to understand the paper of Nakamoto , and the context of crypto currency, we will have to understand, some concepts of our economic history, Our financial systems are based on trust , The currency notes and coins have value because it is guaranteed by the government and the central banks , take a look at any note , there is written ( I owe to pay the bearer sum of —-) , here is a little story , after Second World War America becomes the most powerful country of the world, all other countries have to join their currencies with US dollar , and US dollar was guaranteed by reserves of gold , The actual value is of gold and silver , but it is not practical to carry gold or silver in your pockets , for convenience, currency notes are printed, but in 1971 , Us ends this Gold standard system, after that central banks of other countries can print their notes , as per their wishes, but what is the relation of bitcoins and crypto currency’s, it helps you to guess government and central banks are so powerful in monetary policy, the people who are in favour of crypto currency, because they don’t want so much control of government and central bank , on money or currency, now do you understand the original idea of Satoshi , satoshi presented bitcoins as an alternative financial system, which will be based of software technology, but out of control of third parties, bitcoins were first to arrive and after that so many crypto currency comes into existence now come to the point, how crypto currency’s works, in order to understand this , advanced mathematics, and computer science knowledge is essential, which common man doesn’t have , but if you have to start investment and trading, then basic knowledge is enough, take the example of bitcoins, There is one , public account in digital form , of all the bitcoins transactions, called Ledger, A copy of this Ledger exists on all the systems, that are a part of bitcoins network , The person who runs this system are called miners, miners work is to verify transactions, for example ( A wants to send 2 bitcoins to B , miners have to confirm is A has 2 bitcoins in his account , to complete the verification, miners have to solve a complex mathematical equation , you might have studied variables, in schools, every bitcoin transaction has a variable , miners work is to find out this variable) now it’s not the case , that they took pen and paper to solve the equation, all this calculations are done automatically on computers , because they are extremely complicated, and their combination runs in crores , which is the miners required computers , with high processing power and electricity, once the equation is solved , the computers within the network confirmed it , and this transaction is added to the chain ( A block of transactions is created , hence the technology is called block chain and what do miners gets in return, they get bitcoins, This system is called ( proof of work ) some people take crypto currency’s as an investment, some take it as alternative currency

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