2017 In Review | Cryptocurrency and Blockchain Search Term Intererest Over Time

Exploring the Rise of Cryptocurrency, Blockchain, and Bitcoin in 2017

Introduction:
Cryptocurrency and blockchain technology, existing since 2009, gained widespread attention in the final quarter of 2017, mainly due to the soaring popularity of Bitcoin. However, the search trends for Cryptocurrency and Blockchain were still not on par with the phenomenal rise of Bitcoin, as depicted in the image below.

Comparing Bitcoin's Popularity to Cryptocurrency and Blockchain Search Trends:
Bitcoin witnessed a remarkable surge in value over recent months, propelling its popularity to new heights. Let's compare the search popularity of Bitcoin to Cryptocurrency and Blockchain in the graph below.



Before we establish the correlation between the trending of Cryptocurrency, Blockchain, and Bitcoin, let's begin by defining each of them.

Cryptocurrency:
Cryptocurrency is a digital asset that functions as a medium of exchange, utilizing cryptography to secure transactions, control the creation of new units, and verify the transfer of assets. It operates independently of any central authority, such as a government or financial institution.

Blockchain:
Blockchain, originally known as block chain, is an ever-expanding list of records, or blocks, that are securely linked together using cryptographic techniques. This decentralized ledger technology ensures transparency, immutability, and tamper resistance, making it ideal for recording transactions in a trustless and verifiable manner.

Bitcoin:
Bitcoin, the first decentralized digital currency, operates as a cryptocurrency and a global payment system. It functions without the need for a central bank or single administrator, relying on a peer-to-peer network. Bitcoin transactions occur directly between users through cryptographic protocols, ensuring security and eliminating the need for intermediaries.

Now, let's explore how these three concepts intertwine. At its core, cryptocurrency, particularly Bitcoin, relies on blockchain technology for its operation. When you engage in transactions using Bitcoin, the details are recorded in blocks within the blockchain, which are then replicated across multiple locations. This distributed nature ensures the transparency and integrity of the transactions, reducing the risk of fraud. Unlike traditional money, Bitcoin cannot be counterfeited, although it is susceptible to theft if unauthorized access is gained.

One may wonder where Bitcoins are stored since they do not have a physical form. Bitcoins are stored in "Bitcoin Wallets," which are software programs that hold the private keys associated with your Bitcoin addresses. In reality, the Bitcoins themselves are not stored in a specific location but rather represented by the private keys in your Bitcoin wallet. If someone gains access to your Bitcoin key, they can use it without the possibility of retrieval, unlike credit cards where you can file a dispute.

Did you know that there are specialized devices called "Bitcoin Mining Rigs"? These rigs are essential for the process of mining, which involves validating and recording Bitcoin transactions on the blockchain. Miners contribute computational power to solve complex mathematical problems, and in return, they are rewarded with newly minted Bitcoins. Initially, Bitcoin mining started in 2009, with the creator Satoshi Nakamoto mining the first few blocks to test the network's functionality. Over time, mining evolved from CPU-based to GPU-based and eventually to specialized ASIC mining rigs, which drastically increased the network's hashing power and security.

In addition to individual mining endeavors, there are also platforms like HashFlare that offer the opportunity to lease mining rigs, eliminating the need for users to set up their own hardware for mining purposes.

With the emergence of blockchain technology, many startups are exploring the adoption of blockchain for record-keeping instead of relying on traditional cloud-based solutions. Cloud providers like Windows Azure have even introduced Blockchain as a Service (BaaS) to facilitate the integration of blockchain into various applications and industries.

In conclusion, the rise of Cryptocurrency, Blockchain, and Bitcoin in 2017 showcased the growing interest and potential for decentralized digital currencies and innovative blockchain applications. Understanding the interconnectedness of these concepts and the significance of Bitcoin mining provides valuable insights into the evolving landscape of digital finance and decentralized technologies.

Stay tuned for more in-depth discussions on the fascinating world of cryptocurrency, blockchain, and their impact on various industries in future blog posts.

#Cryptocurrency #Blockchain #Bitcoin #DigitalCurrency #BitcoinMining