Bitcoin as next-generation money – The Statesman

Nepal too is controlling withdrawals from banks fear- ing that its money is going without account into cryptocurrency, giving further burdening its already reduced foreign reserves.

Since then, a person or a group of persons going by the name of Satoshi Nakamoto pioneered blockchain technology to successfully deploy a currency known as Bitcoin.

Cryptographer David Chaum first proposed a blockchain-like protocol in 1982, which was further developed by Stuart Haber and W Scott Stornetta in the 1990s.

In simple terms, a blockchain is an advanced digital ledger system where each ledger or block of data is connected to another ledger or block of data via a chain in the decentralised network, hence the name “blockchain”.

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