Bitcoin was the first digital currency to get popular in the cryptocurrency world, it still is one of the most valuable digital currency. Bitcoin was created by an individual who is only known by the Satoshi Nakamoto pseudo name. However, there are no proven records to associate the name with a real person. The invention of bitcoin in 2009 fueled the rise of other digital currencies and as of May 2018, the total market cap was slightly over $ 300B. Other high types of cryptocurrencies with notable market share include Ripple, Litecoin, Monero, Ethereum, and Dash. So of the digital currencies are created from a 'fork' (a subdivision) of the main Bitcoin framework.

Digital currencies make it easier to exchange value between two different people and make the process so seamless by using secure private and open keys to attach a value. The transactions are the completed online as computer processes and a small percentage charged as a fee to cover for the transaction confirmation. The cryptocurrency transactions and way quick and cheaper than the traditional banks or financial institutions.

Integral to the interest and capacity of Bitcoin is the use of blockchain innovation to store an online record of the considerable number of exchanges that have ever been transacted using bitcoins, giving an information structure to this record is presented with less risk with the information duplicated to different programmers and can be duplicated over all PCs running the Bitcoin program. Each new piece created must be checked by the records of every client available, making it relatively difficult to alter the ledger records. Numerous specialists see the blockchain technology as having vital uses in advances, for example, web-based crowdfunding and voting. Key financial players, for example, JP Morgan Chase see the potential in cryptographic forms of money being used to highly lower the transaction time and also lower the processing fees.

Be that as it may, in light of the fact that cryptocurrencies are virtual and don't have a central control bank, if not well secure, cryptocurrencies can be attacked by a computer virus or hacker and get wiped out from the entire blockchain since a duplicate copy value does not exist the user may lose the held digital assets. Since costs depend on free market activity, the cryptocurrency value may fluctuate widely making the holder suffer huge loses. In the worst case scenario, some currencies have completely crashed and lost the total value.

The mysterious idea of cryptographic money exchanges makes them appropriate for a large group of illegal activities, for example, illegal tax fraud and tax avoidance. Cryptocurrencies are likewise considered by a few financial analysts to be a speculative bubble or short-lived trend bearing that currencies such as bitcoin do not have a tangible value attachment. Bitcoin has, in reality, encountered some fast surges and crumples over the last 3 years.

Cryptographic forms of money are not completely immune to the danger of hacking. In Bitcoin's short history, the organization has been exposed to more than 40 theft incidents, including a couple that surpassed $1 million in value. All things considered, numerous traders consider cryptocurrency and a reliable technology that has value in the processes and transaction efficiency with less control from the key financial and government organizations.