Why Scammers use Bitcoin — The Great Twitter hack of 2020

By Umar Usman on The Capital

Cryptocurrency is an emerging technology and we are hoping it will replace our current money system. We have been listening about cryptocurrency since the start of 2009 when an unknown person (or group of people no one knows) who’s name is Satoshi Nakamoto released a paper in which he introduced a new peer-to-peer electronic cash system. This system allowed to transfer money from one person to another without involving any financial institute using internet as a medium. After that paper bitcoin network came into existence on 3 Jan 2009.

Now the question arises, “How bitcoin actually works and If no one is behind bitcoin who regulates and controls bitcoin?”

How Cryptocurrency Works?

On the internet, there are over 1500 digital currencies available developed by different people around the world. All of them work for different purposes but one thing is common in all of them, that is the technology behind it. It is called Blockchain technology.

What is Blockchain Technology?

As the name explains blockchain is a simple chain of blocks that contains information. This technology was first introduced in 1991 by some researchers but hasn’t used…