Blockchain and Cryptocurrency - a student's overview part 1

1 A student's Overview to Blockchain and Cryptocurrency
PART 1: An Introduction

So, I happened to have pickup this subject called Blockchain and cryptocurrency in my college electives and though I clearly had a brief idea of the concept earlier, a visit to a Bitcoin market cap website just blew my mind.

So, here is the website - Bitcoin MarketCap and here is a picture I would like to share showing the price variation of bitcoins over the years.

Right from a price of about 65$ a piece (though the word 'piece' seems incorrect) to peaking to about $20k per piece and when I checked it, the prices were about $7k a bitcoin.

There was back in 2015 if I'm not incorrect, a sudden craze for bitcoins. The prices no doubt skyrocketed due to the very same reason. Now, the prices have fallen to less than half of what the zenith of glory bitcoins had seen, the craze continues, however. There are millions of bitcoins in circulation - just like a generic fiat currency - but decentralised in existence.    

Facebook wanted to launch its own cryptocurrency - libra to create legally decentralised economies.

Governments all over the world have warned people against the use of cryptocurrency. 

The famous 2018 ransomware attack was also based on the hackers demanding payment in crypto coins - raising concerns over the globe over what the possible usage of these "coins" may lead to - there is a transaction no doubt, but no one knows from whom to whom.

    

So, I was naturally struck with the following question after all this data made its way into my head- 

 How can people put so much trust in a network that is decentralised?

Let me leave this with this question. I'll try to explore the way in which blockchain works in next article.  

  

Note: Images belong to respective owners. I've tried my best to use the images from public domain only.