Money as a concept has changed over the years. After gold, the world has created different currencies. Now there is virtual currency like Bitcoins that is cheaper and safer to manage. Will blockchain technology replace the traditional printed currency, nobody knows but many consumers and businesses are ready to exploit the new digital currency.
Over the last few years, blockchain technology has become a trending topic in the computer world. The public started to know about blockchain through Bitcoin; however there is more to blockchain than cryptocurrency. One of the more well-known implementations of blockchain technology is bitcoin, a digital payment system. Bitcoin is a new currency that was created in 2009 by an anonymous person hiding under an alias of Satoshi Nakamoto. Transactions are made with no middlemen, without banks, without transaction fees and without providing the real name. Bitcoins can be used for payments and valid transactions instead of real money but the system ensures that users do not spend money that does not belong to them. However, will blockchain technology eventually replace the traditional business models?
Bitcoins are created as reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. The activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Bitcoins can be exchanged for other currencies, products and services.
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