Crypto Currencies and Block Chain System

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues. Blockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. The purpose of this paper leads to an analysis of the question: if Bitcoin is already here, why have thousands of additional cryptocurrencies been launched? The answer is that several other cryptocurrencies aim to compete with Bitcoin as general purpose currencies. Coins and tokens - all except Bitcoin are known as altcoins - and their purpose is to meet specific needs.