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What is cryptocurrency anyways?
Cryptocurrency is a decentralized digital money that uses blockchain technology. There are more than 10,000 cryptocurrencies in circulation. Unlike fiat money and the Euro, cryptocurrencies are not backed by any physical commodities or institutions. Its value is distributed among its users through the internet. As crypto grows awareness around the world, Bitcoin and other cryptos can now be used to purchase a wide range of products and services. Although the most intriguing aspect of this space, is the evolution of decentralized protocols and finance, that will no doubt, be vital to our daily lives in the future. I know this can all seem like a lot of information. But I’m here to help break it all down into bite-sized pieces, so it’s more easily digestible!
Blockchain in daily life.
A blockchain is a public, distributed ledger that records transactions in code. Each transaction is recorded in “blocks” that are linked together in a “chain” formation. Transactions are verified and recorded simultaneously on every copy of the blockchain. The digital ledger is held on an entire network of computer systems on the blockchain. For example, Bitcoin has about 70,000 computers running blockchain software. This process makes it near impossible for criminals to commit fraud, as blockchain creates trust, security, transparency, and traceability of data.
