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Blockchain & Cryptocurrency: The Basics

Blockchain & Cryptocurrency: The Basics

Blockchain and cryptocurrency are currently very hot topics, with the global adoption of cryptocurrency increasing to 881% in the last year.

Keep reading to find out all the basics.

Blockchain

Blockchain is a decentralised ledger of all transactions across a peer-to-peer network. In other words, a database that distributes records or shared ledgers of all digital events that have been implemented and shared among other blockchain participants.

In blockchain, transactions are recorded and secured in a shared ledger, which provides a verified time-stamped record of all transactions, securely and with auditable information. With the implementation of blockchain, users can confirm transactions without a need for a central clearing authority.

Cryptocurrency

Cryptocurrency (also known as crypto) is a medium of exchange, created and stored electronically in the blockchain, by using encryption techniques to control the creating of monetary units and verify the transfer of funds.

  • Crypto has no intrinsic value
  • Has no physical form
  • Supply is not determined by a central bank.

There are more than 10,000 cryptocurrencies that are traded publicly – with the total value being almost $2.5 trillion USD.  

The most common example of cryptocurrency is Bitcoin!

Why Is Everyone Talking About Cryptocurrency?

  • Blockchain’s security makes theft significantly more difficult – as each cryptocurrency has its own identifiable number that is attached to an owner.
  • Reduces the need for individualised currencies and central banks. Using blockchain crypto can be sent anywhere to anyone without currency exchanges or central banks.
  • Crypto has made some billionaires! Speculators have driven up the price of crypto – making early adopters very rich. Many continue to buy crypto before they become more valuable – as they believe it is the currency of the future.
  • Many large corporations have started taking blockchain-based digital currency for payments.

Interested to find out more about what you can do with blockchain? Contact us!

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