Blockchain Technology and Cryptocurrency : explain in simple word

You may have heard the term ‘Blockchain’ and dismissed it as a buzzword, or even a technical jargon. But I believe blockchain is a technological advance that will have wide-reaching implications that will not just transform financial services but many other businesses and industries.

Imagine a world where you can send money directly to someone without a bank – in seconds instead of days, and you don’t pay exorbitant bank fees. Or one where you store money in an online wallet not tied to a bank, meaning you are your own bank and have complete control over your money. You don’t need a bank’s permission to access or move it, and never have to worry about a third party taking it away, or a government’s economic policy manipulating it.

This is not a world of the future; it is a world that an avid but growing number of early adopters live in right now. And these are just a few of the important blockchain technology use cases that are transforming the way we trust and exchange value. Yet, for many, blockchain technology is still a mysterious or even intimidating topic. Some even remain skeptical that we’ll use this technology in the future. This skepticism that exists today is understandable because we’re still very early in the development and widespread adoption of blockchain technology.

" The blockchain symbolizes a shift in power from the centers to the edges of the networks." - William Mougayar

2024 is to blockchain what the late 1990s were to the internet. And like the internet, blockchain technology is anything but a fad, it’s here to stay, and if you’re reading this, you’re early too.

What is Blockchain?

Blockchain can be defined as a chain of blocks that contains information. The technique is intended to timestamp digital documents so that it’s not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need for a central server.

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