Did you ever pick up a book from the Dummies series and discover that you are the dumbest of dummies when you open it? It is impossible to understand what the book is about if you don’t open it. This seems to be the consensus when it comes down to understanding blockchain technology and cryptocurrency.
It’s not you! Your frustration is understandable because it’s an entirely new concept in financial markets. Let’s now try to explain this concept so you don’t feel like the dumbest.
While you may be curious about blockchain technology, what you really want is to determine the relative value of crypto to fiat currency (printed and minted money) in your country. Don’t worry! You don’t have to worry!
It doesn’t matter where you live, cryptocurrency is the same. The only thing you need to do now is to find out the global value of cryptocurrency in relation to the money that you have been using. This wasn’t too difficult, was it?Also read: Top 5 Automation Tools to Streamline Workflows for Busy IT Teams
This chapter is the next in our Dumbest of Dummies series. It provides a basic understanding of blockchain technology. The easiest way to understand blockchain technology is to think of it as a collection of chronological records that grows over time. These records can be described as blocks. They only exist in cyberspace. Each block is timestamped to allow you to track the ownership of cryptocurrency as it is purchased, sold, or exchanged for value.
Blockchain is not part of any central bank, and cannot be controlled by any government like their national currency. It simply records the movements of crypto. It is like being able to track every dollar in your wallet since it’s printing. That would be quite a feat. It is possible to track crypto as a digital record in nanoseconds. Also, crypto cannot be altered because it is highly encrypted.
Another important point to remember is that the records are distributed across the internet, so no crypto can be found on every computer in the network. Each crypto is a separate record. To access the data stored in a digital block, you will need both private and public codes.
This is the question for the next book of the series. This is the part that is most difficult for laypeople without any background in math or computer coding. They can be purchased, sold, and transferred within a transaction once they have been created. But that’s another story. It is important to note that only one entity or person can have that crypto at a time.
Let’s get to the question. It’s almost like a toddler asking her mom where their babies came from. Is it possible to give a simple answer that even a small child could understand? We are the little tots in this instance, so let’s wait for mom to reflect on it before we ask where the Bitcoins she has in her hot wallet came from.
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