Someone in your life, perhaps your lover or best friend, is discussing cryptocurrency.
At its most basic level, a cryptocurrency is a digital asset that uses computer code and blockchain technology to run autonomously, without the need for a significant party to control the system, such as a person, company, central bank, or government.
A blockchain is a distributed ledger that records bitcoin transactions.
Bitcoin, the first cryptocurrency, was founded to serve as an online payment system.
Tokens, on the other hand, are based on a previously established blockchain.
Reducing corruption: Cryptocurrencies aim to overcome the problem of absolute power by dividing it among many persons or, better yet, across all network participants.
With traditional money, a middleman such as your bank or a digital payment firm takes a cut every time you make a transfer.
When you use traditional cash, you’re essentially handing over control to central banks and the government.