Cryptocurrency Explained in simple terms — Currency of the Future

Bitcoin hits its all time high at $40,000 and there has been an enormous rise in billionaires encouraging investment in bitcoin. Other Crypto currencies like Ethereum and Bitcoin cash have reached 1700 and 460 USD respectively significant rise from march 2020.

There has been alot of debates and discussion online speculating the future of Bitcoin. Is Bitcoin’s sudden rise indicate its viability or Will we see a steep fall soon?

To learn what is Cryptocurrency ? We must first learn what is block chain ?.

Crypto currencies use block chain technology to store data and currency.

Block chain is a database of sorts ,that stores all the transactions in forms of blocks in different block chains.

Blockchain by someone anonymous with the alias Satoshi Nakamoto .

Then the blocks are connected with each other in the form of chains with the previous block.

Something like this 👇.

Blockchain Creation

These blocks are connected only when the block is filled completely with transactions and data. once the block is connected it becomes impossible to change that data unless you send a different transaction reversing the one before it.

Suppose ram sends sham $50.once this transaction is completed ram cannot do anything about it he cannot refute the payment he cannot refund the payment.

Block chains are highly encrypted and highly secure .They used the highest form of encryption.

Even if a hacker wanted to change the transaction between ram and sham he would have to change the block previous to the block in question , and to change the previous block he would’ve to change the one before it and millions of such blocks have to be changed , just to change that one transaction which is impossible to do even for supercomputers of today’s age.

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