Cryptocurrency Versus Blockchain
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Loading... - Maxwell Ababio
- 12 Sep 2022
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In my opinion, the benefits of blockchain are being paraded as akin to that of cryptocurrencies and while to a large extent that is accurate, from the few conversations I have had over the past weeks, there needs to be an urgent understanding of each of them, and both. For instance, while all cryptocurrencies utilise blockchain technology but not all blockchain technology is cryptocurrency.
In elementary terms, a crypto currency is a digital currency. Its transactions are all verified and secured using a decentralised system that operates by cryptography.
Crypto currencies are not backed by centralised systems and are not controlled by regulating authorities. These currencies are largely autonomous and public, which to some is the best feature, while to some, is the opposite because of the associated risks. As a result of the encryption (cryptographic) technologies they use, these (crypto) currencies act as both virtual accounting systems and also as currencies.
In the off chance you are still a tad confused as to what precisely it may be or how it may be used in real life settings around you, think of crypto currencies as mobile money but on steroids. Read More...
