Good evening guys
Today i'll be submitting my assignment for the @blurttradinghub week 2 beginners course held by @zology69 which is on cryptocurrency and blockchain

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Question 1: Discuss cryptocurrency and blockchain

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Cryptocurrency is a term that is coined from two words crypto and currency.
Crypto simply means to encrypt while currency generally a term for money or items used for transactions
Cryptocurrency can be said to be a digital asset that is secured using cryptography. The security provided by cryptography makes it hard to create a counterfeit.
Cryptocurrency exists as either coins or tokens
Most people usually mistake coins and tokens as one but there's a difference
Coins are cryptocurrencies that are created on. it's own specific blockchain and performs the same function as traditional money. Common examples of coins are bitcoin, ethereum and dogecoin
While tokens digital currencies that are created as part of an existing blockchain and are used within an application that is based on that particular blockchain network. A common example is the ether that is built on the ethereum network

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Blockchain basically means a database that stores information in the form of a digital ledger which makes it extremely difficult to tamper with the recordings.
The term blockchain can be simplified into block and chains. Each block consists of records of transactions and every new transaction reflects on the ledger of each participant. The interconnection between all the ledgers forms a chain so that's how you get blockchain

The blockchain serves as a database for storing all transactions relating to cryptocurrency that takes place

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Question 2: How is cryptocurrency and blockchain making life easier today? Give real life examples

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Cryptocurrency and blockchain has helped improved life in so many ways, some are mentioned below;

• Easier transactions: the blockchain has made transactions easier as there's no need to go through the stress of conventional banks. From the comfort of your home, you can perform transactions
• Cashless policy: it has reduced the risk of carrying cash around as all cryptocurrencies can be stored on the blockchain and used anywhere
• Availability: the blockchain is available anywhere and anytime which brings comfort to the users that want to perform transactions.

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Question 3: What is decentralization? What are some advantages of decentralization?

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Decentralization can be defined as a system where there's no central authority to control decision making. The users are free to make their decisions and are not bounded by rules.
Decentralization is the opposite of a centralized system where there's a central authority like the government making decisions

Advantages of decentralization:

• Freedom: decentralization grants the users freedom to make decisions and also influence decisions to be reached
• Security: due to the elimination of middlemen, there's a reduction in risks as users can interact with each other in a peer-to-peer way while conducting transactions
• Transparency: decentralization helps to create transparency in all transactions between its users