Blurttradinghub || Season 1-Week 2 || Blockchain and Cryptocurrency || By @rhyda

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In your own words, discuss cryptocurrency and Blockchain.

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Cryptocurrency

Cryptocurrency is a digitalized form of currency that can only be found on our devices… which means that it has no notepaper or coin but only a digital currency that can be used for payments or investment.

In the year 2009, the first cryptocurrency was created by an unknown individual called Satoshi Nakamoto.
The idea was to create a decentralized currency that has nothing to do with the government or a company. But rather a currency that stands on its own and can be used in any part of the world.

With that being said, cryptocurrency is a peer-to-peer network and all an individual needs is an account and then you can trade with whoever or wherever you want without the interference of a third party.

Unlike the local banks, where you have an individual control your deposit and withdrawals, in cryptocurrency, you get to control your wallet.

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Blockchain

Blockchain is a technology that enables the movement of digital coins or assets from one individual to another individual.
Note: Bitcoin is not blockchain.

We can also say that it’s a chain of blocks that contains information. It distributes its ledger that is open to everyone around the world.
I’m a blockchain, once data is recorded, it becomes very difficult to change.
Each block in the blockchain contains some data and a hash.

The data kept in the block depends on the class of blockchain.
Let’s take the Bitcoin blockchain for example.
The use of this block is to store details about transactions such as transactions based on the sender, receiver, and the number of coins sent.
Let’s take a look at the fingerprint for example. Every individual has a unique fingerprint and so is the hash it helps in identifying a block and it’s content. Once a block is created, the hash starts to calculate. Hash is always useful in detecting a change in a block.

The first block of the blockchain is what we call the genesis block.

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How is crypto and blockchain making life easier today? Discuss giving real life examples.

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As stated in your lectures “ Blockchain and crypto are the future of finance”. Well let’s take a look at the central bank, for example, all your assets, all your deposits, and withdrawals are been monitored by a third party and they can choose to use your funds for other projects without your notice. But when it comes to crypto, you are the only boss of your wallet and there is no third-party monitoring it which means you choose to either invest or use it for other activities.

The withdrawal rate of the central banks is much greater than compared to the cryptocurrency which is why you can send and receive payment at a lower rate in the comfort of your home without moving to the bank or any agent.

In the olden days, there was nothing like online buying and selling. but thanks to the internet and the introduction of cryptocurrency, traders gets to do business on the internet with out having to move from one place to another.

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What is decentralization. What are some advantages of decentralization?

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Decentralization

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A situation whereby every individual has the power to make his her own decisions is what we call decentralization.

In the blockchain, decentralized systems are systems that have stored data on multiple servers. That’s to say that all data are scared around the world on different servers making it difficult to hack.

Deals in the blockchain are done on a peer-to-peer network without the involvement of a third party.

We’ve all had a view of a centralized system in our life. Whereby you get penalized by the authorities of the system trying to do what pleases you.

In the decentralized system, no one has control over you and you get to do whatever you think is right without the interference of the authorities.

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Advantages of decentralization.

• Gives users the full control to manage their accounts:
  Decentralized systems give dealers full control of their finances and they get to choose who and where to trade their finances without the involvement of a mediator or the bank.

• Difficult to hack:
  Unlike centralization whereby data is kept on one server. Decentralized data are scattered around the world which makes it delicate for hackers to access.

• Decision making:
  Every individual in the decentralized system is entitled to make his or her own decisions which sometimes yield profit to the individual without obeying any laws.

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Conclusion

Thank you very much professor @zology69 for giving us search a wonderful lecture on blockchain and cryptocurrency.

Indeed the digital network is taking over the world and with time, we won’t have to deal with the laws enforced on us by the centralized systems.

Thank You.