By Dr. Arun Karthick
What is Cryptocurrency?
Cryptocurrency is decentralized digital money, whereas the money we are currently using is Centralized. By centralized, I mean everything is monitored and controlled by Banks and Government. This is solved in decentralized cryptocurrency.
You may have heard currencies like Bitcoin, Ethereum etc. But there are more than 5000 cryptocurrencies at present.
We all know that the functional unit of Kidney is Nephron. Similarly, Cryptocurrency functions on a unit called Blockchain.
What is Blockchain?
A blockchain is an open, distributed ledger that records transactions in code. In practice, it’s a little like a checkbook that’s distributed across countless computers around the world. Transactions are recorded in “blocks” that are then linked together on a “chain” of previous cryptocurrency transactions.
With a blockchain, everyone who uses a cryptocurrency has their own copy of this book to create a unified transaction record. Software logs each new transaction as it happens, and every copy of the blockchain is updated simultaneously with the new information, keeping all records identical and accurate.
In Simple words, instead of physical ledger present in banks, an online ledger will be present, accounting for all the transactions done in crypto.
Should you invest in crypto?
Yes and No.
Investing in crypto is subjective. There are still many uncertainties in this subject. You shouldn’t hop into crypto, seeing crypto millionaires ads. There’s a big learning curve for cryptocurrency and the person should be cautious in investing. People should invest only a part of their savings, not the money they need for everyday survival. Everyone says cryptocurrency is the future. Well, I believe it too. But, I also believed Adults have the world pretty much figured out when I was a child.
Well, here We are.
Stay tuned for more updates on Cryptocurrency! Thank you