@ron4yk
π Day 1: What Is Cryptocurrency?
(simple explanation)
1. The Main Idea:
Cryptocurrency is digital money that exists only online.
It works without banks or governments. You control your money yourself.
Key features:
π Decentralization β no central authority or control.
π Security β data is encrypted and protected.
π Global use β you can send money anywhere in the world.
π Speed β transfers happen within minutes or even seconds.
ππ Volatility β the price of cryptocurrencies can change a lot every day.
2. How It Works:
Imagine a giant notebook (this is called blockchain) where all transactions are recorded β who sent money to whom and how much.
This notebook:
is visible to everyone in the network,
is almost impossible to fake,
is constantly updated automatically.
3. Example:
You have 1 Bitcoin.
You send it to me.
This transaction is recorded in the blockchain.
Everyone can see: you sent it, I received it.
No banks, no middlemen, no paperwork!
4. Why Is It Cool?
β¬οΈ