A friend of mine who absolutely had no idea about cryptocurrency walked up to me recently to ask me to tell her about cryptocurrency and I was wondering where exactly I was going to begin considering the fact that I am not an expert myself, of course I just had to begin from somewhere and stop anywhere possible as far as my own knowledge could go.
I began by explaining that cryptocurrency is a digital form of currency that can be used for various types of exchange including the purchase of goods and services. This transactional exchange is strongly secured by strong linked unbreakable chains.
The blockchain operates on an open ledger making it very convenient for everyone available on that ledger to see the details of all the transactions carried out on the chain, this open method of transactions gives no room for cheating because both the sender and the receiver can see the details of all transactions carried out.
Whenever there is an argument of funds between two parties in a traditional banking method, the two parties will be asked to visit the bank concurrently until the issue gets resolved and it is only the bank officials who can see the progress of the transactional complaints, however reverse is the case for the blockchain because it is an open source ledger and the expecting party may choose to check the transactional records of the sending party in order to figure out where the problem is coming from.
With the digital means of carrying out transactions, owners have complete access to their funds and are able to reach out to those funds when it is needed without any third party holding on to those funds unlike the traditional banking system that may decide to lock up owners funds for an unresolved issue. It is already a wide spread news that the blockchain is the next big thing to happen after the internet and it is a safe way to store data and even save funds. Full transactional details of both the sender, the receiver as well as the amount sent are all made visible on the blockchain. It is the several chains of undisputed blocks of the blockchain that makes it extremely secured and safe for use.
The blockchain also offers fast transactional options, as quick as the snap of a finger it is very easy for transactions to get verified on the blockchain. With the blockchain, there is no need for an intermediary or third-party before a transaction gets verified. I hope I tried with the explanation I gave to my friend about understanding the blockchain, I will expecting your reviews.
Even though you say in this post that you are not an expert, I think your friend must have been very happy and satisfied with that explanation as it was very well understood.
Greetings and thanks for telling us about your experiences in this post.
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