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What is cryptocurrency and blockchain? So Simple words to understand it

This is very difficult to understand. If you go to the internet, you will see hundreds of different opinions about cryptocurrency, some of which you are surprised to read and some of which are clearly not written by any expert.

Differences of opinion have their place, but one thing you understand immediately and that is that the value of any currency is as much as people understand. Whether it’s banknotes and coins issued by the Bank of England or state bank of pakistan, precious stones or anything like that. Any currency works only when everyone recognizes it. For a long time, people have been trying to create a digital currency that does not need national borders and does not depend on the currency of a particular country.

But these people always had to face failure because no one believed them. People always needed to have an institution or a person who could turn the supply of this currency upside down and secondly, it was very easy to copy digital currency. That’s why many people were happy with the arrival of the bitcoin and began to believe that it would not have any problems.

Bitcoin relies on a special type of database called blockchain. Blockchain is a huge book, and if you buy bitcoin, you get a copy of the book. For example, whenever a bitcoin is sent by me to another person, it is noted in the book, a copy of which is also available to all Bitcoin users. This means that neither the government, nor the bank, nor the person who invented bitcoin can change the coin. There are mathematical principles behind all this, but neither bitcoin can be copied, nor can a bitcoin book be hacked, nor can a bitcoin be spent twice.

The bottom line is that the Black Chain database is what drives any digital currency, such as bitcoin. For fans of digital currency, it is a state-of-the-art revolutionary type of currency, with the potential to sideline banks and national currencies and make online banking accessible to anyone with a mobile phone.

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