CRYPTOCURRENCY (OFTEN CALLED “CRYPTO”) AND BLOCKCHAIN HAS BEEN A SUBJECT AT THE TOP OF MANY PEOPLE’S MINDS IN THE LAST FEW YEARS, AND ESPECIALLY IN 2020.
You may know that cryptocurrency is just what it sounds like: a form of currency. It is a tool that can be used to buy goods and services (both online and even in physical stores or restaurants), but the main thing that sets it apart is that crypto is entirely digital, and unlike normal money, is managed by a network of computers running something called “open source code” as opposed to the government overseeing it. There are many different types of cryptocurrency (one you’ve likely heard of is called Bitcoin). Crypto is an unregulated currency, and many use it to trade for profit in addition to making purchases with it.
So, where does blockchain come in? Blockchain is essentially what supports the functionality of cryptocurrency. It is a shared, neutral type of technology that manages transactions and records data.
Curious about cryptocurrency and blockchain technology? If it sounds confusing, don’t worry. There is a lot that goes into it, and it can be difficult to know where to start. If you’re curious about how crypto and the technology behind it works, or if you’re thinking about getting into it yourself, we’re here to help! As cryptocurrency continues to become more popular and widely accepted, it’s helpful to learn more about what cryptocurrency and blockchain is, how they work together, and what they mean for technology. Let’s get started below!