The world of blockchain and cryptocurrencies is vast and fascinating, isn’t it? As we dive deeper into this realm, one of the most frequently asked questions revolves around Ethereum and its distinction from Bitcoin. Let’s break down what Ethereum is and how it differs from its pioneering counterpart. First off, it’s essential to acknowledge that…
The world of blockchain and cryptocurrencies can be overwhelming at times, especially when it comes to understanding the nuances between different digital assets. As your teacher, I’m here to guide you through one of the most common confusions in this space: what is a token, and how does it differ from a coin? This question…
As we dive deeper into the world of blockchain and cryptocurrencies, I’m excited to share with you one of the most fascinating applications that’s been making waves in recent years: DeFi, or Decentralized Finance. So, what exactly are DeFi applications? In simple terms, DeFi refers to a set of financial services and tools that operate…
A cryptocurrency, in its entirety, is defined as: Cryptocurrency is a kind of digital or virtual currency that uses advanced techniques of cryptography for transaction security and control of new unit creation. It is decentralized, meaning not controlled by any government or institution. Though the concept of cryptocurrency had been present since the 1980s,…
Bitcoin was the first cryptocurrency, created by an individual or a group of people under the pseudonym Satoshi Nakamoto, back in 2009. It was supposed to be a decentralized digital currency that allowed peer-to-peer transactions to take place independently of any kind of banks and governments. It is, at its very base, an online…
I’d be happy to explain what blockchain technology is, and how this thing works. It simply allows a transaction occurring between two ends on a network to be recorded in a secure, transparent digital ledger-a basic blockchain technology concept where other digital currencies like Bitcoin and Ethereum base their foundation, although their use extends a…
Creation of cryptocurrencies is a rather complicated process involving many steps and requiring substantial knowledge in cryptography, computer science, and economics. I will break down this process into major components for better understanding of how the creation of cryptocurrencies is performed. First, let’s begin with the very basics. Cryptocurrencies are digital or virtual currencies…
The infamous 51% attack! As we dive into the world of blockchain security, it’s essential to understand this critical concept that can make or break the integrity of a decentralized network. So, what exactly is a 51% attack? In simple terms, it’s when an individual or group controls more than half of the total mining…
I’m glad you asked this question because buying and selling cryptocurrencies can seem daunting at first, but trust me, it’s easier than you think. As your teacher, I’ll walk you through the entire process step by step. First things first, to buy or sell cryptocurrencies, you need to use a cryptocurrency exchange. Think of…
As we dive deeper into the world of blockchain, I’m often asked how this technology can be applied beyond the realm of cryptocurrencies. It’s a great question, because while Bitcoin and other digital currencies have certainly put blockchain on the map, its potential uses extend far beyond the realm of finance. To start understanding the…