The world of cryptocurrencies – it’s an exciting space that’s full of potential, but also fraught with risks. As someone who’s been studying and teaching about blockchain and cryptocurrencies for a while now, I want to make sure you understand the possible downsides of using these digital currencies. First off, let’s talk about one of…
The role of regulation in the cryptocurrency space – this is a topic that’s near and dear to my heart, and one that I believe is essential for anyone looking to get involved with cryptocurrencies to understand. As someone who’s been teaching about blockchain and cryptocurrencies for a while now, I’ve seen firsthand how confusing…
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…
When we talk about blockchains, one of the key distinctions that’s often brought up is between public and private blockchains. This difference is crucial because it gets to the heart of how a blockchain operates, who can use it, and what kind of security and transparency it offers. First off, let’s start with public…
The concept of decentralization is a fundamental aspect of blockchain technology, and understanding its purpose is crucial for grasping the true potential of this innovative system. At its core, decentralization refers to the distribution of power, control, and decision-making authority across a network, rather than relying on a single, centralized entity. In traditional systems,…
As we dive into the world of blockchain and cryptocurrencies, it’s essential to understand the underlying consensus mechanisms that enable these networks to operate securely and efficiently. Consensus mechanisms are the backbone of any decentralized system, allowing nodes on the network to agree on the state of the blockchain. You’ve mentioned two of the…
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…
As we dive into the world of blockchain and cryptocurrencies, you may have come across a term that has been gaining significant attention lately: Non-Fungible Tokens, or NFTs. As your teacher, I’m excited to break down what NFTs are, how they differ from cryptocurrencies, and why they’re an important part of the blockchain ecosystem. First…
So you want to know how gas fees are determined in blockchain transactions? Well, let me tell you – it’s a fascinating topic that can be a bit complex, but I’m here to break it down for you in simple terms. First off, gas fees are a crucial component of the Ethereum network, which…