WHAT IS CRYPTOCURRENCY?
Cryptocurrency is a secure digital currency that utilizes cryptography and is built on a decentralized blockchain, a distributed ledger system that records and validates transactions across multiple computers. Its appeal stems from its independence from central banks and its decentralized nature.
Crypto has been in the news a lot lately and is covered often. The purpose of this module is to educate you, not to encourage you to invest in crypto.
WHAT IS BLOCKCHAIN TECHNOLOGY?
Blockchain is a decentralized digital ledger that records and verifies transactions across multiple computers. It operates on a peer-to-peer network, where each transaction is bundled into a "block" and added to a chain of previous blocks. This technology ensures transparency, security, and immutability of the data stored on the blockchain, making it useful for various applications beyond cryptocurrencies.
While cryptocurrencies have received scrutiny, it is important to note that blockchain technology is legitimate and it utilized by multiple Fortune 500 companies.
WHAT ARE BITCOIN AND ETHER?
These are the two most common cryptocurrencies and are generally viewed as the 'benchmarks' for cryptocurrency. These currencies both operate on their own blockchains. and their values are tracked by major financial publications and networks.
ARE SCAMS COMMON?
Scams are common in the crypto space, and it's essential to be cautious and informed. Scammers can take advantage of unsuspecting individuals through schemes such as fake investment opportunities, fraudulent initial coin offerings (ICOs), Ponzi schemes, and other phishing attempts. It is crucial to exercise due diligence, conduct thorough research, and only engage with reputable platforms and projects.