The blockchain and cypto for dumbies - part 1
If you like me you probably know very little about the blockchain other than its internet money bank. It seems rather complicated like something only very highly intelligent people only understand however, I stand to correct this perception for its actually quite simple.
The blockchain is a database that is basically electronic information that is stored in this case it stores cryptocurrency like bitcoin or steem coin.
In simple terms:
Cryptocurrency- Digital currency
Bitcoin-type of cryptocurrency
blockchain- Techonolgy that powers or database used to store crypto
One of the reasons why crypto is so popular in this new age of technology is that the fees are very low and its tax-free. Crypto is also free from being governed or allowing your information from being sold due to having an open ledger.
The only downside or negative is that crypto can be hacked and scams are fairly common. Also, theres no insurance and most goverments dont back up guarantees. In some countries Crypto is banned like China,Turkey, Russia and many more.
Forums like steemit enables the user to obtain crypto another way to obtain is to buy crypto to your wallet
Interesting fact
Cryptocurrency was first founded to assist dark web users