I explained Blockchain Technology to my 5-year-old Cousin.

You must have heard people talk about Blockchain technology and Bitcoin .

From your work place to the beauty salon to the game stores and even inside vehicles.

The Technology Blockchain has achieved popularity and people is becoming more aware of this decentralized currency.

The terms and concepts used in Cryptocurrency and Blockchain might be a bit technical and hard for kids or even adults.

Here, in this write up. I explained the Block chain technology in it’s simplest term to my 5 year old cousin.

Blockchain refers to a decentralized public ledger that records transactions across many computers.
Decentralized means that it is not controlled by a central Body.

For instance, In Nigeria we have Central Bank of Nigeria, which means the body that regulates all the financial institutions.

But in Blockchain technology, it is decentralised that means it is not controlled by a single entity.
A public ledger is an old way of keeping record and it was made available for public viewing.

Thou this system of record keeping comes with security risk but it is widely accepted in the world of Cryprocurrency.

Cryptocurrency
A cryptocurrency is a digital currency that is secured by cryptography, which makes it nearly impossible to fake it.

A big example of a crypto currency is Bitcoin etc. Cryptocurrencies are decentralised that means Government doesn’t have any interference on them.

Bitcoin
 Bitcoin is simply defined as a type of decentralised digital currency that can be bought, sold, and used to purchase goods and services.

It is a virtual currency and is only usable digitally.

It is not controlled by a central bank and it can be sent from one user to another through the peer to peer method.

The truth is that Blockchain technology and Bitcoin have come to stay. The faster you embrace it, the best for you.