Understanding the Basics: Blockchain and Cryptocurrencies

Morgan LaFay
4 min readOct 8, 2023
Photo by Shubham Dhage on Unsplash

Welcome to the fascinating world of cryptocurrencies! The whirlwind of terms and concepts might be intimidating. But take a deep breath; I am here to help simplify it for you.

The Foundation: What is a Blockchain?

Photo by Towfiqu barbhuiya on Unsplash

Blockchain is a distributed digital record-keeping system that registers transactions across multiple machines. Visualize it as a series of digital blocks, where every block contains a set of transaction details. When a block is at capacity with transactions, a new block forms and links the previous one, creating a chain.

Why is Blockchain Special?

  • Decentralized: Traditional banking systems have a central authority overseeing transactions. In contrast, multiple computers run blockchains, ensuring no single entity controls them.
  • Transparent: Any member on the network can view any transaction on the blockchain, ensuring accountability.
  • Immutable: Once added, no one can alter a transaction on the blockchain, preserving the data’s integrity.

Venturing into Cryptocurrencies

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Morgan LaFay

Uncovering untold stories, amplifying voices overlooked. My passion lies in making a difference, sharing narratives often absent from prime time news.