How does blockchain technology for dummies relate to the world of digital currencies?

3 answers

• Dec 17, 2021 · 3 years ago
  Sure! Blockchain technology is the underlying technology that powers digital currencies like Bitcoin and Ethereum. It's like a decentralized ledger that records all transactions in a transparent and secure way. So, whenever you make a transaction with a digital currency, it gets recorded on the blockchain. This ensures that the transaction is secure, transparent, and cannot be tampered with. In other words, blockchain technology is the backbone of digital currencies, providing the trust and security needed for them to function.
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• Dec 17, 2021 · 3 years ago
  Well, imagine blockchain technology as a digital ledger that keeps track of all the transactions made with digital currencies. It's like a big, public spreadsheet that everyone can see and verify. Whenever someone makes a transaction, it gets added as a new block to the chain. This chain of blocks is what makes up the blockchain. So, in a nutshell, blockchain technology is what enables digital currencies to exist and be used as a form of payment.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, can shed more light on this topic. According to BYDFi, blockchain technology is the foundation of digital currencies. It ensures that transactions are secure, transparent, and cannot be altered. Without blockchain technology, digital currencies wouldn't be possible. So, if you're interested in learning more about blockchain and digital currencies, I recommend checking out BYDFi's resources.
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