Full name: Saad elgueroini

Bde:202

Cryptocurrencies and blockchain technology

Introduction
In a world where trust is a currency, we’ve witnessed the birth of a technology that redefines the very fabric of
this trust. Welcome to the realm of Cryptocurrencies and Blockchain Technology. Let’s go back in time to
ancient Egypt. The Pharaoh’s writers carefully wrote down the amounts of grain collected on heavy clay tablets.
These tablets were the proof of the harvests. Now, jump to today’s world, where information travels instantly
around the globe. How can we be sure that this information is real and hasn’t been changed? That’s where
blockchain comes in. Today, we delve into the heart of this revolution.

Cryptocurrencies
[a]
A cryptocurrency, is a digital currency designed to work as a medium of exchange through a computer network that is not
reliant on any central authority, such as a government or bank, to uphold or maintain it. The first known cryptocurrency is
Bitcoin, it was created in 2009 by an anonymous person or a group Referred to as SATOSHI NAKOMOTO. Bitcoin was
invented in the wake of the 2008 crisis Individuals and companies' trust in banks and governments decreased. It was a
call for financial freedom where you can control your money without the need for a central authority. Cryptocurrency does
not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use
decentralized control as opposed to a central bank digital currency (CBDC)

Blockchain
Now how does this technology work? Cryptocurrencies like Bitcoin and Ethereum are powered by a technology called the
blockchain. At its most basic, a blockchain is a list of transactions that anyone can view and verify. The Bitcoin
blockchain, for example, contains a record of every time someone sent or received Bitcoin. Cryptocurrencies and the
blockchain technology that powers them make it possible to transfer value online without the need for a middleman like
a bank or credit card company. Each block contains several transactions verified by individuals called Miners. These are
rewarded newly generated bitcoin for verifying transactions and once a block is added it stays permanent forever. There
are many advantages of blockchains. They’re global: which means that cryptocurrencies can be sent across the planet
quickly and cheaply. They increase privacy: Cryptocurrency payments don’t require you to include your personal
information, which protects you from being hacked or having your identity stolen. think about how much of your
transactions require a bank or a credit card company or payment processor like Paypal in the middle of it. Blockchains
allow for those transactions to happen without a middleman, and without the added costs and complexity that come with
them. a crypto blockchain isn’t maintained by any individual or organization, including banks and governments.
Almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, are secured via blockchain
networks. This means their accuracy is constantly being verified by a huge amount of computing power.
The list of transactions contained in the blockchain is fundamental for most cryptocurrencies because it enables secure
payments to be made between people who don’t know each other without having to go through a third-party verifier like a
bank. Due to the cryptographic nature of these networks, payments via blockchain can be more secure because each
currency has its algorithm Bitcoin uses SHA256, and Ethereum Ethhash. When making a Bitcoin payment, for instance,
you don’t need to provide any sensitive information. The cryptocurrency network assigns each user a unique ‘address,’
which is made up of a private key and a public key which it acts like an email address

Conclusion
As we conclude, Cryptocurrencies and blockchain technology are not just financial tools. They are the keys to
unlocking a future where trust is built into the system, where transactions are transparent and secure, and
where the power of finance is returned to the people.