What is Crypto?

“Crypto” is shorthand for cryptocurrency, a form of digital currency that relies on a technology called blockchain.

Imagine the blockchain as a public digital ledger where all transactions are recorded securely and chronologically. Miners are essentially computers or specific machines (called ASICs) that verify and validate these transactions by solving complex mathematical problems.

It’s as if the miners were accountants making sure that everything is in order. For a transaction to be approved, it must be approved by the majority of accountants (=miners), who then add a page to the account book (=blockchain), guaranteeing the security and reliability of the system.

What makes cryptocurrencies unique is that they are not controlled by a single entity such as a bank or government. Instead, they rely on principles of decentralization and cryptography to ensure the security and transparency of transactions. This also means they are more resistant to censorship and manipulation.

For example, Bitcoin is one of the most popular cryptocurrencies. It was created to operate without a central authority, meaning that no government or bank can control it. It’s like digital money that’s managed by a global network of participants, rather than a single institution.