Decoding Cryptocurrency and Blockchain Technology: A Journey from 1 BTC to $35,029

Dear readers, today I'm going to discuss about the Cryptocurrency and Blockchain technology. First, we need to know that what is meant by Cryptocurrency and blockchain technology? Basically, Cryptocurrencies are built by using the blockchain technology, blockchain is the way in which transactions are noted into "blocks". It is a fair process and its really hard for the hackers to hack the transactions because of its tough security system.

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Cryptocurrency is one of the recent technologies, which began in 2012. This is the type of blockchain technology that is used for transferring cryptocurrencies anywhere in the world. When this technology was first introduced to the market, I was a student of class 1 or 2, but at that time I was not much aware about it until I used to know about it in 2019 when COVID was on its peak.

I researched about this blockchain technology and there I found an hilarious thing about it that 1 BTC is equal to one pizza. At that moment I was really shocked that at the starting of this blockchain technology its value was equal to one pizza but during my research in 2019 its value was equal to $7,216, and now its current rate is equals to $35,029.

So, now lets talk about that why cryptocurrency and blockchain technology are essential in this modern world? There are several reasons, as they provide solutions for different kind of challenges in this digital and interconnected society.

Cryptocurrencies and blockchain technology validates decentralization, reducing the effort of the humans in this modern world that with the help of this technology there is no need to go to the centralized intermediaries like banks and the government offices. It is really helpful for the individuals and it helps to empower the individuals.

Another thing about this technology is that transactions that are recorded on a blockchain are transparent and unchangeable. It means that once the transaction is confirmed then you can not alter it, this transparency and unchangeability can reduce frauds, corruptions and errors in the transactions.

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The security of this blockchain technology is highly secure because of its cryptographic nature. There is no chance for any kind of frauds in the transactions, even hackers cannot do anything with the transactions.

Furthermore, blockchain technology is very much important for the individuals, as it reduces the cost of the transactions by terminating intermediaries as I told you before like banks and government offices. This technology is more valuable in the international money transfers and some important contracts.

Basically, cryptocurrencies provide a financial services to the individuals who does not have any kind of bank accounts, there are many people in the world who does not have any banking systems so, cryptocurrencies offer a path for them to connect themselves into the global economy.

Cross border transactions are another core aspect of blockchain technology, likewise, it provides a faster as well as cheaper cross border transactions. With the help of this technology a person is free from all the banking issues and problems, in fact, international transfers can also be done without any cost. However, banks cost very high while doing the international transfers.

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