“Crypto will be responsible for the most under 18 millionaires,” explains Christopher Hitchens who discovered cryptocurrency a few years ago after working in investment banking and running his own estate agency.
Serial entrepreneur Chris who runs a Yorkshire software company, has been building his Mineeezi business all around trading, crypto and blockchain since the start of the pandemic.
Blockchain, Bitcoin and Cryptocurrency: explained
“Blockchain is simply a database that’s publically locally available,” said Chris who also runs the EEEzi Crypto podcast which aims to ensure “even a 9 year old can understand Crypto.”
He added: “I like to break it down and make it simple to understand.
Crypto is a digital currency that is an alternative to a physical currency. Its use is to purchase goods and services.
“Now to ensure these online transactions are secure it utilises technology known as ‘blockchain’ (it’s like a ledger) which works alongside cryptography that secures the transaction to enable users to record their transactions,” said Chris.
A decentralised bank account
Until now, people have traditionally deposited money into a bank account.
“That bank would keep a ledger of transactions, payments, who owes what and so and so forth.
“That ledger is what you see when you open up your banking app or, if you’re more traditional, take a look at your paper statement,” said Chris.
He said that the traditional ledger is very similar to ‘blockchain’ in cryptocurrency. The only difference is that, rather than the bank controlling the ledger, it’s a decentralised system which is openly visible worldwide.
“Transactions are processed more efficiently, as one person connects directly with another person i.e bypassing the ‘middleman’ the banks (you also save on expensive transfer bank fees), this is known as a peer-to-peer (p2p) transaction.”
How secure is…
