All in one contest W45 :Crypto/technology

Hello everyone! It’s nice to bring you my first post of this week as part of the contest! When considering the wonderful themes up for grabs, I landed on the topic of crypto/technology.

I understand that many individuals hear the terms “Bitcoin”, “Blockchain” or “Cryptocurrency” and the mind instantly recoils as though they’re listening to a new, technical language only computer geniuses could possibly understand.

That shouldn’t be the case though. I have decided to host a weekly learning session where I will teach Crypto and Technology from square one.
Each week we’ll just move forward 1 small step and by the time we finish the series, even someone with ZERO experience with this type of thing can navigate crypto space like a veteran! In our very first session today, we are just going to answer the simplest question:

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Starting out with cash: In order to understand crypto we need to be reminded of the traditional money we are all accustomed to.

In years gone past, everything was transacted using cash (paper money and coins), although it feels far in the past these days.

These days, when you consider how you now spend money, have you ever notice how all you do now is either click to Pay a friend via your banking app or simply use your credit/debit cards or type in money details on websites to pay? When you make an online payment through your banking App (for example, send cash to a friend), you’re definitely not handing a friend physical cash is there?

Your bank simply moves a record of cash in their Computer; the value minus from your own money account and adds it to your friend’s; all that occurs inside the computers on servers. So in a sense, the ‘money’ you now interact with; already digital money.

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When considering we all already use our banks as digital systems of money, what then is the need for crypto currency ?

Well the answer is a matter of… control. With your standard bank account, one centralized (the bank itself or the government authority in your Country) fully controls the records; the record book. Should something happen to their Computers, you’re isolated – that is unless you’ve been “flagged” for any reason and get your access frozen; which I’m afraid is entirely out of your hands.

But that’s where cryptocurrency comes in The difference is that a cryptoCurrency is a digital currency that operates not by one controlling (centralized) institution like a bank but by multiple (decentralized) records spread across thousands of computers across the planet, these machines record transactions and make use of cryptography in other to enforce secure processes on decentralised systems.

To better simplify the definition Cryptocurrency is a digital money that can be used without using bank services.

(For the tech-inclined, ‘crypto’ is shortened for cryptography; the process that is utilized to protect it from forgery, piracy etc.)

As such, crypto functions are built with an operating mechanism for managing decentralized networks; all built on blockchain technology; a structure for documenting a chain of transactions as we will see next week .
To conclude Crypto currency is not only the future of finance and an alternative to standard financial institutions it acts as an infrastructure that aims to support a better and faster transaction system than the traditional way we are used to.

Next week we'll explore the magic tech technology that supports Crypto currency and I'll answer; what IS A BLOCKCHAIN.

As previously established, we all find that topic quite tough, as well I am going to explain it in the simplest analogy of a child's best way of learning, without your brain over aching! It's been a real pleasure, for those who have taken their time to read till this bit.

I would appreciate for you to stick with this throughout the weeks to come and also your questions are warmly welcome for I'm here to explain any aspect of Crypto and technology you're finding difficult to comprehend in relation to these topics.

And on how far these Contest may run; i guess, I can't precisely say. I will say that i will do my best to write about as far as these Contest last for as the topics are endless and far far rich for explanation, though a roadmap below shows What topics will be brought for this Contest weeks to come hopefully;

Week 2: Blockchain - What are the advantages?

Week 3:Bitcoin and its genesis.

Week 4:altcoins- What are other cryptocurrencies?

Week 5: Wallets- Where do you keep your assets?

Week 6: Crypto security -How to protect yourself from scams

I invite @peacemike @okereblessing and @bossj23.