A blockchain is a database of transactions that is updated and shared across many computers in a network. Every time a new set of transactions is added, its called a “block” – hence the name blockchain. Most blockchains are public, and you can only add data, not remove. If someone wanted to alter any of the information or cheat the system, they’d need to do so on the majority of computers on the network. That is a lot! This makes established blockchains like Ethereum highly secure.

Why it is called cryptocurrency?

Blockchains use cryptographic techniques to ensure that your funds are safe. Similar techniques have been used in the banking industries to ensure the security of monetary transactions for years. So you could say cryptocurencies have a bank level of security.

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