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To start at the very beginning, the simplest way to understand what a cryptocurrency is is to know that it is a type of digital currency. And a digital currency, as the name suggests, is a type of currency that only exists in electronic form.
And while digital currencies usually behave like fiat currencies (which is just a fancy name for paper money), cryptocurrencies are different. A cryptocurrency is not just digital, but also encrypted and decentralised.
First, by encrypted, we mean it is highly secure. The crypto in cryptocurrency comes from cryptography which is, basically, the science of making and breaking codes. That means cryptocurrency uses cryptography to secure your currency.
Also, it is decentralised; and here is what makes cryptocurrency really interesting and appealing to many people all over the world.

Your local currency is controlled and regulated by a governing body in your country, probably the central bank. That’s not the case with cryptocurrencies. They are designed in a way that removes the need for a central governing authority. So, instead of a central bank, every one of us is in charge and do not need to rely on any middleman or bank before we can use cryptocurrency.
As you may very well know, bitcoin is the original and foremost cryptocurrency and it is thanks to its creation that we now have several other cryptocurrencies today that all perform different functions.

It is a normal reaction to wonder how all this is even possible. How do cryptocurrencies work? Why hasn’t anyone created one before bitcoin? How do you prevent duplicating digital currencies? Well, thanks to the innovative technology of the blockchain which was created by the creator of bitcoin, Satoshi Nakamoto, what couldn’t be done before suddenly became quite easy for everyone to do.
And, to show how revolutionary blockchain technology is, its application has gone beyond the creation of cryptocurrencies to finding solutions to age-long problems in healthcare, transportation, logistics, governing, real estate and more.

It’s actually simple: a blockchain is a ledger. Yes, it’s that simple. Not satisfied? Okay, it is a public ledger. Really, that’s the main idea behind it. What a blockchain does is that it collects similar data into what is called a block and then links several blocks together to form a block-chain. 🤓
However, what makes a blockchain really special is the way it collects data and links them because that is how cryptocurrencies and any other thing a blockchain is used for is protected from fraud, loss of data and data tampering, to name a few.

Our mission at Yellow Card is “bringing financial inclusion to everyone”. And for that to happen we believe everyone should be financially literate. This is why we don’t just provide learning materials about cryptocurrencies, blockchain and trading; we also want you to know how to make smart financial decisions.
Regardless of your academic, financial or social background, we have carefully put together well-researched articles that will help you on your journey to financial independence.

Finally, in the digital world we now live in, it is important to know how to protect your data, your funds and how to not fall victim to scammers. And this doesn’t just apply to your use of cryptocurrencies but your general activities online, be it sending and receiving emails, downloading a mobile app, transacting online or just surfing the internet.