Crypto Guide for Seniors

cryptonews.com:

It’s never too late in life to dabble in cryptocurrency investing –  For seniors unfamiliar with the sector cryptocurrency is a type of digital or virtual currency that uses cryptography for virtual transactions.

Unlike traditional currencies issued by governments (like the US dollar or the Euro), cryptocurrencies operate on decentralized networks based on blockchain technology. This means there’s no central authority, like a bank, overseeing transactions.  Instead, the network relies on a distributed ledger that records all transactions across a vast number of computers.

For those looking to understand the technology further – Imagine a blockchain as a digital ledger or record book that keeps track of all your transactions. Instead of one person or organization holding this book, copies are held by many people all over the world. So, when a new transaction takes place, it is added to this book or ledger in a way that everyone agrees on.

Once a transaction is added, it’s very hard to change it because doing so would mean changing copies held by many people. This decentralized and secure way of recording transactions is what makes blockchain special and trusted for things like cryptocurrencies.

While individual transactions might be pseudonymous (with addresses instead of personal names), the entire history of transactions is open for everyone to view. This openness allows participants to verify the integrity of the system.

Once a transaction is added to the blockchain, it becomes extremely difficult to alter. This immutability ensures that once data is recorded, it remains unchanged and trustworthy. Overall, these features combine to create a system where data is both secure from unauthorized changes and transparently