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What Backup Cryptocurrency?

What Backup Cryptocurrency?

10 Nov 2020

Reading Time: 3-4 minutes


Cryptocurrency can be very confusing to someone who has not previously been exposed to it. One of the main questions they have is what backup cryptocurrency and allows it to exist.

People are used to relying on banks and the government to regulate money. We don't really question it. So, for them to use and trust a decentralized currency such as Bitcoin, it is really a big question on what backup cryptocurrency.

Cryptocurrency is backup by its technology which is blockchain.

The blockchain acts as a massive database that records any and all transactions that take place within its cryptocurrency. The blockchain works through miners who use their computer and GPU to process those transactions and are then rewarded with that particular cryptocurrency.

Can one exist without the other?

Currently, a cryptocurrency needs blockchain technology to exist and maintain the anonymity of its users while simultaneously recording the transactions to avoid any fraud. Blockchain, on the other hand, is an excellent piece of technology that has many uses. So, no, blockchain can exist without cryptocurrency but not the other way around.

Is Ethereum moving away from blockchain technology with their new update?

No, Ethereum will still run on a blockchain, but the new update will make it faster and also change the way users mine for Ethereum. The new 2.0 network update has undergone several test runs over the past 12 months and could be released as soon as December.

The blockchain acts similar to a bank. It regulates the cryptocurrency. Still, the difference is that unlike banks, blockchains do not charge fees, judge people based on their past and treat everyone the same regardless of their background. This is why many people are coming around to the idea of cryptocurrencies and it is being a legitimate alternative to regular currency.

We have recently seen signs that cryptocurrency could very well be used alongside regular currency. One of these was with PayPal. They announced that they will allow users to buy, store and trade cryptocurrencies on their platform. Also, Coinbase released their new VISA card in the US which will enable people to purchase goods and services with their cryptocurrency.

A significant advantage that blockchain technology has over regulated currency is anonymity where users can use their cryptocurrency anonymously. While it is recorded on the blockchain, it can't be traced back unless there is an abnormality in the transaction. While this could be used for illegal purposes, most people use it for that added bit of security.

Privacy has become a big issue recently with more people concerned about what the government sees about them, which is why VPNs have surged in popularity. It is also why more people are coming around to the idea of cryptocurrency. No one wants to have all their movements, actions, and purchases seen by a governing entity.

Cryptocurrency is a fantastic thing that could very well be the future of currency. So to keep up to date with current cryptocurrency prices, you can use our crypto tracker on our main page.

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