Cryptocurrency or Crypto, is not as cryptic or difficult to understand as most people think. One easy way to look at crypto, is to simply call it money on the internet. CZ of Binance often calls it the” Internet Money.”
To make it easier, there are two important things to know about this internet money, without getting distracted by all the technological narratives.
First, your traditional bank account, where you keep your money, usually has something called the routing number. This is the route or the road where the money travels in and out of your account. It also identifies the name of the bank including the area where your account is located. Cryptocurrency has something similar, and it’s often called Blockchain or Chain. Examples are, BNB Chain, Polygon Chain, Ethereum Chain and more.
Second, your bank account also has something called the Account Number. This number is yours and it helps identify you, as the owner of the funds in that account. This is because your credentials have been attached to your account number and you then have the ability to use the account number as yours.
Cryptocurrency has something similar too, and it’s called, your Wallet address. The credentials like your pass phrase or private key, which is attached to the wallet address, gives you the ability to use it as yours, just like your bank account number. Some wallet addresses can be tied to an email or a URL for ease of use, but we won’t go there right now.
The goal here is to get as basic as possible. Your bank routing number is similar to the blockchain but blockchain is faster, safer and more reliable. An Example of a traditional bank routing number is: 267084131, which is for JP Morgan Chase Bank. An example of a route being traveled by your crypto is: BEP20, which is on the BNB Chain or ERC20, which is on the Ethereum Chain.
Your bank account number is similar to your crypto wallet address. You can give it out to receive crypto on whatever chain you choose. However, DO NOT give out your private key or security phrases. These are like the password to your online banking account or the PIN code to your bank card. You are the manager of your crypto wallet and the funds in it. Keep it safe.
This is not financial advice and always do your own research (DYOR).
SafeBLAST (BLAST)
