De-Centralised



We spoke of simplifying transfers between users, because the ‘middleman’ could be eliminated.

bitcoin was created to be opposite of centralised currrencies .

Decentralised  -adj- 


Remember the middleman in this case of international money transfer, involves all parties other than sender and receiver; banks, credit card company, and payment processor.



Banks ask for KYC data; those pesky details and ID's to have a file on you, and allegedly keep things on the straight and narrow. 


In the end, the bank charges you fees for services like everybody else.


Remember that ledger we spoke of last time ?


Yes - for recording transactions.


Of course we are in the digital age, so just like your bank, transactions are stored in a computer network.


In this case, the blockchain is a  network across multiple computers, all over the world. These computers all confirm the validity of entries, such that  records can not be altered or deleted, as it is  confirmed by all, and visible.



Wallets

Tokens can be purchased, sold and stored on digital wallets. or transferred between wallets.


Exchanges

Coins (tokens) are bought and sold on apps and websites called exchanges. There are two kinds of exchanges; centralized privately owned corporations(CEx) , such as Binance, Coinbase, FTX, Luno, Patricia., and decentralized exchanges (DEx). Exchanges also issue their tokens .



Since Bitcoin, several blockchains have been launched with their tokens, such as ethereum and its token (eth), solana (sol). Each issued token has a price, based on certain factors related to its supply and market demand per second. 


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