What is crypto currency for dummies ?

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Imagine you have a digital coin, let's call it "DummiCoin" This coin exists only online, and it's not like the money you can touch – it's purely digital. 

Now, the special thing about DummiCoin and other cryptocurrencies is that they use a technology called "blockchain" Think of the blockchain as a digital ledger, like a public record book that keeps track of every DummiCoin transaction ever made. This ledger is spread across many computers, making it really hard to cheat or change the information.

When you want to send some DummiCoins to your friend, you don't need a bank or a middleman. You use the blockchain to create a transaction record. This record gets added to a "block" of transactions, and each block is connected to the one before it, forming a chain – hence the name "blockchain."

To make sure people can't just create fake transactions, the blockchain uses cryptography. This means your transactions are secure and private. Also, everyone on the network can see the transactions, so it's like a big, public checkbook that everyone can look at.

Now, how do you get DummiCoins in the first place? Well, there's a process called "mining." Miners are like digital treasure hunters who use powerful computers to solve complex math problems. When they solve these problems, they validate transactions and add them to the blockchain. As a reward for their work, they get some newly created DummiCoins.

People like DummiCoin because it's decentralized, meaning no single company or government controls it. This can make transactions faster and cheaper, especially for sending money across borders.

But remember, since DummiCoin and other cryptocurrencies are relatively new and can be a bit complicated, it's important to do your research and understand how they work before you start using or investing in them.