From the course: Building an Ethereum Blockchain App: 1 Introduction to Blockchain

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Currency and cryptocurrency

Currency and cryptocurrency - Ethereum Tutorial

From the course: Building an Ethereum Blockchain App: 1 Introduction to Blockchain

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Currency and cryptocurrency

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- We know that blockchain can help us enact currency exchange, but what does that actually mean? A traditional currency exchange means we have some type of currency and we exchange that for something else. Now it could be a different type of currency. Like we're going from us dollars to Canadian dollars or some other currency, or we can take our currency and exchange that for a product or a service. Either way, we're exchanging something of value. And in most cases, we need a third party to inter mediate or to be the mediator in between the two parties. So we need a bank, we need a credit card company or something, or maybe a government entity or some other middleman to guarantee that currency's value that will make sure that whatever we're exchanging maintains the value and we maintain the trust on both sides. So again, it's all about trust. So blockchain technology was originally introduced to support a new type of…

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