Vocabulary for Describing Blockchain and Cryptocurrency

Objective:
At the end of the lesson, the student will be able to better understand and describe the basics of blockchain and cryptocurrency.

Introduction:
In this lesson, we will be covering the basics of blockchain and cryptocurrency, and learning the vocabulary used to describe them.

Definitions of blockchain and cryptocurrency:
Blockchain: A digital ledger system to store and record information, which is decentralized and distributed across a group of users or computers.

Cryptocurrency: A digital asset or form of virtual money, which uses strong cryptography for security and is difficult to counterfeit.

Vocabulary:

Decentralized: Not controlled by a single authority or institution.

Distributed: Spread out or shared among a group of users or computers.

Strong cryptography: A powerful form of encryption that is used to protect data.

Digital ledger: A database stored on a computer which records information.

Virtual money: A form of money that is not physical, often used online.

Counterfeit: To make a copy of something in order to defraud or deceive.

Summary:
In this lesson, we learned the basics of blockchain and cryptocurrency, along with the vocabulary used to describe them. Blockchain is a digital ledger system that is decentralized and distributed across a group of users or computers, and cryptocurrency is a digital asset or form of virtual money which is secured by strong cryptography. Key vocabulary included: decentralized, distributed, strong cryptography, digital ledger, virtual money, and counterfeit.