Crypto currencies like Bit coin and Ethereum are powered by a technology called the block chain. At its most basic, a block chain is a list of transactions that anyone can view and verify. The Bit coin block chain, for example, contains a record of every time someone sent or received bit coin. Crypto currencies and the block chain technology that powers them make it possible to transfer value online without the need for a middleman like a bank or credit card company. Imagine a global, open alternative to every financial service you use today, accessible with little more than a smartphone and internet connection.

Almost all crypto currencies, including Bit coin, Ethereum, Bit coin Cash, and Lite coin, are secured via block chain networks. Which means their accuracy is constantly being verified by a huge amount of computing power. The list of transactions contained in the block chain is fundamental for most crypto currencies because it enables secure payments to be made between people who don’t know each other without having to go through a third-party verifier like a bank. Due to the cryptographic nature of these networks, payments via block chain can be more secure than standard debit/credit card transactions. When making a Bit coin payment, for instance, you don’t need to provide any sensitive information. That means there is almost zero risk of your financial information being compromised, or your identity being stolen.