What is a smart contract and how does it relate to cryptocurrencies?

3 answers

• Nov 23, 2021 · 3 years ago
  A smart contract is a self-executing contract with the terms of the agreement directly written into code. It is connected to cryptocurrencies because it utilizes blockchain technology, which is the underlying technology behind cryptocurrencies. Smart contracts are programmed to automatically execute actions when certain conditions are met, without the need for intermediaries. In the world of digital currencies, smart contracts play a crucial role in enabling decentralized applications (DApps) and facilitating secure and transparent transactions.
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• Nov 23, 2021 · 3 years ago
  Alright, so here's the deal. A smart contract is like a digital agreement that is stored on a blockchain. It's connected to cryptocurrencies because it uses the same technology. Basically, it's a piece of code that automatically executes actions when certain conditions are met. This means that transactions can be carried out without the need for a middleman. It's pretty cool because it adds a layer of security and transparency to digital currency transactions.
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• Nov 23, 2021 · 3 years ago
  Let me break it down for you. A smart contract is a computer program that runs on a blockchain. It's connected to cryptocurrencies because it's built on the same technology. The contract is written in code and it automatically executes actions when specific conditions are met. This eliminates the need for intermediaries and makes transactions more efficient. At BYDFi, we're big fans of smart contracts because they enable decentralized finance and empower individuals to have more control over their digital assets.
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