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Saturday, January 6, 2018

What is Cryptocurrency anyways?

So, you want to start learning more about this new strange market? Here's some terms and definitions to get you started. There are so many more terms than this, but I believe
these are the main ones to learn first. I'm learning how to trade and make money, so eventually soon all my knowledge on this will show up on here.
Non government regulated currency software designed to carry value and function as a method of payment that is not tied to any currency. It was created in 2008-2009 by an unknown person or group and has ballooned to its highest value of 20,000 US Dollars. Currently in a slump, but predicted to increase back to its higher values and further.
Multiple forms of bitcoin technology, designed to solve various problems with bitcoin itself and specialize into different solutions for different issues. There are hundreds of different cryptocurrencies out there.
Cryptocurrency Exchange:
A website with multiple different cryptocurrencies that you are able to trade by funding your account and then participating in trades. Common exchanges include Cryptopia, Binance, bitstamp, and others
Cryptocurrency wallet:
A website or device that is secured that allows you to consolidate and hold your cryptocurrency in a "wallet" that allows you to spend and deposit value. Common wallets include Coinbase, Trezor (which is a "hardware wallet" placed within a USB drive type technology that can be attached to your computer, used, and then removed. Considered the most secure type of wallet), Cryptonator, CoinPayments, and many others.
The register where bitcoin and other currencies store transactions.
Coin Address:
The series of letters and numbers that function as destinations for currency sends and receives. Very hard to hack and break and divert into something different.
Cryptocurrency Faucet:
This is a website that allows you to "claim" very small amounts of cryptocurrrency per day. Some allow multiple claims per day, others allow only one. They earn their ability to give out claims based on their advertising, so, sadly, it's very time consuming and involves a lot of closing tabs and exiting out of ads, but personally, you cannot beat free currency! I have earned a bit of income this way, so it does work. Check here for faucets I use and have found to be legitimate. With claiming faucets, you need a specialized wallet and there's a little work involved. I will give a broader overview this week on that.
There are many more terms than this, but this will give you the basics of what you need to know. I love this technology and the huge potential you have here. Next time, I will give a deeper overview of my favorite wallets and exchanges I use personally! Hope to see you soon. I love feedback! Please ask ANY questions you have and I will do my best to answer quickly!


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