Let’s take a look at some of the most common cryptocurrency lingo
Despite bitcoin’s launch in 2009, it was only until recently that you couldn’t turn on the news or browse the web without some mention of the cryptocurrency.
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Before you get started, know that this is not financial advice. The crypto world is volatile, and you should never risk money that you are not comfortable losing. Now, let’s take a look at some of the most common lingo.
Each cryptocurrency transaction is processed, verified and recorded on a virtual ledger called a . is referred to as blockchain, When someone buys or sells using cryptocurrency, another entry is made on this virtual ledger.
Think of the blockchain as a series of boxcars from a train. When a cryptocurrency transaction is made, another Boxcar is added to the train.
Blockchain is decentralized. This means that it is not stored on a single machine or even over a network. Instead, blockchain exists on computers around the world that are accessible because of the Internet.
People and companies use their computers’ processing power on a decentralized peer-to-peer network to help verify every transaction that is added to the blockchain. Each transaction is timestamped, individually encrypted, and cannot be reversed or changed. Yes, you read that right – crypto transactions cannot be reversed.
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I know what you’re thinking: “I thought a Fiat was a car.” Not in crypto-land. Fiat money The currency is issued by the government. If you are in the United States, this means US dollars.
cryptocurrencyOn the other hand, there is virtual money.
Cryptocurrencies are not supported by governments or any other standard used with traditional currency. Each “token” represents the amount you own.
The value of each token varies based on the current market cap. One day it’s up; down the next day. With cryptocurrencies, price fluctuations can be very rapid and can be more extreme – both positive and negative. A good resource for checking current prices is CoinMarketCap,
Here’s an easy one to remember. One altcoin is there a digital currency No bitcoin. There are thousands of cryptocurrencies, with new ones being added all the time.
At the time of this writing, these are the five currencies with the most Market capitalization, (This is the total market value of the circulating supply.) Since crypto moves so fast, this list may have already changed by the time you read it.
- Binance Coin
- tie rope
To buy cryptocurrency, you need a . have to start with transactions, Think of an exchange like a crypto middleman. It is an online service that allows you to exchange your fiat for crypto or convert crypto to fiat.
If you are familiar with traditional investing, a crypto exchange acts as a brokerage. You can via bank transfer, by wire, a . can deposit money through Debit Card, and other standard deposit methods. You can expect to pay fees for most transactions.
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You can also buy crypto through apps you already use, such as Venmo, Robinhood or the Cash App.
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Basically, a cryptocurrency wallet Is an app or physical storage device that allows you to store and retrieve your digital currency. For example, a wallet can hold multiple cryptocurrencies, so you are not limited to just bitcoins.
Whether you use an app or a physical wallet, it is important to note that the currency itself is not stored there. Rather, wallets store Location of your currency on the blockchain.
Wallets are divided into two main categories: hot and cold. a hot wallet By definition, connected to the Internet. The safest way to store your cryptocurrency is a cold wallet – one who Not there connected to the Internet.
Physical wallets come in a variety of types but are usually specially designed USB drives that directly store your cryptocurrency for later use. Physical wallets give you the most protection from hackers.
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You have probably heard this term related to bitcoin, which is created by digging, Computers mine coins by solving complex math problems. The more powerful the computer, the faster it can “think.”
Now, if your computer is the fastest to solve the problem, bingo – you win one unit of whatever cryptocurrency you’re mining.
While there are some cryptocurrencies with infinite supply, most have a limit. The limit for bitcoin is 21 million. The last coin will be minted in 2140 or earlier.
Here’s another simple one. DeFi is a smaller version of decentralized finance. The term refers to financial transactions that take place without “middlemen”, such as a government, bank or other financial institution.
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You’ve heard of them: non-fungible tokens. It’s a fancy way of saying, “This digital item is one-of-a-kind and irreplaceable.” This applies to anything you can imagine, from online artwork to songs, viral videos, articles, text logos and GIFs.
Some people collect vintage cars, wines, famous art, and baseball cards. Now, any digital item can also be turned into a collectible. They also serve as online status symbols. Check twitter profile picture of jimmy fallon for an example.
The only way to buy NFTs is by using cryptocurrency. You can buy NFTs by participating in an auction platform, secondary marketplace or Mint. What is that, you ask?
minting How a file, such as a JPEG or GIF, is recorded on the blockchain. After the NFT is mined, it can be sold or traded. If you are attending a mint, it means that you are the first to buy that work from its manufacturer. You can hold, sell or trade it.
During the mining process, the producer specifies the royalties to be received from future sales. It serves as a commission if work changes in the future and is a great attraction for artists wanting to go digital. If you sell the NFT in a secondary market, there is a possibility of a cut in its sale as well.
Here’s a word you might see on social media. HODL means “hold for dear life.” Some say it originated as a typo of the word “hold” on a bitcoin forum, but is now an everyday dialect.
The idea behind it is simple: If you believe a project or currency will gain more value, then “hodl” through a market downturn as well.
Want to dive even deeper? Select “Cryptocurrency 101”. This is my handy guide to buying, selling and spending digital currency safely.
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