Crypto Terms! Understanding The Language
Many people tend to just rush into things without understanding what it is they are going into the following video is my opinion on why you should invest in bitcoin and also understanding basic terms associated with bitcoin.
I hope this video will help you to understand the language and breakdown the barriers of you research to getting started with bitcoin.
Basic Terms You Should Know
"The list of terms was gathered from various sources on the web and I can only take credit for the video as that is my original content other than the song to make it better than listening to boring old me talk."
Address: Just like your home address, only this is where people can send you crypto.
Blockchain: The ongoing ledger that tracks all transactions & most importantly doesn’t require a central authority to verify those transactions
Decentralization: One of the biggest selling points of cryptocurrency as there is no need for a central authority to verify transactions. This allows for quick and cheap transactions.
Exchange: A place where you can trade cryptos. You can trade Bitcoin (or any altcoin) for USD or Bitcoin for another crypto (i.e. Litecoin).
ICO: An “Initial Coin Offering” is how decentralized tech companies (those using blockchain tech) raise money. This is easier than going the venture capital (VC) route and does not require a company to give up equity. Instead, the company issues their own coins/tokens in exchange for Ethereum or Bitcoin.
Public/Private Keys: Public keys can be used by any party to encrypt a message. The private keys are known only by the person receiving the message.
White Paper: This is a company’s business plan and is typically found on their home page around the time of their ICO. For some reason the standard ICO White Paper tends to be around 32 pages. The 1st crypto white paper written by Satoshi Nakamoto (Bitcoin inventor & no one knows who he actually is) can be found on the link to the right.
Altcoin: Any crypto that ISN’T Bitcoin
Bitcoin: The 1st & most valuable cryptocurrency
"The list of terms was gathered from various sources on the web and I can only take credit for the video as that is my original content other than the song to make it better than listening to boring old me talk."