What is cryptocurrency?
Cryptocurrency to begin with is not bitcoin as many has thought it to be. But cryptocurrency (or crypto currency) is seen is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets
Basic terms you need to know that exist in crypto currency
Now, knowing that cryptocurrency is not bitcoin as some thought it to be, there are some terms which are generally used in the crypto 'world' which we believe people need to familiarize themselves with. In no specific order, they are;
- Address: Please not your house address or place of work literally, but an address can be said to be where you store your funds, send and also receive funds. The address can be a string of generated alpha numeric keys e.g an ethereum wallet address looks like this: 0x24A00313536658896c616D0719bde3ea0fdA18dc
- Altcoin: Any coin which is not bitcoin is generally referred to as altcoin, there are lots of them. Example os such altcoins are litecoin, steem, etc.
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- Blockchain: The blockchain can be seen as a system that allows didgital transactions on a non-centralized network. What this means is that no single person is in control of these activities but the combination of various people and computers put together to form the lockchain.
- Block: This is where everything that takes place in the blockchain in general is stored, and unlike banks and other financial records it cannot be deleted nor altered, it is stored there permanently and forever.
- Fork: A fork comes into play when there is a bug in the system, new rules etc. This leads to the permanent divergence of the system, like getting a pair from a single e.g bitcoin cash was forked from bitcoin.
- Private and Public Keys: A public key is a cryptographic key that can be used by anyone to access an individual message more like encrypting a message, while the private keys are basically known to just the owners to confirm transactions to be valid and show that signatures matches. They cannot be accessed mathematically or in any way by someone, even your village people can't!
- DYOR: Well this is a vital and very important part of cryptocurrency. DYOR simply means *Do Your Own Research. You don’t have to be advised per sey to make research before buying, selling, holding especially the buying aspect. Many people give advice to purchase coins base on their *own research, so what if their analysis was wrong? And you joined the train already... Our advice for everyone is to do their own research thoroughly before investing their funds in any coin or token.
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