Hi guys ,
So lately in our group has been growing rapidly more and more members coming on board , I would wish to officially welcome all of you to this new space of the 'wonder' called bitcoin.
There are so many 'newbies' questions e.g I want to participate where do I register,what do i need..?
To answer this and other questions I have divided this topic into the following sections :-
a) Common words used in this space.
b) What is crypto currency what can it do what can it or not do.(How it is changing the future of money)
c) The various coins available ,and how the underlying technology is changing the world today.
d) Wallets.
e) Opportunities that lie ahead in this space for Kenyans largely Africans.
i) Trading Coins ICO and Tokens.
ii) Mining.
iii) Development and Block Chain technology.
d) Scams and Pyramid schemes that are based around Bitcoin and other crypto currencies.
So to start off this class we will go straight to the terms.
Crypto .
Short for crypto currencies used to refer to the money on the internet or if you may like an exchange of value over the internet.
One major characteristic common to all the coins on the internet is the ability to use a secure mechanism called cryptography to safely sign the transactions between two parties to avoid double spend(ability to spend money more than once).
Wallets.
This are software or a combination of software and hardware that store the coins , they also store the private keys and public keys and use this to sign transactions.More about this will be under wallets.
Altcoins / ShitCoins
This term is used to refer to all the other alternative 1314 coins that are not BITCOIN, this terms was first introduced by Bitcoin Enthusiasts in an effort to affirm that Bitcoin is and still will remain the de facto internet money.
Bitcoin
This was the first internet currency to adopt a mechanism to sign transactions and prevent double spending , it was the first implementation of Block chain technology.
Block Chain
This is the the underlying technology that all the currencies are built upon , it is simply a distributed database where all updates are done and an updated copy of this database is simply distributed to anybody who is willing to store a copy.
Miners.
This are players in the network who verify and post updated transactions on the block chain , in simple terms they are the part of the network whose role is to update the database and store the most recent copy.We will discuss this more under Mining.
Pump and Dump
This commonly used by the traders it means it's time to sell of or someone or many people who have a large number of coins are selling off and affecting the price negatively.This commonly happens in the ICO scenarios for commonly overbought tokens.
Moon
In this space this means that a certain coins price is about to go up.If I said Bitcoin is about to moon it simply means the price is about to go up.
Noob
Means a new be person and probably a naive person.
The above few words are just the tip of the iceberg there are a lot of other terms that need to be added to our dictionary feel free to let me know , I will gladly add.
Let me leave thins image here showing all the crypto currencies and their abbreviations.
