Whenever you plan to buy cryptocurrencies like Bitcoin or Stellar, do you ever feel like you are an alien and need to learn a new language? Every language or community has keywords that sound gibberish to you, well guess what? We are here to help you, all you need to know are a few technical terms in order to understand some keywords of the crypto-world.
Bitcoin is not the only digital currency online, alternative coin or also known as the “altcoin” is a term used for other cryptocurrencies. Since Bitcoin was the first to be established in the market, it will always holds the greater value.
In simple words, Blockchain is basically a record on your transactions using your cryptocurrency. It has now expanded in banks and voter registries since it helps prevent many unauthorized actions and frauds, all your transactions are visible online and it depends if the company has made it public or private. The chain keeps growing with the number of users.
Ever feel your cryptocurrency is not in safe hands or safe environment? Well, this is where fiat currency can help you save them. Fiat currency is the currency that is used on a daily basis, like Euro’s, Dollars, etc. So if you did know this, well, now you do! So what are you waiting for?
Initial Coin Offering
This is a tricky one, you can either profit from this or everything can go the wrong way. Initial coin offering is like a “pre-investment” you are offered by the company before the real currency is released, a token, so you have to be careful before investing and be sure what you are investing it.
Well, the whales are the big shots of the crypto world! They are people who own a huge amount of this currency, so when they decide to buy or sell the coin, it can affect the value of the coin. These people hold a certain status and power.
Many people enter the world of cryptocurrency through exchanges, it is like a market where you invest, but you also need to be careful where you invest. There are many other forms of cryptocurrencies now, all you have to do is do your research and be sure of where you want to invest, not all traders have all the cryptocurrencies. So, be sure of what you want before you enter the market!
Yes, it is what you think it is, a wallet where you can keep your money. In this case, your money is your cryptocurrency. There are various online wallets all depending on which one you want to opt for. Many do not opt for using online software’s as wallets because of security issues and use hardware wallets to keep them secure. It all depends on your preference, hardware or software.
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