SOME CRUCIAL TERMS EXPLANATION

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Crucial terms that are a must know.


Lately we focused on what  the crypto market is and how does it work. Now it is time to explain to you what specific things or terms mean. We will start with the simple and work our way to those very complicated ones. I know this may not be an entertaining post, but knowing this terms and having the ability to use them freely is crucial in the crypto world. You just can't move on without understanding them.


Let's start simple; 

Altcoin - altcoin is any cryptocurrency other than Bitcoin, this term stands for Alternative Coin. It is important because Bitcoin got so into mainstream that most peaople don't even know any other coins, so it is good to seperate them.

a Wallet* - of course very intuitive, just a 'place' where you hold your cryptocurrency. There are two variuos kinds of wallets, but it is going to be the topic of the next post.

Blockchain - you already know that from the latest post, so to check your knowledge try to explain to me ,like I was a beginner, what is the Blockchain, in the comments. Test yourself.

Decentralization/something is decentralized - the decentralized structure of some websites, coins, etc., allows them to exist outside control of goverments, banks or in one word central authorities.

Gas/gas fee - it is a fee that you have to pay in order to use specific platforms or systems. The gas does not apply to all cryptocurrencies, meaning you don't have to pay gas every time you do a transaction with a currency, but it is important to know that something like this exist. Gas fees are relatively small. To put it into perspective if you buy something for exactly 1ETH the gas fee will cost you aboust 0.006ETH. The most known crytpo that uses gas fees is Ethereum.

HODL - it is not a typo, HODL stands for "Hold On for Dear Life" and it simply means to hold onto specific crytpo rather than trade it, hoping it will blow up and your profit will reach thousands of %.

NFT* - Non Fungible Token, it is too complicated to explain it in a few sentences. In the future there will be separate post about NFTs on my blog but for now you don't have to know practicly anything about it.

Those were some really, and I mean it, really basic but crucial terms that you absolutely need to know if you want to dive into the crytpo world. Of course there are some more important terms and we'll get to know them in the future but for now try to adapt these ones to your crypto knowledge. The terms with the * sign are terms that are too complicated to explain fully in one or two sentences, so in the future I will make a separate post about them. 

I am awere that this was probably the most boring, if you can say that, post on my blog yet. But I'm  equally sure that it was also the most important one yet. In the next post I will talk to you about wallets, how to get one, how do they work, etc. Thank you very much for following the blog. Wait for more posts to find out about the future of money. 



source: indiatimes

Komentarze

  1. englishdiary15 marca 2022 12:32

    This post is way above the word limit but I understand you had to go through these terms in one go.

    OdpowiedzUsuń

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