On this article I am going to enlighten you on some terminologies in bitcoin, here are all the bitcoin terminologies explained. Firstly, Maybe you might have heard about cryptocurrencies but you don’t know so much about it, if so then CLICK HERE
This post was made to enlighten my blog readers about bitcoin and it was written a year ago but its the best article that was ever written to explain Bitcoin and indeed it is ALL THAT YOU NEED TO KNOW ABOUT BITCOIN.
But since its one-year-old, there has been a lot of changes in the post since the world is moving forward and there has been a lot of changes even on HOW TO BUY BITCOINS FROM EXCHANGES, but that’s why this blog is here I am going to be teaching everything about cryptocurrencies so you have to be coming here to check for latest article and also subscribe as to not to miss any new post. so let’s get started.
BELOW ARE SOME TERMS IN CRYPTOCURRENCIES :
♦ CRYPTO CURRENCYA crypto currency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Ex Bitcoin and Altcoin.
♦ ALTCOINAny form of digital cryptocurrency that isn’t Bitcoin, an alternative coin.
♦ ADDRESSA code used to store/send/receive bitcoins and other cryptocurrency consisting of 26-35 alphanumeric characters. It is also the public key in the pair of keys used by bitcoin holders to digitally sign transactions.
A full list of all the blocks that have been mined since the creation of Bitcoin.
♦ MINING DIFFICULTYThis number determines how difficult it is to hash a new block. It is related to the maximum allowed number in a given numerical portion of a transaction block’s hash. The lower the number, the more difficult it is to produce a hash value that fits it.
♦ DDoSA distributed denial of service attack uses large numbers of computers under an attacker’s control to drain the resource of a central target.
Any form of physical paper currency. Regulated and Centralized.
♦ ESCROWThe act of holding funds or assets in a third-party account to protect them during an asynchronous transaction.
♦ FOMO Fear of Missing out.
♦ FUDFear, Uncertainty, Doubt.
♦ FAUCETA technique used when first launching an altcoin. A set number of coins are pre-mined, and given away for free, to encourage people to take interest in the coin and begin mining it themselves.
♦ ICOAn Initial Coin Offering, a new cryptocurrency project to raise money for their project by offering a select amount of coins for sale to the public at base price.
♦ HASH A mathematical process that takes a variable amount of data and produces a shorter, fixed-length output.
♦ HARD FORKAn alteration to the block structure of bitcoin or any coin that changes the difficulty rules.
♦ MININGThe act of generating new bitcoins by solving cryptographic problems using computing hardware.
♦ PUMP AND DUMPInflating the value of a financial asset that has been produced or acquired cheaply, using aggressive publicity and often misleading statements.
♦ QR CODE A two-dimensional graphical block containing a monochromatic pattern representing a sequence of data
♦ SHORTINGSelling a cryptocurrency In hopes of buying it at a lower price at a later time to gain profit
♦ WALLETA digital or physical address in which cryptocurrency can be stored/sent/received. Accessible through a private key.
Example: Myetherwallet, trezor, ledger nano
♦ WHALEA whale isSomeone who possesses a majority percentage of a cryptocurrency. Referred to as a whale.
♦ WHITE PAPERDocumentation describing a cryptocurrencies protocol in detail.
Ex: satoshi Nakamoto bitcoin whitepaper.
And that’s all the terms in cryptocurrency, don’t forget to share, follow us on Facebook, Twitter and subscribe and be the first to receive latest posts and videos about cryptocurrencies.
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Creating Your Own MyEtherWallet (MEW)[Step By Step Guide]
2. CREATE A PASSWORD.
Use a combination of letters, numbers and symbols to make it as strong as possible. Write it down immediately and, if possible, make several copies. Then, click “Create New Wallet.”
3. DOWNLOAD AND STORE YOUR KEYSTORE FILE.
Store your Keystore file in a secure location and click on continue.
4. SAVE YOUR PRIVATE KEY.
It looks like a set of numbers, Make sure to back it up and keep it safe. Also, print it to keep it as a paper wallet. Keep in mind, there is no way to retrieve your forgotten or lost private key and password, therefore, take all necessary safety measures suggested by the page.
5. USE YOUR PRIVATE KEY OR KEYSTORE FILE TO OPEN YOUR WALLET.