Ready to jump into the world of cryptocurrency?
Then you need to speak the language.
You wouldn’t presume to become a Wall Street expert without knowing what stocks are.
Yet everyday, thousands of amateur investors jump onto the cryptocurrency bandwagon without a clue behind the terms.
They skim the details, ignoring terms like “blockchain” and “altcoin” because they sound too complex.
Well, I’m not going to let you fall into that trap. By the end of this article, you’ll understand the exact meaning of the most common words in the cryptocurrency world.
And armed with that knowledge, you’ll be able to make smarter investments.
Let’s jump in!
Just like in stock market trading, success in cryptocurrencies depends largely on having the right asset at the right time. If you miss out on another crypto coin right before it skyrockets in value, you’ll regret it.
This is where FOMO comes in. FOMO refers to Fear Of Missing Out. FOMO refers to a situation where a coin you don’t own sees a spike in value.
Now, seeing as you don’t own the coin, there is a likelihood that you would be anxious about potentially missing out on a great deal or a potentially blockbuster coin. It is literally the fear that you might miss out on a potentially valuable deal.
What usually follows this is the trader or coin owners selling off some of his or her current crypto holdings and immediately purchasing this new coin that seems to be doing well.
This FOMO buying usually compels you to let go of current coins so as not to miss out on the potentially successful new crypto.
On paper, this response might seem a bit rash and impulsive, but it all ties into the general nature of cryptocurrency trading.
First of all, it should be noted that cryptocurrency isn’t quite as advanced and well-documented as stock market trading because it’s such a recent change.
As a result, the people who trade with crypto have less documented information to work with and so tend to work on instinct.
Also, cryptocurrency can be quite an unpredictable niche in itself. When Bitcoin were first mined years ago, they weren’t worth much and were generally seen as something only tech enthusiasts made use of.
Most of the general public hadn’t even heard of Bitcoin. They went on to see a resurgence in value and those who owned substantial amounts of Bitcoin have gone on to earn even millions from them.
Those who didn’t anticipate the surge in Bitcoin value either didn’t invest or sold off their Bitcoin for cheap.
As a result of these factors, people who trade in cryptocurrency do not want to run the risk of potentially losing out on the next big thing, hence the fear of missing out.
Of course, FOMO trading is one of the absolute worst mistakes you can make if your goal is to earn money on cryptocurrencies.
Instead, play the long game, wait patiently, and don’t give in to the hype. You won’t make money buying a cryptocurrency when it’s at its highest value, so don’t even try.
Many people are skeptical and distrustful of the cryptocurrency market. This is often due to a fear of being scammed or manipulated.
There is some merit to this fear as newer investors are often targets of fraudulent activities that aim to either get them to sell their coins for less than their actual value or to buy currencies that are of little value.
One of these popular methods is through pumping and dumping. Pumping and dumping is the act of artificially increasing the demand for a currency in order to drive sales of a currency, then selling once the price hits a peak.
A “pump” is the first step in this two-part move is often made by traders looking to make a quick profit from cryptocurrency.
Now, the demand for cryptocurrency is driven by its value. The higher the value of the cryptocurrency, the higher the demand for it will be. The higher the demand for it is, the higher its value will be.
Both are linked to one another and as a rule, driving up one tends to drive up the other.
Cryptocurrency sellers who are looking to make a quick profit often do so by “pumping” their cryptocurrency. They do this by buying up a quantity of their cryptocurrency en mass and as such, kicking up its value.
What this does is that the value charts begin to record a sudden surge in demand for that cryptocurrency, which leads to users, particularly the less experienced ones, believing that there is a surge in demand due to many people buying that cryptocurrency.
Of course, they don’t know that it is a result of coin owners artificially inflating the demand and value of the cryptocurrency.
One way to describe the act of pumping is to compare it to an author who buys thousands of copies of their own book so as to artificially inflate sales of their book.
The goal is to get it onto the New York Times Bestseller list with the hope that other people will begin to buy it. Once the book is popular, they can resell the copies that they have already bought after the surge in popularity.
This practice has gone on long enough that cryptocurrency users have become skeptical about sudden surges in the demand for certain currencies. Unfortunately, people who are just getting started with cryptocurrency are prone to fall victim to this.
I should note that the buyers oftentimes focus heavy promotion on their coin as well. If a coin suddenly skyrockets in price and has a few key players hyping it, you can guess that the coin is falling prey to a pump and dump scam.
The second part of a pump and dump scam is the dump. The dumping occurs when the value of the currency crashes after the inflated demand wears off. This leaves the buyers with worthless crypto.
After the buyers have created an artificial demand for their currency, they then proceed to ‘dump’ the coins.
They dump them by selling off their own cryptocurrencies at the peak of the currency’s value.
When the value and demand of the currency go up, it creates a sense of urgency among buyers. This is where FOMO comes in. In the mind of the buyer, the sudden surge in demand is an indicator that many people are after the currency which must mean that it is very valuable.
This peak is when the buyers will suddenly sell, or dump, all of their coins.
Now, most people who have been trading in cryptocurrencies for a while will be able to differentiate between a genuine increase in the demand for a cryptocurrency and an artificial inflation done by shady sellers.
The targets of these schemes tend to be new traders who don’t entirely understand how the market works. They are much less likely to understand that the demand is artificial and are more likely to buy into it.
Pumping a cryptocurrency is done not only to increase the demand for the currency but also to kick up the market price for it.
At the height of the surge, the cryptocurrency can sell for as much as ten times the original value.
Once this is achieved, the sellers then resell most if not all of their coins to those trying to take advantage of the surge in demand and price. If they are successful, they can make a lot of profit off this scheme.
After they have proceeded to dump their currency, there will usually be a crash in the price and the value of the currency. This is because the artificial demand has worn off and it then becomes clear that the currency was never high in demand in the first place.
Those who had purchased the currency will then find that it is worth very little compared to what they paid for it and have been duped.
This method is used all the time, particularly with new cryptocurrencies and is one of the biggest risks associated with investing in cryptocurrency.
Over time, the cryptocurrency world is getting better at identifying potential pumps and dumps and preventing investors being scammed.
One of the biggest events that brought cryptocurrency into the mainstream was the emergence of Bitcoin.
Back when Bitcoin first had their surge in value, they brought cryptocurrency as a whole to the forefront of public attention, and for good reason.
Overnight, people earned fortunes from owning Bitcoin, with some even becoming millionaires in the process. Never before had such a thing happened in the world of cryptocurrency and it created an immediate spike in public interest around it.
‘Moon’ essentially means that a cryptocurrency’s value has hit such an unprecedented surge that its value has “gone to the moon.”
There is no better and more practical example than the case of Bitcoin. Before Bitcoin experienced it’s surge, most of the general public had either never heard of cryptocurrency or knew very little about it.
Bitcoin is essentially the public’s introduction to the world of cryptocurrencies and even till this day, a lot of people only really know of Bitcoin despite there being many other forms of cryptocurrency.
After Bitcoin ‘went to the moon’, there was an overwhelming increase in the demand for them and their value has remained steady.
The term stuck, and has been used for any cryptocurrency when its value goes higher than anyone expected beforehand.
That said, it could even be argued that Bitcoin are the only “true” example of a cryptocurrency that has truly hit the moon and that every other cryptocurrency has merely tried to replicate its success.
Several factors are involved in a cryptocurrency going to the moon, the most important of which is demand. At the height of the Bitcoin surge, the demand both benefited from and caused the spike in price.
As the price increases, more investors buy. And as the popularity grows, the price increases. It’s a cycle that continues until the inevitable crash that follows.
When it is properly looked at, the potential of a currency going to the moon is probably what drives a majority of transactions in the cryptocurrency market.
FOMO trading occurs because investors do not want to miss out on the next Bitcoin as is the case with pump and dump.
When a currency shows signs of a surge in demand, people immediately rush to purchase it in case it is on its way to becoming the next currency to hit the moon.
If you stopped the average person on the street and asked them to name a cryptocurrency, they would probably mention Bitcoin.
This is because after Bitcoin exploded in value some years ago, cryptocurrency became a mainstream content and began getting talked about outside niche circles.
For most of the general public, Bitcoin was their introduction to the world of cryptocurrency, and many people don’t even realize there are other currency.
No other currency has matched Bitcoin in success or popularity and so most people who don’t actively deal in cryptocurrency have only heard of Bitcoin.
This is where the term altcoin comes in. Altcoin refers to alternatives to Bitcoin. In simpler terms, it is an umbrella that covers every form of cryptocurrency other than Bitcoin.
This serves to highlight just how dominant Bitcoin are. In the cryptocurrency market, there’s Bitcoin and everyone else.
The world of altcoins is a very fickle one. Since Bitcoin enjoyed their enormous success in both the cryptocurrency world and in the world at large, an unbelievable number of cryptocurrencies have come unto the market.
These currencies have been a mix of legitimately valuable ones as well as those that were poorly-made imitations of Bitcoin. Those imitations quickly faded from the market as well as some of the better ones.
Because of the overwhelming demand for Bitcoin, few other cryptocurrencies have really had their chance to succeed in the market, though some do.
One of these is Litecoins which existed before Bitcoin. Litecoin has succeeded in carving out its own niche market and has thus enjoyed longevity.
Regardless, it is impossible to keep up with the sheer amount of altcoins that seem to spring up every other day in an attempt to recreate the success of Bitcoin.
Since the surge of Bitcoin, there has been the talk of whether or not another currency can come into the market to displace Bitcoin or if any other currency can become as successful as Bitcoin.
While the rise of Bitcoin certainly showed that the cryptocurrency market is unpredictable, the fact that the term altcoin even exists shows that Bitcoin have a firm hold on the market for now.
While the world of cryptocurrency isn’t quite as mainstream or as documented as the world of stock markets, it isn’t a completely lawless world either.
Check and balances are out in place to protect both investors and sellers of the various cryptocurrencies. There are also various online resources to guide and inform people of the workings of cryptocurrencies.
One of the most powerful guarantees supporting cryptocurrencies is blockchains. In many respects, the blockchain is the heart and soul of a cryptocurrency. Without it, a cryptocurrency wouldn’t function at all.
Blockchains refer to the digitized log of all cryptocurrency transactions which take place all over the world.
Blockchains are essentially like browser histories, only that it isn’t for one specific person, but rather for everyone who deals in cryptocurrency at a given time.
Like browser histories, blockchains don’t ever really end. They are updated and added to every single time a cryptocurrency transaction of any time takes place anywhere.
As a result, the blockchain is a never-ending stream of information.
A group of single cryptocurrency transactions is called a block. Every time a cryptocurrency transaction is completed, it is added to the ever-expanding blockchain.
Blockchains also have the added advantage of being available to the public. Blockchains aren’t privately locked away or inaccessible, but can be viewed by anyone on the internet.
The reason for this is for easy verification of transactions and also as an archive that people can use to see what transaction took place at that time.
The cryptocurrency world is becoming more and more organized and the availability of blockchains makes this easier.
All transactions are made public which not only aids transparency but also makes it easier for cryptocurrency and its transactions to be measured and studied from a reliable source.
There are no multiple blockchains. Every transaction is recorded in a single blockchain which is not only accessible but can be immediately downloaded by every computer which is connected to the cryptocurrency network.
This is beneficial in that it saves users the stress of having to do their own record-keeping since everything is recorded with no requirements from them. It also gives a great deal of uniformity because every user receives the same blockchain.
Blockchains are also compiled in chronological order which makes them organized.
In addition to serving a function as the documentation for the currency, the blockchain also serves as the method by which new currency is generated through a process known as mining.
Every transaction needs to be added to the blockchain in order for a cryptocurrency to work.
Mining is the process of adding a transaction to the blockchain. Mining is a very important process as it is through mining that new blocks (transactions) are added to the blockchain.
However, mining isn’t a random, lawless process.
When thinking of how a blockchain works, one might assume that it is endlessly being updated and that blocks are added freely.
While it is a constantly-updated chain of blocks, it has some requirements to it. Simply put, you can’t randomly add a block to the blockchain without going through some verified steps.
This is part of an effort to keep the number of blocks that are added to the chain in certain time periods constant and easier to manage. The world of cryptocurrency takes steps to ensure accountability and order, and this is one of them.
But what’s the advantage to keeping this ledge of transactions? It requires a lot of computing power to maintain the system and add new blocks as they are created.
So, what’s in it for the people keeping the records? Free crypto coins.
A common question asked by those who are new to the world of cryptocurrencies is that of how new currencies or coins are created. The answer can be found in the process of mining.
Mining is what facilitates the creation and addition of new coins into the market. However, the process of mining cannot be undertaken without a proof of work, or POW.
As the title implies, POW it is a requirement that makes miners go through quite a bit before they can introduce any new currency into the market.
How it works is this: a mining computer is required to work through a complex and time-consuming mathematical problem before they can add anything new to the market.
This problem is solved by engaging in a large number of tries before it can be gotten right. Not only does this require a lot of time and energy, but is also very demanding in terms of software.
The reason for all of this is to regulate the creation and addition of blocks to the blockchain. If the creation of blocks were easier, the number of blocks being added would be quite difficult to keep track of.
This process limits the number of blocks that can be added at a certain time and keeps the market regulated. Having a single blockchain allows the process to stay secure and reliable across the world.
Many people see Bitcoin and other cryptocurrencies as a way to make money online, and this is mostly true.
Many people have gone on to earn substantial amounts from trading in cryptocurrency using various means, one of which is through staking.
Staking is also referred to as proof-of-stake, or POS. This is because staking is an alternative form of mining, compared to proof-of-work or POW mining. You won’t be reading about staking with Bitcoin, since Bitcoin uses POW mining.
Staking works in the same way that a fixed deposit account does. Staking is the process of buying coins and keeping them in your wallet for a fixed amount of time without spending them.
It’s that simple!
Like any other trading market, investing in the cryptocurrency market has some risk attached to it. Many people, particularly those who are new to the market have lost a lot of time, energy and money in the process.
A general misconception about the cryptocurrency market is that you need to constantly buy and sell in order to see any gains.
This is where staking comes in. Staking allows those who don’t want to constantly buy and sell to make gains while doing very little.
Staking can also help to discourage pumping and dumping of coins. Pumping and dumping as a concept requires investors to buy up cryptocurrency.
However, if investors are staking, they are less likely to.
If you’re looking to make a purchase using cryptocurrency, staking is an easy way to double up your fund with little effort required.
You can simply hold on to coins you already have and allow them to mature over time. These coins, once staked, can begin to earn coins just like miners would with Bitcoin.
Speaking of time, just like with a fixed deposit account, the longer the cryptocurrency is held, the more rewards the owner receives. This varies from three months to six months to even years.
Staking isn’t without its downsides, though. The process of staking isn’t as simple as putting coins away and not coming back to them.
Instead, when you decide to stake, you put your coins in a wallet and lock them.
The lock that is put on them has a time period such as three months. This means that for that time period, you will be unable to access the coins even if you wanted to.
For someone looking to earn coins by mining, but without the deep pockets and massive hardware resources needed to use proof-of-work, proof-of-stake can be a viable opportunity.
The cryptocurrency market had led to the emergence of a number of businesses as well as creating fortunes for a great number of people.
It has also served as an alternative means of funding for a number of startups and businesses, which comes as no surprise considering the fact the cryptocurrencies are considered alternative themselves.
Many people with business ideas often find themselves at a loss on how to fund their ideas initially. The traditional route would be approaching investors and venture capitalists.
However, the process of getting accepted by them is often a rigorous and stressful one. Also, there are only so many venture capitalists and investors that one can approached.
Through the internet, many businesses have gotten their feet off the ground through non-traditional means.
That is essentially the concept behind sites like Kickstarter and GoFundMe.
The cryptocurrency world has also played its part in the funding of new ventures, and that is where ICOs come in. The term ICO means initial coin offering, similar to Initial Public Offerings (IPOs) on Wall Street.
How an ICO works is this, in a bid to raise capital for a startup, cryptocurrency is sold to investors. These cryptocurrencies are exchanged for money and in some cases, other forms of cryptocurrency such as Bitcoin or Ethereum.
Conceptually speaking, it is the act of selling cryptocurrencies to raise money for startups.
This practice has made it possible for projects and startups that otherwise wouldn’t have gotten funded to find their footing.
Many see ICOs as the next step after crowdfunding. With the growing influence of cryptocurrencies, it’s not hard to imagine why.
In the foreseeable future, many new and upcoming businesses could easily be funded through ICOs.
The appeal of ICOs to investors is that they get the chance to buy into cryptocurrencies before they take off, or purchase very valuable cryptocurrencies that aren’t easily acquired.
After the explosion of Bitcoin, more and more investors are looking for ways to get into the cryptocurrency business as it increases in popularity and from all indications, are willing to pay cash for this opportunity.
Like any brand new business venture, ICOs are plagued with scammers and fraudulent “coins” that are little more than hype and buzzwords.
With careful investing, however, ICOs can be one of the most lucrative ways to profit from cryptocurrencies.
As previously mentioned, cryptocurrency isn’t quite as developed as the traditional stock market. Despite this, there is still plenty of information to be learned about any cryptocurrency.
One of the most basic foundational pieces of information you can find about Bitcoin, Ethereum, Litecoin, or any other altcoin is the market cap.
Market cap is the total value of all the cryptocurrency in circulation. Keep in mind this varies from one specific cryptocurrency to another.
The market cap of Bitcoin, for example, will be different from them market cap of Litecoin.
Like with values on the traditional stock market, this value fluctuates and changes from day to day. The beauty of this is that it helps to measure and understand the size of the cryptocurrency market and also to measure its influence.
In early 2017, it was reported that the market cap of Bitcoin had exceeded that of the stock of J.P Morgan. This helps to illustrate how powerful Bitcoin has grown as a currency.
Market cap is calculated by multiplying the average price of the cryptocurrency by the amount of it in supply.
For example, if Bitcoin were valued at a thousand dollars each and there were a hundred in circulation, their market cap would be a hundred thousand dollars.
Market caps are very helpful in determining the power of each cryptocurrency. Bitcoin are considered the most powerful and valuable of all cryptocurrencies because they have the highest market cap compared to other currencies available.
It also helps in determining which currencies to invest in. The higher the market cap, the more money that can be potentially made from an investment in said currency.
The market cap of cryptocurrencies as a whole saw a peak in mid-2017 after it exceeded a hundred billion dollars.
When investing in cryptocurrencies, market cap is without a doubt one of the most important factors to consider and constantly monitor.
Unlike the price of an individual coin, the market cap for a cryptocurrency can tell you about its potential, the overall popularity of the coin, and whether or not you should invest in it.
One of the unique things about the cryptocurrency world is that it is very community-focused. Succeeding in the world of cryptocurrency would be hard without some sort of interaction with the community.
Before getting into cryptocurrency, most people make it a point of duty to interact with and get information from those with more experience.
This is partly due to the fact that cryptocurrency isn’t quite as straightforward as traditional currencies, and few investors start with any background knowledge of crypto.
This is where Telegram come in. Telegram is a messaging app similar to Slack or WhatsApp.
It has unique security features that appeal to the crypto community, which have created communities, message boards, and other collections of people online who gather to discuss everything related to cryptocurrency.
Some of these Telegrams are new and some have existed for years dating back to the emergence of cryptocurrency as a whole.
A quick Google search will reveal hundreds if not thousands of Telegrams from all over the world which exist solely to provide and exchange information on all things related to cryptocurrencies.
A lot of Telegram chats are also very specialized in their topic selections. For example, some Telegram groups exist to discuss new and emerging currencies, some exist to track market caps, and some are dedicated to general discussion.
Telegram is so important that it is quite rare for anyone to actively deal in cryptocurrencies and not follow or participate in at least one Telegram group.
Telegram feeds are also one of the most reliable ways to seek out genuine information about currencies are they are updated in real time. If there is a sudden spike in a currency’s value or a crash, it will be reported in the Telegram groups as soon as it happens.
In terms of trading and dealing, Telegram messaging play a large role in connecting investors.
If a person wanted to sell coins, for example, simply posting about it in a popular Telegram feed would help connect them to many potential buyers.
Many new cryptocurrencies spring up every day and one of the best ways to get the word out about them is to create posts in Telegram groups and interact with users.
Cryptocurrencies thrive on community interaction and Telegram serve as the heart of the community.
From news on various currencies to sales, it is safe to say that a good number of transactions that occur regarding cryptocurrency are facilitated by Telegram.
Some, like the PumpKings community, focus on pumping and dumping and other unethical methods to make money through cryptocurrencies.
However, there are Telegram groups for any flavor of investor. If you want live, up-to-date information from a group of crypto enthusiasts, you should join a few Telegram communities.
As much as many people are enthusiastic and actively looking to trade in cryptocurrencies, many are also very wary of doing so.
For a good number of people, cryptocurrencies are an internet fad or scam. This belief could be due to ignorance of cryptocurrency or due to bad experiences.
Regardless, most people have some understanding of some risks involved in cryptocurrency, some of which can inevitably be linked to so-called shitcoins.
Shitcoins are currencies that either have declining value or are completely worthless compared to their cost.
After Bitcoin found incredible success a few years ago, many coins have come into the market in the hope of recreating its success. A majority of them have gone on to fail and the investors who poured money into them lost everything.
Like any other industry or market, there are poorly done products that have flooded the market. Shitcoins are the products that plague the cryptocurrency world.
The success of Bitcoin and the money made by its investors have made a lot of people eager to achieve the same. As a result, new currencies are introduced into the market every day. Most of these are badly made and can’t stand the test of time.
There is also the problem of scams. Some shitcoins were never designed to last in the first place. Instead, their creators only invented them in a bid to dupe unsuspecting people out of their money.
This is often done by hyping the new currency as “the next Bitcoin” and convincing investors to buy them in bulk, anticipating a surge in its value. One method of doing this is by pumping and dumping them.
As discussed earlier, scammers buy their own currency in bulk, thereby artificially increasing demand for it. Using this newfound “popularity,” they convince people that the currency is truly taking off and then sell it back to them.
The shitcoins are then found to be worthless.
Despite widespread information in telegrams and various warnings, shitcoins still plague the cryptocurrency market, scamming new and unsuspecting buyers.
When most people hear the term cryptocurrency, they think of Bitcoin. Bitcoin is without a doubt the most popular cryptocurrency and probably the only cryptocurrency that is well known in the mainstream.
But what are Bitcoin? Most people are aware of Bitcoin as some type of currency, but don’t know what exactly Bitcoin are beyond “some confusing internet money.”
Bitcoin are a form of digital currency that is not regulated by a country’s government or central bank.
How Bitcoin are exchanged is by way of hash codes which are shared between users.
Bitcoin saw a surge in their value in 2011 which caused those who owned Bitcoin to earn massive profits overnight. Some even became millionaires in the process.
Bitcoin are a self-regulated currency that deals with inflation by itself. It is also designed so that there are no more than 21 million Bitcoin in existence.
Because Bitcoin are not physical items per se, they are stored in programs called wallets, and are transferred using a key that is unique to every Bitcoin user.
In terms of investing in cryptocurrencies, Bitcoin are considered the safest and most secure currency to invest in. This is because they are so valuable and have been around for so long and are thus more trusted.
Like stocks on the stock market and any other investment, the value of a Bitcoin isn’t set in stone and can change based on a variety of factors.
With time, more and more individuals and vendors are accepting Bitcoin as a means of payment for good and services. This helps Bitcoin’s value increase over time as it grows in popularity.
Bitcoin transactions are recorded on a blockchain, which is a permanent log of all transactions conducted with Bitcoin. This means that unlike physical money, Bitcoin leaves a digital trail on all its transactions.
There are hundreds of cryptocurrencies on the market, but none has matched Bitcoin in success and overall popularity. They are without a doubt the most popular and in the highest demand.
The truest testament to Bitcoin’s popularity is the fact that it served as the launch pad that introduced cryptocurrency to the world as a whole.
It’s debatable on whether or not cryptocurrency would be what it is today without Bitcoin.
Many terms regarding cryptocurrency have been explained and defined, but it is important to understand what cryptocurrency even is.
The internet and rise of all things digital have revolutionized every aspect of life, and money was not left out.
Most people would define cryptocurrency as “internet money.” There is some truth to this, but that only scratches the surface.
Cryptocurrency is a digital medium of exchange that makes transfers by way of encryptions. These encryptions are protected by keys that are unique to the currency owners.
The thing that is unique to digital currencies is that they aren’t traditional physical currencies, though they are becoming more and more accepted by vendors.
Though Bitcoin is the most popular form of cryptocurrency, there are hundreds of cryptocurrencies available. In recent years, cryptocurrencies have seen an explosion in public interest with more and more people investing in them.
Cryptocurrencies are unconventional in that they aren’t owned and controlled by a government or regulated by a central bank. Certain cryptocurrencies facilitate transfers by using peer-to-peer sharing.
One of the biggest advantages of cryptocurrencies is that it is very difficult to counterfeit. Unlike paper money and other forms of payment, it is hard to replicate or fake.
Therefore, it is one of the most secure methods of payment. As a result, it is becoming a preferred method of payment for many vendors.
Despite its security, cryptocurrencies can be quite confusing to navigate at times. This is because there are so many cryptocurrencies in existence with each having a unique set of features and values.
There is also the problem of the fluctuating values of each currency. Unless a user exclusively makes use of one or a few currencies, they will be faced with the task of keeping track of the ever-changing values of each currency.
Cryptocurrency is regarded by a number of people as the future of payments and the next step in globalizing the transfer of goods and services.
As these crypto forms of currency continue to develop, we’ll likely see a growing interest in using Bitcoin and other payments on a more regular basis.
Don’t enter the world of cryptocurrency without prior knowledge and understanding some of the basic concepts that guide it.
You’ll be more prone to fraudulent offers and lose cash if you invest without the right knowledge.
By understanding these terms and concepts, your journey into the world of cryptocurrencies will be easier and more understandable.
Contrary to popular belief, learning about cryptocurrency doesn’t need to take place via a month-long course or require a solid financial background.
To better understand cryptocurrency, you just need to know the basic definitions behind the most common terms.
Stop being fooled by shady investments simply because you don’t understand the words they use. Knowledge is power, and that’s as true in the crypto world as it is elsewhere.
You’ve been armed with the definitions you need.
All that’s left is to put that knowledge to good use!
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