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Preface of Cryptocurrency
Every country has its own currency.
Out of them few currencies have enabled for international trading like US Dollars.
Some currencies have their limits upto some countries like Ponds and Euros.
Due to these limitations, most of the paper money cannot enable for international transactions.
Cryptocurrency is a digital currency.
As you use search engines like Chrome, Firefox, Mozilla etc.
As you use social media like Facebook, WhatsApp, Instagram etc.
They do not have countries boundary.
So as on cryptocurrencies do not have countries boundary.
First cryptocurrency was released as open-source software in 2009 named Bitcoin.
In 2020 most of the tech lovers know Bitcoin.
In 2040 more than 150 counties will use cryptocurrency as international currency.
Therefore, cryptocurrency or digital money is the future money.
Cryptocurrency is a digital money and digital asset.
It is also known as crypto currency or crypto.
It is designed to work as a medium of exchange.
Paper money and coins are recorded in accounting ledgers but cryptocurrency is recorded in computer database by using strong cryptography.
Cryptocurrency typically does not exist in physical form like paper money.
Paper money is issued by the central bank of the country but cryptocurrency is not issued by a central authority.
Paper money is centralized digital currency and central banking systems.
But, cryptocurrencies use decentralized control.
Generate of cryptocurrency is known as mine, mining, minted or created.
When a cryptocurrency is minted or created prior to issue by a single issuer, it is generally considered centralized.
When implemented with decentralized control, each cryptocurrency works through distributed ledger technology.
This technology is known as a blockchain; it serves as a public financial transaction database.
(a) Solo mining
Individual person can mine cryptocurrency; it is known as solo mining.
For this purpose, one must need heavy investment on hardware and software.
He/she needs Gaming PC, GPUs (graphics processing units), heavy graphic cards, many hard discs, cooling fans, high speed internet, technical knowledge etc.
(b) Organization mining
There are more than 8,000 organizations who are mining cryptocurrencies.
Out of them, hundreds are trading their cryptocurrency on crypto-forex platform.
Processing of solo mining and organization mining is same but organization mining need large investment.
They need billions of US Dollars to investment.
Keep in Mind
Some organizations are providing FREE mining on smart phone. |
From smart phone, user can mine cryptocurrency in small quantity. |
At present Pi Network and TimeStope are popular free mining software; both works on Android and iOS. |
For more information contact me on Facebook and write ‘cryptocurrency’ in my messenger inbox |
Blockchain is a digital ledger like Google spreadsheet.
Data of cryptocurrency is recorded on blockchain.
On every page of blockchain, there are two digital signatures of the owner of cryptocurrency; first signature on the top level and second on bottom level of blockchain.
Nobody can tamper on blockchain; it is highly secure.
Blockchain is decentralized system and it has automation capability.
Bitcoin is known as first cryptocurrency released as open-source software in 2009.
Bitcoin has several other cryptocurrencies like Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Bitcoin SV etc.
Since the release of the Bitcoin, more than 8,000 other cryptocurrencies have been created; they are alternative coins or altcoins of the Bitcoin.
Out of them, most of the altcoins were listed on coindataflow.com
Top 10 Cryptocurrency
SN |
Cryptocurrency Name |
USD value (on 3 December 2020) |
Website |
|
1. |
yearn.finance |
$30,301.54 |
|
|
2. |
Bitcoin |
$19,361.75 |
|
|
3. |
ThoreCoin |
$1,769.04 |
|
|
4. |
Ethereum |
$613.63 |
|
|
5. |
Maker |
$535.77 |
|
|
6. |
Bitcoin Cash |
$294.11 |
|
|
7. |
Mixin |
$255.91 |
|
|
8. |
Bitcoin SV |
$171.69 |
|
|
9. |
Monero |
$129.79 |
|
|
10. |
Dash |
$107.34 |
|
You can mine free cryptocurrency on Pi Network
Pi is the first digital currency for everyday people.
Pi Network is providing free cryptocurrency mining on smart phone, desktop and laptop.
It is representing a major step forward in the adoption of cryptocurrency worldwide.
It is building the world’s most inclusive peer-to-peer marketplace; the world’s most widely used cryptocurrency.
TimeStope is a free time collector mobile app and software.
Everybody has 24 hours during a day either he/she is rich or poor.
Human being cannot do 24 hours works regularly.
But he/she can collect hours from its members.
These hours are convertible at cryptocurrency or digital currency.
Here, 1 hour = 1.03 cents in USD.
As much as you can add members, you can collect more hours.
Cryptocurrency Glossary
Address is a destination where a user receives and sends digital or crypto currency.
It is similar to a bank account.
Generally, these addresses include a long series of letters and numbers.
An altcoin is a digital currency (cryptocurrency) other than Bitcoin.
There were more than 305 altcoins listed on data source CoinMarketCap.
In another words altcoin is an alternative protocol asset.
Arbitrage means buying and selling at the same time.
Arbitrage is to taking advantage of the price difference between two different exchanges.
If Bitcoin is selling for $19,000 on one exchange and $19,300 on another; a trader can buy the digital currency on the first exchange and sell it on the second for a modest profit.
Bears will decline the value of cryptocurrency; it is similar to stock market.
Bear market decreases the value of cryptocurrency but bull market increases the value of cryptocurrency.
Traders will make use of bear expectation by taking a short position on an asset.
It means traders will make a bet or gambling.
Many digital currencies make use of blocks.
Block contains transactions that have been confirmed and then combined together.
Blockchain is a digital ledger like Google spreadsheet.
Data of cryptocurrency is recorded on blockchain.
On every page of blockchain, there are two digital signatures of the owner of cryptocurrency; first signature on the top level and second on bottom level of blockchain.
Bull will increase the value of cryptocurrency; it is similar to stock market.
Bull market increases the value of cryptocurrency but bear market decreases the value of cryptocurrency.
When an investor has optimistic expectation of crypto’s future bull, it is described as “bullish.”
Consensus means agreement
The network for a cryptocurrency reaches consensus when the network’s nodes agree that a transaction took place.
This agreement is crucial if the varying network participants (nodes, connecting point) are to have the same information.
In other words, the consensus is crucial to distributed ledger systems.
A cryptocurrency is only a currency that relies on cryptography.
It is also known as crypto or digital currency.
For example Bitcoin, leverages cryptography in order to verify transactions.
Cryptography is basically the process of encoding and decoding information of cryptocurrency.
Cryptography is the science of protecting information by transforming it into a secure format.
This process is called encryption.
Cryptography is used to protect digital data.
It is used so that digital data cannot be recognized by unauthorized users.
Distributed denial-of-service attack (DDoS attack) is a cyber-attack.
The perpetrator (criminal) seeks to make a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting services of a host connected to the internet.
Criminal perpetrators of DDoS attacks often target sites or services hosted on high-profile web servers such as banks, credit card payment gateways, cryptocurrency etc.
A distributed ledger is a system of recording information that is simply distributed, or spread across, many different devices.
The blockchain is a distributed ledger that was originally created to keep track of all bitcoin transactions.
Escrow refers to a third-party holding financial resources on the behalf of other parties.
When seller and buyer do not know (or do not believe) each other, they take help of escrow.
A third-party would hold funds in escrow when the other entities involved in a transaction may not trust each other.
It brings security and peace of mind to both parties.
Fiat currencies have monetary value because they are minted or issued by a central bank.
Fiat means ‘by decree’ or constitution.
These currencies have monetary value because central bank issues these currencies by depositing gold, silver and foreign currencies.
Examples of fiat currencies are US Dollar, British Pound, Euro and Japanese Yen etc.
Exchanges are basically just marketplaces where traders can make digital currency transactions.
It is similar to stock exchange where buyers and sellers buy and sell shares.
If a person wants to buy cryptocurrency, he/she can buy crypto from exchanges.
Exchange is the fastest way to accomplish this objective.
FOMO is a slang word; it stands for ‘fear of missing out.’
When investor or buyer thinks that the value of certain crypto is going to hike and he/she start buying up, it is known as FOMO
FOMO can be dangerous viz there may be loss.
Many people use this phase (slang) in their daily life.
Fork is a change in a rules or protocol of cryptocurrency or digital currency.
Developers update a fork from time to time.
There are two types of forks; they are hard fork and soft fork.
A hard fork is a change to a digital currency’s protocol to upgrade and agrees on new version permanently.
A soft fork is only change is previous valid blocks/transactions are made invalid.
This blockchain network makes previously invalid blocks/transactions valid or vice-versa.
FUD is the short form of fear, uncertainty and doubt.
The crypto community’s sentiments swing like a yo-yo from (swing up and down) time to time.
FUD causes prices to rise or drop.
FUD is a psychology trick; it is used to spread doubt and fear about a cryptocurrency.
Due to this cause, price of certain coin goes to drop.
The people who spread FUD, they purchase price dropped crypto at a lower price and increase their chance of generating a gain.
A hard fork is a change to a digital currency’s protocol to upgrade and agrees on new version permanently.
New version of blockchain does not accept old version blockchain.
There runs both old version and new version of blockchain in two paths.
Hard fork gradually converts old version blockchain into new version permanently.
HODL stands for “hold on for dear life” in crypto world.
The acronym originally came from a misspelling of the world “hold.
Digital currencies can be highly volatile or instable.
When they start experiencing significant price fluctuations, some market participants state that they should simply HODL.
They hold crypto hoping for a bull market in the future.
An initial coin offering (ICO) represents the first time that an organisation offers digital tokens to the public in an effort to raise money.
It is similar to IPO (initial public offering) in share market.
Companies frequently hold these offerings so they can finance projects.
These digital token sales have often been likened to initial public offerings (IPOs), where companies sell more traditional assets such as stocks and bonds in order to raise money.
KYC stands for “know your customer.”
Many jurisdictions have KYC regulations.
In KYC, all details of a customer upto three generations is recorded in digital form.
Which have come to affect startups holding initial coin offering (ICO)
These regulations require companies holding these digital token sales to verify the identity of their investors.
‘Long’ is also known as taking a long position in crypto world.
It means making a wager that an asset will rise in value.
If a trader purchases a digital currency, he/she is making a bet that the cryptocurrency will appreciate.
While simply buying digital currency is one example of taking a long position, there are other methods available.
For instance, traders can leverage options and futures.
Market cap is short form of market capitalisation.
Market cap means total market value of cryptocurrency.
It can be calculated as market cap = Number of cryptocurrency x Price of one cryptocurrency
This term can also be used to refer to a group of digital currencies.
Mining is the process for creating new units of a digital currency.
For example, the bitcoin network releases new Bitcoins every time a new block is mined.
In this example, mining involves confirming transactions and combining them in to blocks.
This verification requires hardware and electricity.
Miners are rewarded with digital tokens for contributing these needed resources.
The mining incentive is a reward for miners
Miners get for confirming transactions and mining them into blocks.
Verifying the transactions of cryptocurrency network requires specialised hardware and substantial electricity, so miners are compensated with a mining incentive.
Initially, Bitcoin’s mining incentive was 50 BTC; but at the time of report, the reward had dropped to 12.5 BTC.
Moon means cryptocurrency rises sharply in its value.
Rising value of cryptocurrency is shown on charts.
Coin’s price is mooning means; the price has hit a peak,
A crypto trader could talk about how an altcoin is going “to the moon!”
Noob
Newcomers are frequently described as “noobs” by industry insiders.
If you are this person, you may want to sit back and observe before “jumping in with both feet.”
Digital currencies are highly volatile, so those who are newer to these assets should keep their risky nature in mind.
OCD stands for Obsessive Cryptocurrency Disorder.
This is a condition developed over time by those who own any amount of cryptocurrency.
Miners or investors become obsessive about watching cryptocurrency prices rise and fall, all day and night.
POW is an acronym for ‘proof of work’.
POW is a system of proving that a digital currency’s transactions have been verified.
Many digital currencies use POW.
Under this system, miners must do ‘work’.
Cryptocurrency miners are usually rewarded for verifying transactions by receiving units of a digital currency.
POS stands for ‘proof of stake’.
It is another method of confirming transactions.
Miners are selected based on how many units of stake (cryptocurrency) they have.
Miner can mine or validate block transactions according to how many coins he holds.
As more are cryptocurrency owned by a miner, the more mining power he has.
Private Key is similar to password; user should not show private key to other person.
A private key is a piece of information.
It contents a string of numbers and letters.
An investor can use private key to access his/her digital currency.
A public key is a piece of information.
It contents a string of numbers and letters.
A public key is an address of investor where an he/she can receive digital currencies.
It is similar to bank account number of a bank customer.
Public key can be shared with other person.
Pump and Dump (P&D) is a type of investment scheme in cryptocurrency.
Several market participant works together to inflate the price of an asset so they can sell it when its value is artificially high.
Once the assets or cryptocurrencies are dumped, the price falls and investors lose money.
Traders can easily get together by using WhatsApp, Telegram or other social media groups with the goal of causing specific cryptocurrencies to rise sharply in value.
P&D is illegal in the stock market, but the regulation of P&D in the cryptocurrency market is weak or nonexistent.
Rekt is crypto trader slang for wrecked.
Basically, rekt means a trader lost large amounts of money.
In the world of blockchain and cryptocurrencies, rekt is used to describe a severe financial loss.
This loss is caused by a bad trade or investment.
ROI stands for return on investment.
Every investor invests his money in any investment with the hope of return on his investment.
Basically, investors invest their money in to a digital currency, with the hope that they will receive return on their investment.
Satoshi Nakamoto is the pseudonym (pen name) for the creator of Bitcoin.
He was active in the development of bitcoin upto December 2010.
Many people have claimed to be Nakamoto.
This name is authored the bitcoin white paper and devised the first blockchain database.
Short is also known as shorting or taking a short position
Shorting is the act of selling the cryptocurrency in the hope that it falls in value and trader can buy it back at a lower price.
Then, traders can make profit from the difference in market price.
Short-selling takes the typical mantra of ‘buy low and sell high’.
Token is also known as crypto token or crypto asset.
A digital token is a unit of a digital currency, such as a Bitcoin.
They are used to facilitate transactions viz making and receiving payments along the blockchain.
Crypto tokens are often used to raise funds for crowd sales.
Blue whale is the largest living animal in the world.
The term ‘whale’ is used to describe a trader who holds large quantity of cryptocurrency.
This quantity may be upto 80% of total cryptocurrency of particular brand like Bitcoin.
Whale can be problem of any cryptocurrency.
They can potentially manipulate the market or ‘make waves in the ocean.’
A white paper is an informational document.
It is written to persuade people to support a product, service or idea.
White papers explain the purpose and technology of cryptocurrency.
A white paper is created by the founders and/or developers of a crypto to help sell the crypto.
White papers are written by technically focused individuals for technically interested buyers.
They are written to explain a complex and technical subject or product with facts, diagrams, statistics and quotes.
Keep in Mind
Never invest your money on any Binary Trading; you will loss 99%. You must choose government approved organization for Forex Trade. |
There are millions of cheaters on internet; they try to phishing you. |
Most of them send you a Telegram message by saying that invest $500 and make $8,000 in 48 hours. |
Never believe on these people. |
Do NOT send money to unknown person through internet. |
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