Cryptocurrencies explained

Cryptocurrencies are a pretty new thing and many people are not familiar with it.

Now is the right time to educate yourself about them.

Make sure to read the following – it is advised to do it in order:

Blockchain for Dummies

blockchain

 

 

 

 

Bitcoin

Bitcoin

 

 

 

 

 

 

Altcoins

Altcoins

 

 

 

 

 

 

Public Coin Exchanges

Public Exchanges

 

 

 

 

 

 

 

Wallets

Trezor

 

 

 

The most important thing in my opinion, if you want to get started with Bitcoin and Altcoins is Security.

Make sure to read about wallets – there I explain how you can store your Bitcoins safely, without having to fear to be hacked and lose them all.

 

Steps to get started with Bitcoin:

  1. Buy some Bitcoin(s) for whatever $ amount you like and store them safely(see: wallets). Sign up for a Coin Exchange to purchase your coins(refer to the section Coin Exchanges and wallets)
  2. Use them as you like – You could use them as a store of value or start to invest into ICO`s or start to trade your coins or invest into other programs which take Bitcoin only(more on that in the Crypto Profits section on this website: Note: This website and all of the tips I give are for educational purposes only. If you chose to invest or buy anything I mention it is at your own risk. Any losses you might experience are based on your own decisions. Our website does not take any responsibility for any losses as we just share our own experiences and don`t give financial advice whatsoever). And of course, you can use Bitcoin to buy stuff – many stores online and offline already accept Bitcoin.

 

Commonly used phrases and words used in the cryptocurrency “world”.

Check back often – this is work in progress:

Altcoin = alternative coin, any other cryptocurrency but Bitcoin

Bitcoin = first cryptocurrency, most widely used at the moment

Bit = 0,000001 Bitcoin, Microbitcoin

Cryptocurrency = Bitcoins, Altcoins = digital cash, decentralized, open source

Exchanges = platform where you can sell and buy Bitcoin

ICO = Initial Coin Offering, Used to raise funds for a new coin project

Market Capitalization = Supply x price

Mining = The process of verifying transactions by solving mathematical problems and earning a reward

mBTC = Milibitcoin, 0,001 Bitcoin

Node = Software for mining, a node has all the rules of the network coded into it

POW = related to mining, Proof of work – you put your computer to work

POS = related to mining, Proof of stake – you own coins

Satoshi = smallest fraction of a Bitcoin named after its creator. 1 Satoshi = 0.00000001 BTC( 1 hundred millionths)

Wallet = Place where you can store your coins, online or offline