Unraveling Crypto-Jargon!💥
A Glossary for Beginner Navigators🚀
The world of cryptocurrencies is fascinating, but at first it can feel like you're trying to decipher a completely new language. I bring you a quick guide to familiarize yourself with some key words and concepts that you will often hear in this digital universe👨🏻💻
1 #blockchain Imagine a digital, decentralized, and public ledger 📖 Instead of being in one place, it is distributed across thousands of computers around the world 🌍 Each "block" contains a record of transactions, and once added, it cannot be altered🔒 This is what gives it its security and transparency.
2 #bitcoin (BTC): The first and most well-known cryptocurrency🥇Created by an anonymous individual (or group) known as Satoshi Nakamoto. It is the "digital gold" of the ecosystem and is primarily used as a store of value.
3 #Ethereum (ETH): Often referred to as "the second largest"🥈Ethereum is more than just a cryptocurrency; it is a decentralized software platform that allows the creation of applications and smart contracts 💻Its native cryptocurrency is Ether.
4 #Altcoin The word is an abbreviation for "alternative coin". It simply refers to any cryptocurrency that is not Bitcoin. Examples include Ethereum, Solana, Cardano, Bnb.
5 #stablecoin Its name says it all. It is a cryptocurrency designed to maintain a stable value ⚖️ generally pegged to the value of a fiat currency like the US dollar 💵 They are used to avoid market volatility and to conduct fast transactions. A very popular example is USDT.
6 Smart Contract: A self-executing digital agreement🤖
The terms of the agreement are written directly in lines of code. This means that the contract executes automatically when pre-set conditions are met, without the need for intermediaries.