I have long wanted to write several posts for guys who are j | INFINITY
I have long wanted to write several posts for guys who are just beginning to be interested in crypt, because we all were like that and I personally know how difficult it is to find efficient information
Therefore, there will be a series of several posts, let's start with the vocabulary
Crypto Dictionary
This area is full of words that are not always clear even to experienced guys. I'll tell you about what a novice user needs to know in order to have a basic idea of what is being discussed in a heap of posts and pass as one of their own in any conversation about cryptocurrency.
What is the whole crypto divided into?
1) Bitcoin (Bitcoin) - the first cryptocurrency. Released in 2009 Bitcoin is currently the leader of the crypto market with a share of more than 50%
2) Altcoins are all digital alternatives to bitcoin. The first altcoins appeared in 2011, Litecoin became it. The most famous and also the leading altcoin by capitalization is Ether (Ethereum)
Stablecoin is a token with a fixed rate. Most often, their prices are pegged to the dollar. But there are other options.
Shitcoin (Shields) —There are several definitions that can be given to such coins. This is a coin that was issued by scammers, or it is a coin without perspective and fundamental (candy wrapper coin)
Blockchain. What it is? And why is it needed?
Blockchain - to be honest, to begin with, you absolutely do not need to know what it is, but in Russian it is a sequence of blocks
Address - a set of characters used to designate a specific wallet or smart contract. At the address, you can transfer funds within the coin network. Addresses can also be presented in the form of a QR code.
Wallet is an application for storing cryptocurrency. allows users to interact with the crypt: store, transfer to other addresses, use for payment, etc.
There are several types of wallets
1) Cold (hardware) - wallets in the form of a separate device, similar to a USB flash drive
2) Browser wallets - wallets that are built into the browser as an extension. Most Popular Metamask
3) Wallets-applications - special applications installed on a computer, tablet or smartphone.
4) Exchange wallets - wallets that users receive by opening accounts on exchanges for cryptocurrency trading. The most unsafe storage method !!!
Key - a set of characters that is needed to gain access to a wallet with a cryptocurrency. There are two kinds of keys
1) Public (aka address) - allows anyone to view the contents of the wallet
2) Private - this key is required to access funds
Smart contract - algorithms that are used to conduct transactions on the blockchain, for example, to issue tokens or exchange assets through decentralized applications (Dapp)
The post is already quite long, I hope someone had the patience to read
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