50 Shades Of Cryptocurrency :Chapter #2- Crypto Lingo/Terminology - Part 1
First and foremost, sorry for being 6 months late with this Chapter, I could say the dog deleted it, or the cat peed on the computer and fried it but that didn’t happen it was purely poor time management, which was apart of not being able to figure out all the Lingo/Terminology of crypto in a way that was easy to understand, that myself could actually understand also, not just rattling off some knowledge that wouldn’t be digestible for anyone that hasn’t gone out and learnt the whole new language of IT or Crypto.
In this post with wanting to be able to break down a few common words the list just grew and grew.
What words would you actually need to know when starting in Crypto?
With looking at the list dumbfounded and trying to avoid asking for help, ended up asking for help when the post was needed.
This got the wheels turning if this happened in a Job environment what works would of been ringing in the ears ”You're Fired” most likely.
In a job situation if you asked someone to help you with something that was apart of your job/task to do would anyone be willing to help as they have their own tasks to do, plus if they can get higher up in the company someone else falling, they win right?
With Crypto there are communities where everyone maybe in one community or many different communities where you help out not because you're getting paid like a job but because you see the vision of the project at hand which you would like to be apart of, your reward may be satisfaction, being apart of something, helping a project to benefit others that will get use out of it, or it may be some coins or units, or may be some knowledge it’s more like a family atmosphere, everyone is here to help one another.
Helping others out didn’t use to be about a reward it used to be about seeing others succeed, being happy and healthy.
With the modern life being everything is all mine and what do we get in return, what about transparency, accountability, honesty helping someone out just because. Did these all need to be wrangled in line and given back to the people that want to use these again?
There are many different sides to Crypto, just like everything we all have different experiences and no two experiences are the same.
Just the same as everyone doesn’t learn the same way we take in information differently so instead of just doing a list with the Lingo or Terminology, what about doing three different ways a quick story using a few of the terminology, a list that has a few terminologies but involve everyone that would like either do a post with a list for terminology/lingo on Steemit adding one of the tag's ADSactly so the community can check it out, or add a comment below this post with your view on one or a few of the terminologies.
Crypto is not about one person or people trying to take over or do things themselves it’s about everyone helping each other peeling back the layers how society may have worked long ago with bartering, p2p (peer to peer) selling without any middle men, working together as a community.
That’s just the E Commerce side of things.
Community’s are about bringing people together, building and lifting each other up not tearing people to shreds, that’s one of the difference with the blockchain anything that is done on the blockchain stays there forever, anything you may type into the blockchain can’t be deleted so it makes people responsible for their actions and holds them responsible.
Were in society he said She said is not taking responsibility for what we say.
Let’s get a tiny bit deeper in and go into Currency this is quite interesting as a bank just spent the afternoon at the kids school explaining money to them, a question was where does money come from
- One kid said “the magic money machine”
- Another Child “The government”
- The Banker “A Factory”
They were of course talking about fiat but how is crypto made, It’s a mathematical equation using nodes (other computers, miners) to talk too, to produce blocks.
Bitcoin was the first crypto on the market in 2009 when it’s white paper (road map) was released you used to be only able to buy Bitcoin thru peer to peer (which was localbitcoins, you had to find someone in your local area selling the amount of bitcoin you wanted to purchase, make an order then go and see them in person and pay to make the transaction.) This can now be done on third party exchanges online, you can also purchase over 800+ different coins that are called altcoins.
Bitcoin runs on the Blockchain which is a ledger that records transactions that are made, these transactions are public so anyone can go and see the ledger of how many Bitcoins went to which wallet, but can’t see who owns the wallet, which is anonymous.
What appeals to some people that buy Bitcoin is the transparency of the blockchain as the ledger can not be manipulated (meaning prevents double spend), once the amount of coin supply has been set that is the amount of coins that is going to be made, coins can be burnt which lowers the amount of coins available (coins that are burnt they are non recoverable, they will sit in a wallet that everyone can see, but will always stay the same amount, as no one will be able to open that wallet.)
Not all the altcoins use the same blockchain they may use an alternative blockchain, which they may be building themselves, the blockchain Bitcoin uses and many alts use the same blockchain as it’s working doing what it is meant to, record transactions, show transparency, is to prevent double spending - at this point in time.
Each coin on the market is different as they all may solve a different issue for use, have different supply amounts, have different ways they are available meaning that you may be able to mine them, they may already be premined.
To be continued….. As being a super duper long post this has been broken up into two parts. To continue on part two will be out shortly….
Disclaimer
This is sharing our limited knowledge, this is not financial advice, please do your own research into Crypto before diving into it, crypto tech advances all the time.Thank you for stopping by really appreciate it, have a fabulous Day/Evening!
50-shades-of-cryptocurrency-the-noobies-chapter-series
50-shades-of-crypto-currency-chapter-1-pump-and-dumps
discord if your interested in the crypto sphere, society.
Keep the cat away from the keyboard while we wait for part 2
Thanks for your interesting post.
Will do, it's rip roaring to go for tomorrow.
Adsactly Bravo, Bravo!! Your post are really Mewtacular!. It inspires me to be a better me. I am learning so
much not only from the information on your post, but also about presentation and design. Thank you!
Hey @jhonysins glad you liked the post, this isn't the @adsactly account, I'm just apart of the community therefore I used the tag.
Lovely to meet you by the way:)