Blockchain and crypto terminologies #1+ happy birthday bitcoin !

in cryptocurrency •  19 days ago

HAPPY NEW YEAR INFINITE.png

Infinite blocks launched its phase one of operations yesterday which involves becoming a top crypto influencer in this region of the earth and like a flash, within 24 hrs, we had over 300 people subscribing to our services via whatsapp.

Why whatsapp? Because unlike any other social media platform, whatsapp allows us to be up close and personal with our audience, thereby having more organic growth and interactions.
Screenshot_20190103-234518.png
We also have our youtube, instagram and twitter pages already running and we are experiencing steady growth too.

By the end of 2019, we want to be a top crypto influencer here in Africa, able to move and push for greater crypto acceptance, more influence in where investors put money into and more push for growth.

Our number 1 request was ''we know nothing about blockchain tech, please teach us", hence this post.
Screenshot_20190104-001213.png

What is bitcoin

Bitcoin is a revolutionary currency created in 2009 by an unknown entity simply known as satoshi nakamoto, It enables us to carry out transactions without the aid of middle men services like banks. It was built using blockchain technology, which makes the entire system possible t exist as a blockchain is trustless.

What are altcoins

Any other currency apart from bitcoin is considered an altcoin, an alternative coin. e.g ethereum, steem, eos.

What are cryptocurrencies

A cryptocurrency is a digital currency created and designed to work as some form of currency for exchanging goods and services, like you would do with normal naira or USD.

Block and blockchain

A blockchain in its simplest definition, is a digital ledger that prevents any information written on it from being easily editable.

A blockchain is also universal, meaning it is supposed t be available in as many places as possible.

When someone wants t run a bitcoin node for example, they download the entire blockchain history and become a node, able to verify the transactions that are passing through the network, as well as see the transactions that have taken place before.

There are different blockchains that exists today, each improving or claiming to improve on the protocols and performance of the first blockchain, the bitcoin blockchain.

A block is one package of permanently recorded transaction data. After it is completed, it goes into a blockchain, which acts as a permanent database of all of the previous blocks of data.

A new block is then generated for new information to be stored on. Each block also contains a mathematical puzzle with a unique answer, and new blocks cannot be submitted to the blockchain without the answer.
source

Fiat currency

This term is used when referring to government issued currency which is backed and issued by the different governments in each country. examples are the USD and Euro.

FUD

This word means fear uncertainty and doubt. Usually called as one word, it is usually used by crypto optimists to dismiss those that are spreading negativity about a particular coin or the market at large.

Private key

Like a password given to you, this is a string of long numbers and letters design to be very difficult to crack. They represent the only way you can access your funds or cryptocurrency from your wallet.

Wallet

A place for storing your cryptocurrency, a crypto wallet is supposed to be highly secure and uncrackable.

Make sure to only use secure and trusted wallets when storing your cryptocurrency.

Coin

A coin is a cryptocurrency with its own blockchain.
E.g Bitcoin, ethereum, steem, eos, XRP etc

Tokens

Tokens are cryptocurrencies which are built on a blockchain that they did not create.

Essentially, some blockchains allow people to create other cryptocurrencies ontop of it.
These cryptocurrencies are called tokens since they do not have a blockchain of their own.

Whale

A whale is an individual who has made so much in crypto and has a very large store of tokens. They act as the major market movers in many cryptocurrencies.

Node

Any computer connected to a blockchain is considered a node, since transactions can and will be verified by that computer if its connected


We hope the above can be a starting point in knowing the right direction to take our subscribers through !

Happy birthday bitcoin!

In other news, bitcoin celebrated its 10th anniversary on jan 3rd 2019.

Today, bitcoin showed that it could survive 10 years of governmental insurgence on its protocol , constant attack by media outlets and more.

Bitcoin has survived through many winters and this current winter will not be an exception .

The best thing you can do for yourself as a newbie is to learn!

Learn what makes crypto tick and understand how the system works.
InShot_20190103_045340562.jpg


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @infinite-block! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got your First payout

Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word STOP

Support SteemitBoard's project! Vote for its witness and get one more award!