It takes some time to know about something new. Although it’s been more than a decade since Bitcoin was launched, still the majority of people don’t understand how a cryptocurrency works. This is because many people view it as gambling; you can either earn huge or lose everything in the blink of an eye. In this blog post, we are going to cover some basic crypto terms that you should know:
Cryptocurrency
A crypto-currency, cryptocurrency, or crypto is a digital currency aimed at serving as the medium of exchange where coin ownership records are validated and stored in a public ledger called ‘’blockchain.’’
Crypto Mining
Crypto mining is the process of making a new cryptocurrency unit by fixing a computational puzzle. Miners have gone a long way over the last few years using the latest high-end machinery to increase mining operations. Crypto mining or Bitcoin Mining is performed by specialized computers, which resolve complex mathematical problems. These complicated math problems are so difficult that they can’t be resolved by hand and are complex enough to tax even powerful computers.
Crypto Wallet
A crypto wallet stores private and public keys necessary to perform crypto transactions, and provides a digital signature approving each transaction. You need to keep your private key safe and secure, which allows for you to unlock your cryptocurrency work to spend or trade your cryptocurrency.
Crypto Exchange
A crypto exchange is a digital platform used for buying and selling cryptocurrencies. One can pick any exchange platform, depending on their criteria. Whatever crypto exchange you go for, make sure it has good reputation and it isn’t banned in your location.
How do you look at this? Have something relevant to add to this story? Please feel free to offer your thoughts via email.
James has been a crypto enthusiast for a year. He’s an avid watcher of all the latest developments in the space, and enjoys predicting what will happen next with his favorite coins.
He lives in his hometown of New York City with his wife and two sons. His hobbies include watching movies, playing basketball, and reading about how to survive disasters that may occur from climate change or an asteroid impact!
