DON’T SKIP THE BASICS: 10 CRYPTO TERMS TO KNOW BEFORE YOU INVE | T99 Official

DON’T SKIP THE BASICS: 10 CRYPTO TERMS TO KNOW BEFORE YOU INVEST (Part :1)

Hello everyone ..
I Hope you have a wonderful weekend.
This is the new Era of cryptocurrency investment.
If you are intrigued by the boundless opportunities to get rich by investing in the cryptocurrency world, but don't know how or where to begin your investment journey.
A good place to start would be to get acquainted with some of the basic terminology and jargon involved, if not all, right off the bat.
Bear in mind that learning even a few of these terms can serve as a guiding light to your pot of gold or crypto treasure.
Here's our first installment of basic crypto-related terminology for you to get a better understanding:

1. Cryptocurrency
A type of currency that’s digital and decentralized. It can be used to buy and sell things or as a long-term store of value.

2. Decentralisation
The principle of distributing power away from a central point is known as decentralization. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes rather than a central authority.

3. Blockchain
A system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system.
A blockchain is a digital ledger of duplicated transactions and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

4. Hash
When a transaction has been verified and needs to be added to a block in a chain, it will be put through a hash algorithm to convert it into a set of unique numbers and letters, similar to what would be created by a random password generator.
Then two transaction hashes will be combined and put through the hash algorithm to produce another unique hash. This process of combining multiple transactions into new hashes continues until there remains just one hash – the ‘root’ hash of several transactions.
What makes hashes unique and a key security feature for blockchains is that they only work one way.

5. Wallet
A place to store your cryptocurrency holdings digitally. Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies making them safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum.
They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps, making using crypto as easy as shopping with a credit card online.
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10 CRYPTO TERMS TO KNOW BEFORE YOU INVEST PART :2