One of the biggest buzzwords in the technology space at the moment has to be Cryptocurrency. So big, the entire cryptocurrency space is currently worth $1.89 Trillion as of the time of writing the article. If the cryptocurrency market was a stock market operated by a country, it would be the 18th largest stock exchange by market cap in the world. But very few know how cryptocurrency works or what it’s used for. According to a recent survey done by Cardify, only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.” Even fewer know about the larger ecosystem that exists beyond the cryptocurrency space which includes Blockchain, Decentralised Finance, Web3, Smart Contract and so much more. In this article, we will break down all the terminologies and jargon around the cryptocurrency space into much simpler and more digestible bits using related anecdotes. Let’s go! Crypto and Blockchain Predictions for 2022 1. Satoshi Nakamoto What better way to start than with the man who is presumed to be the brains behind the creation of Bitcoin, the first cryptocurrency. Many folks in the crypto space believe he’s a pseudonym that represents the original creator(s) of Bitcoin. Whatever and wherever he is, dead or alive, the name has made history as being the pioneer of the most disruptive technology innovation at the moment. Given the price of BTC today, Satoshi would be a billionaire. In addition, the poor (rich) lad also exists as a token called Satoshi and currently trades on the Coinmarketcap with the price set at $0.000412. 2. Blockchain Blockchain is a combination of computer networks that transparently stores all the information about a crypto transaction. Visualize several series of blocks that contain the information in a space connected by endless chains. Blockchain is the technology that powers all cryptocurrency transactions, for without it there won’t be any cryptocurrencies in existence. Its mission is to ‘wrestle power’ from centralized and opaque organizations like banks, government, lawyers, Insurance companies, etc and put it in the safe and transparent hands of ordinary folks like you and me, hence decentralizing the whole process of money exchange (a classic tale of Robinhood). 3. Bitcoin As you probably have noticed, decentralization is ironically the central theme for cryptocurrency, and no other token, coin, or terminology represents this theme like Bitcoin. Bitcoin is a virtual or digital token that can only be used on the internet. Unlike the physical currencies e.g the US dollar and UK Pound Sterling which are controlled by the government, Bitcoin is controlled by anyone. And like the traditional currencies which are stored in physical wallets, Bitcoin can also be stored in wallets called digital wallets (We will talk more about this). Bitcoin is the first and most valuable cryptocurrency with the price currently at $38,230. 4. Ethereum Ethereum is the second most popular and valuable cryptocurrency but it has a more unique usage than Bitcoin. The former serves as a medium of exchange and technology within the blockchain where other decentralized applications like Defi, Smart Contracts, NFT can be built on while the latter is only used as a medium of exchange. Think of Ethereum as the Gold of cryptocurrency and Bitcoin as the dollar. Ethereum can also be referred to as an alternative coin to Bitcoin. 5. Blockchain wallet The blockchain wallet acts the same way as your physical wallet which is used to store cash and cards except it is used online to store digital currencies like Bitcoin. It is very secure and can only be accessed by a key unique only to the wallet online (unlike the physical wallet that can be ‘accessed’ by boys under the bridge). 6. Address An Address is a string of characters in a wallet that can send and receive cryptocurrency. It is synonymous with a real-life address or an email. Just like a physical address where no two houses can share the same numbers, each address on the blockchain is unique and marks the location of a wallet. 7. Altcoins Short form for alternative coins, Altcoins refer to any type of cryptocurrencies other than Bitcoin. Altcoins were created to serve a much better purpose to cryptocurrency users than Bitcoin. Ethereum was the first-ever altcoin created. Other examples of altcoin include Solana, Bitcoin Cash (which is the 3rd most valuable cryptocurrency), XRP, Cardano, etc. 8. Shitcoins Shitcoins are altcoins that are fraudulently created and serve no intrinsic value to users. They are truly shitty by every definition of the word. Examples of shitcoins include Dogecoin, Shiba Inu, Safe Moon, Magic Internet Money, etc. 9. Cryptocurrency Exchanges Crypto Exchanges are platforms where digital currency owners can buy or sell cryptocurrency … Continued
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