crypto samples.edited.docx - 10 Important Words in Bitcoin and Crypto You Should Now How often have you heard the phrase\"Bitcoin is the currency of the

crypto samples.edited.docx - 10 Important Words in Bitcoin...

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10 Important Words in Bitcoin and Crypto You Should Now How often have you heard the phrase "Bitcoin is the currency of the future” and that the “best time to invest is now”? I bet enough times to make you feel obligated to jump on that bandwagon since no one ever wants to be left behind, especially where finances and wealth are concerned. Bitcoin searches on Google hit a historic high in 2017 during its first-ever Bull Run, and everyone was rushing in to make a quick buck, riding the high wave. That didn't last however, as the crash that followed trampled on the crypto industry for almost a year and a half later. Bitcoin and cryptocurrency are a novelty, futuristic idea, and it’s great that you are here reading this article since that means you've been persistent in your quest for crypto knowledge. Congratulations on joining the multitude of self-taught crypto enthusiasts like myself, who all had to start somewhere. If you are relatively new to the concept of Bitcoin and blockchain technology, this list is for you. It will keep you anchored as you advance and help you get past the fancy or new words that come with the technology. Consider it your crypto-glossary. 1. Bitcoin There are two ways to define Bitcoin. Lowercase bitcoin (BTC) is the digital currency or coins that people use to trade on exchanges, pay for goods and services, or even store in wallets as an investment. Bitcoin , with capitalization, refers to the network behind all bitcoin activities. The best way to picture bitcoin is to understand that all operations happen inside the network. In
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turn, the network is run globally by Bitcoin enthusiasts who get rewarded for processing transactions and securing the network. There is no central server, which means that even if ten people were to go offline, the network is still running securely on all other active terminals (nodes) anywhere in the world. 2. Cryptocurrency A cryptocurrency is simply a digital currency based on cryptography. Cryptography involves sophisticated programming which encrypts and secures the digital currency so that it can be transferred safely between the transacting parties.
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