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- Crypto Lingo: Essential Terminology in the Cryptosphere
Navigating the world of cryptocurrencies can be a daunting task, especially with its unique jargon. To help you sail smoothly through the digital waters, here's a primer on some key terms every crypto enthusiast should know:
1. Blockchain: A decentralized digital ledger that records transactions across multiple computers, ensuring transparency and security.
2. Bitcoin (BTC): The first and most well-known cryptocurrency, created by an anonymous entity named Satoshi Nakamoto in 2009.
3. Altcoin: Any cryptocurrency other than Bitcoin. Examples include Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).
4. Wallet: A digital tool that allows users to store, send, and receive cryptocurrencies. They can be hardware-based, software-based, or online platforms.
5. Public & Private Keys: Cryptographic keys essential for transactions. The public key is like an address that others can see, while the private key should be kept secret and is used to sign transactions and access one's funds.
6. Decentralized: A system where operations and functions are not controlled by a single entity or authority.
7. Smart Contract: Self-executing contracts with the terms of the agreement directly written into code. Commonly associated with the Ethereum platform.
8. Mining: The process of validating and recording transactions on a blockchain. Miners use computational power to solve complex puzzles and are rewarded with new coins.
9. Token: Digital assets issued on a blockchain. They can represent assets, stakes, or even voting rights.
10. ICO (Initial Coin Offering): A fundraising mechanism where new crypto tokens are sold to raise capital for a project.
11. Decentralized Finance (DeFi): Financial applications built on blockchain technologies, aiming to offer more open, accessible, and less regulated alternatives to traditional financial systems.
12. HODL: Originally a typo for "hold," now a popular term in the crypto community referring to keeping and holding onto your cryptocurrencies rather than selling them.
13. FOMO: Fear Of Missing Out. The anxiety that an exciting or interesting event may be happening elsewhere, often aroused by posts seen on social media. In crypto, it refers to buying a coin out of fear of missing its potential profits.
While this list is by no means exhaustive, understanding these terms will give you a solid foundation as you delve deeper into the cryptosphere. Remember, knowledge is power, especially in a rapidly evolving space like crypto!