Bitcoin, Litecoin or Ethereum – which Cryptocurrency is best and is blockchain the way forward? There are many questions and possibly a great deal of money to be made for early adopters. But is it too late to be called an early adopter? Quite possibly as Cryptocurrency isn’t new anymore, it’s been around for quite some time now. According to Fortune, those who invested in with a mere £100 in 2010 (Early investors paid just six cents for a Bitcoin) would be worth $28,341,266 today! Saying that it’s not too late to still get on board and enjoy a good piece of the pie.
Before we get into the nitty-gritty of using this currency, let’s look at the basics and some terminology.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses encryption (cryptography) to generate money and to verify transactions. * Angela’s paraphrase: Cryptocurrency is computer generated electronic money.
What is a Cryptocurrency Address?
In order to receive cryptocurrency, you need a public address which is a unique string of characters. * Angela’s paraphrase: Cryptocurrency Address is the address of where to find your money!
How do you use Cryptocurrency?
Set up a digital wallet to store the currency then transfer funds in or out of your wallet using your public addresses. * Angela’s paraphrase: Your wallet is where you keep your money.
What is Block Chain?
The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Although commonly associated with Bitcoin, blockchain technology has many other applications. * Angela’s paraphrase: Blocks are electronic records and a blockchain is the list of all the blocks (records).
What is Mining?
Mining is the processing of transactions in the digital currency system. * Angela’s paraphrase: Mining is what happens when the crypto money is made.
What is Altcoin?
An altcoin is the community accepted name for any coin that isn’t Bitcoin – yes there is more than one cryptocurrency, in fact, there are over 1,037 different types of cryptocurrencies. * Angela’s paraphrase: Any cryptocurrency that is not Bitcoin.
Everyone panics and pulls their money out but isn’t this the time to buy surely?