Cryptocurrency Definitions: Fiat Currency

Fiat money is currency that a government has declared to be?an official medium of payment recognized by law, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, … Read moreCryptocurrency Definitions: Fiat Currency

Cryptocurrency Definitions: Smart Contracts

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts allow arrangements and transactions to be performed without a need for enforcement mechanism system, or even a central power among disparate parties. They leave trades irreversible, transparent, and traceable. Smart contracts … Read moreCryptocurrency Definitions: Smart Contracts

Cryptocurrency Definitions: Monero (XMR)

What Is Monero? Monero (XMR)is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. Most existing cryptocurrencies, like the major ones (Bitcoin, Ethereum, ect.) have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world. Furthermore, sending and receiving addresses for these transactions may potentially be … Read moreCryptocurrency Definitions: Monero (XMR)

Cryptocurrency Definitions: Hardware Wallet

Hardware wallets are used to store a user?s private keys on a hardware device. Instead of storing your cryptocurrencies in a hot wallet like Coinbase, you can store your cryptocurrencies in a hardware wallet. Hardware wallets have a few advantages over software wallets: 1. Their private keys are often stored in a protected area of … Read moreCryptocurrency Definitions: Hardware Wallet

Cryptocurrency Definitions: Whitepaper

A white paper is an informational document issued by a business to promote or emphasize the qualities of service, product or a remedy. White papers are persuade or marketing and sales records used to entice customers buy service a item, technology or methodology or to find out more about. White papers are used to outline … Read moreCryptocurrency Definitions: Whitepaper

Cryptocurrency Definitions: Satoshi

The smallest unit of the bitcoin cryptocurrency. Satoshi is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the famous Bitcoin cryptocurrency.?The satoshi represents just one hundred millionth of a bitcoin. Contrary to the physical variations of international currencies, like the British pound or U.S. dollar, cryptocurrencies predominately exist in … Read moreCryptocurrency Definitions: Satoshi

Cryptocurrency Definitions: Hash Function

A hash function is a mathematical process?that takes input data of any size, performs an operation on it, and returns output data of a fixed size.?A cryptographic hash function is a special class of hash function that has certain properties which make it suitable for use in cryptography. This process plays a crucial part in … Read moreCryptocurrency Definitions: Hash Function

Cryptocurrency Definitions: Bitcoin Gold

Bitcoin Gold (BTG)was first ?suggested by Jack Liao in May 2017. This new version of Bitcoin involves the shifting of the hashing algorithm to utilize Ethereum’s installment, opening up mining capacities into consumer grade hardware, allowing everyday users to mine the new money.?The goal of Bitcoin gold is to become a better “gold” compared to … Read moreCryptocurrency Definitions: Bitcoin Gold

Cryptocurrency Definitions: Bitcoin Fork August 2017

On August 1st, 2017, a divergence in the bitcoin blockchain was created. This created a new bitcoin token on the blockchain in addition to the bitcoin from the original chain: Bitcoin cash. Everyone who owned the original bitcoin kept their existing tokens, but also received bitcoin cash tokens on the day of the split. There … Read moreCryptocurrency Definitions: Bitcoin Fork August 2017

Cryptocurrency Definitions: Bitcoin Cash

Bitcoin Cash is a cryptocurrency that came from the fork of Bitcoin Classic that was created in August 2017. Since its launching, Bitcoin faced pressure from community members on the topic of scalability. Especially, that the size of blocks — put at 1 megabyte (MB), or 1,000 bytes, in 2010 — could slow down trade … Read moreCryptocurrency Definitions: Bitcoin Cash