The Beginners Guide To Crypto
Crypto-Lingo
In this section we will learn some of the most important concepts to understand the cryptocurrency technology.
Introduction
Cryptocurrency is a totally new type of technology. It is so useful that it is growing at an amazing speed. You won't be able to ignore this for long. Not knowing how does it work may put you in great disadvantage. And moreover, it may expose you to new dangers and scams.
At the time of this writing there are thousands of cryptocurrencies, and the literature, videos, webinars, etc. About it is enough to discourage most people from even trying to learn how does it work.
That is why we have prepared this introduction, as a step by step guide that provides you a hands on experience to discover by yourself the wonders of this new technology.
First some encouraging ideas:
1) Even though there are thousands of cryptocurrencies, if you have a basic understanding of Bitcoin and Ethereum you will have the tools to understand any other crypto project.
2) The same way you don't need to be an engineer to operate a computer or a car, you don't need to understand everything about cryptocurrencies. Using them will be as easy as using your phone.
Second, an encouraging warning:
Crypto is a little like your phone or car, you don't need to understand integrated chips and engines to operate them.
But a basic understanding of the way they work is very important because of safety reasons. You may have heard that with every great power comes a great responsibility, and nowhere is this more true than in crypto.
In crypto you are the only responsible for whatever happens. Other people don't even know you have cryptos. If you loose them, send them to the wrong place,
Cryptocurrency is a little like that. You don't need to understand everything to use it.Yet, a basic understanding of this technology is very important, because cryptocurrency is a totally new type of technology, it functions like money, and in many aspects you may think of it as the electronic money you use everyday with credit or debit cards. From a practical point of view it looks very similar.
But there are fundamental differences that are totally new.