120 most used crypto terms that you will encounter in this industry. A concise explanation. If you're Novince in this industry of money evolution get closer and FOLLOW for more and keep engaged. Today 22nd July, 2024 we start off.

001. Cryptocurrency - Digital or virtual currency using cryptographic technologies and enhanced security.

watch out for 002 in day 2 of 120 days
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013. ICO (Initial Coin Offering);

A fundraising mechanism used by blockchain projects to raise capital by issuing and selling new cryptocurrencies or tokens to investors.

Here's how it works:
1. Project creation: A team develops a blockchain-based project, creating a whitepaper outlining its goals, technology, and plans.
2. Token creation: A new cryptocurrency or token is created, representing a unit of value or utility within the project's ecosystem.
3. ICO campaign: The project team announces the ICO, setting a timeframe, token price, and funding goals.
4. Token sale: Investors buy tokens using cryptocurrencies like $BTC or $ETH .
5. Funding allocation: Raised funds are allocated to project development, marketing, and other expenses.

ICO types:
1. Public ICO: Open to anyone, with minimal restrictions.
2. Private ICO: Restricted to accredited investors or institutional investors.
3. Pre-ICO: Early access to tokens for strategic investors or partners.

Merits of ICO:
1. Fundraising: Raises capital for project development.
2. Community building: Creates a community of supporters and users.
3. Marketing: Generates buzz and publicity for the project.

However, ICOs also come with risks, such as:
1. Regulatory uncertainty
2. Scams and fraud
3. Market volatility
4. Lack of transparency

Investors should exercise caution and thoroughly research projects before participating in an ICO.
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012. Mining:

Refers to the process in which new cryptocurrency coins or tokens are created and transactions are verified and added to a given blockchain on a public ledger. Miners use powerful computers to solve complex mathematical problems. Thus,
1. _Secure the network_: Prevents attacks and ensures the integrity of transactions. Attacks like 51% attack (to be covered)
2. _Verify transactions_: Confirms the legitimacy of transactions and prevents double-spending.
3. _Create new blocks_: Adds a new block of transactions to the blockchain.
4. _Reward miners_: Miners receive newly minted cryptocurrencies and transaction fees
✓The mining process involves:
1. _Transaction validation_: Miners collect and verify unconfirmed transactions.
2. _Block creation_: Miners group transactions into a new block.
3. _Proof-of-work_: Miners solve a complex mathematical puzzle (requiring significant computational power).
4. _Block addition_: The solved block is added to the blockchain.
5. _Network update_: Nodes update their copies of the blockchain.
✓The formats of mining include:
1. _Proof-of-work (PoW)_: Energy-intensive, uses powerful hardware (e.g., $BTC ).
2. _Proof-of-stake (PoS)_: Energy-efficient, uses validators with "staked" (to be explained later) cryptocurrencies (e.g., $ETH ).
3. _Pool mining_: Collaborative mining, shares resources and rewards.
4. _Cloud mining_: Remote mining, rents computing power from providers.
✓Requirements for mining:
1. _Hardware_: Powerful computers (GPUs, ASICs, or CPUs).
2. _Software_: Specialized mining software.
3. _Energy_: Significant power consumption.
4. _Internet connection_: High-speed connection for network communication.
Mining is a crucial component of decentralized cryptocurrencies, enabling secure, trustless transactions without central authorities!
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011. Wallet Address:

Is a unique string of alphanumeric characters that identifies a specific wallet and allows users to Receive cryptocurrencies and Send cryptocurrencies (by sharing the address with the sender) It is a shorter version of a private/public key.
Wallet addresses are typically long strings of letters and numbers,case-sensitive and specific to a particular blockchain or cryptocurrency
Types of wallet addresses:
1. Public address: Shared publicly to receive funds
2. Private address: Kept secret to send funds (not to be confused with private keys)

Things to keep note of when sharing a wallet address to perform a transaction;
1. Double-check wallet addresses before sending funds
2. Keep your private keys and private addresses secure
3. Make sure the Blockchain network (eg.: tronchain, BnB smartchain, bitcoin network, ripple network, Ethereum network, etc) to be used if tallying with the address or the sender or receiver
4. Choose a network the suites your risk appetite in terms of transaction fees, speed of processing, etc and then confirm the wallet address again.
5. QR Code: Many wallet addresses are also represented as QR codes, which can be scanned for easier and faster transactions. The QR code contains the wallet address and sometimes additional information like the amount to be transferred.
6. Address Formats: Different cryptocurrencies have different address formats. Here are a few examples:
(a). Bitcoin ($BTC ): Addresses can be P2PKH (Pay-to-PubKey-Hash) starting with '1', P2SH (Pay-to-Script-Hash) starting with '3', or Bech32 (SegWit) starting with 'bc1'.
(b). Ethereum ($ETH ): Addresses start with '0x' followed by 40 hexadecimal characters
(c). Ripple ($XRP ): Addresses start with 'r' and are usually 34 characters long.

NB.: A small mistake in a wallet address can result in lost funds, so be cautious! Be it a case (lower or upper) for single character can mess up everything. I recommend to always copy and paste addresses other than writing them per character.#Write2Earn! #BinanceTurns7 #BinanceTournament #SOFR_Spike

010. A Wallet:

Is a software program or physical device that stores, sends, and receives digital assets like cryptocurrencies, tokens, and NFTs (Non-Fungible Token - a unique digital asset that represents ownership of a specific item characterized by Uniqueness, Verifiability, Indivisibility, Transferability, Security, Transparency, Scarcity. To be covered in details). It's essentially a digital container that holds your private keys, which are used to access and manage your crypto funds. $XRP $SOL $XLM

There are several types of crypto wallets:
1. Software wallets
Desktop wallets (e.g., Electrum, MyEtherWallet).
Mobile wallets (e.g., MetaMask, Trust Wallet)
Web wallets (e.g., Coinbase, Binance)

2. Hardware wallets:
Physical devices (e.g., Ledger, Trezor, Coldcard)
Store private keys offline for enhanced security

3. Paper wallets:
Physical documents containing private keys and public addresses
Not recommended due to security risks

4. Exchange wallets:
Provided by cryptocurrency exchanges (e.g., Coinbase, Binance)
Store your funds on the exchange's servers

Importance of crypto wallets:
1. Store: Hold your private keys and digital assets
2. Send: Transfer cryptocurrencies to other wallets
3. Receive: Accept incoming cryptocurrency transactions
4. Manage: View transaction history, balance, and asset portfolio

Factors to consider when choosing a wallet to use:
1. Security
2. Ease of use
3. Compatibility (with different cryptocurrencies and devices)
4. Private key control
5. Backup and recovery options
6. Sense of asset control by user
7. Reliability

Your wallet is the gateway to your crypto assets, so it's essential to choose a reliable and secure option! #BinanceTurns7 #Write2Earn! #MtGoxJulyRepayments #SOFR_Spike #Bitcoin_Coneference_2024

009. Fiat currency:

Is a type of currency that has no intrinsic value but is instead backed by a government's decree or law. In other words, its value is derived from the government's guarantee, rather than any physical commodity or asset.

Characteristics of fiat currency:
1. No intrinsic value: Fiat currency is not backed by gold, silver, or any other physical asset.
2. Government-backed: Its value is guaranteed by the government, which declares it as legal tender.
3. Centralized control: Fiat currency is controlled by central banks, which regulate supply and interest rates.
4. Unlimited supply: Central banks can control the amount of fiat currency in circulation. And they can print anytime to increase supply.
5. Widespread acceptance: Fiat currency is widely accepted as a medium of exchange.
6. Inflationary: Due to high supply and/or timely increase in supply makes Fiat currencies very inflationary (Inflation refers to persistent rise in prices of goods over time with persistent decline in monetary value)

Examples of fiat currencies:
1. US Dollar (USD)
2. Euro (EUR)
3. Japanese Yen (JPY)
4. British Pound (GBP)
5. Chinese Renminbi (RMB)
6. Uganda shillings (UGX.)
7. Etc.

>>Bonuses
(a). Fiat currency Vs. commodity-based currency:
Commodity-based currencies (e.g., gold standard) have intrinsic value due to the underlying asset whereas Fiat currencies rely on government trust and regulation.

(b). Fiat currency vs. cryptocurrencies: Cryptocurrencies (e.g., Bitcoin) are decentralized, digital, and often limited in supply (Deflationary in nature) while Fiat currencies are centralized, physical (although increasingly digital), and have variable supply.(Inflationary in nature) #BinanceTurns7 #Write2Earn! #ETH_ETFs_Approval_Predictions #MtGoxJulyRepayments
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008. Stablecoin and Altcoin

(a). Stablecoin: A type of cryptocurrency designed to maintain a stable value relative to a fiat currency (e.g., USDT, USDC, DAI) and it is pegged to the value of a fiat currency, assets, commodity, or algorithmic mechanism aimed at reducing price volatility. This makes it suitable for:
- Payments
- Remittances
- E-commerce
- Hedging against market fluctuations
Some popular Examples include: USDT (Tether), USDC (USD Coin), DAI (Dai Stablecoin).

(b). Altcoin: Short for "Alternative Coin". It is any cryptocurrency that is not Bitcoin (BTC) and includes a wide range of cryptocurrencies with varying features, uses, and consensus algorithms ("to be covered later")
Examples of altcoins include: Ethereum ($ETH ), Litecoin (LTC), Monero (XMR), Dogecoin ($DOGE ), Ripple ($XRP ) and many more

Key differences:
1. Purpose: Stablecoins focus on stability, while altcoins often prioritize innovation, security, E-commerce, E-learning or specific use cases.
2. Volatility: Stablecoins aim to minimize price fluctuations, whereas altcoins can be more volatile.
3. Use cases: Stablecoins are suitable for everyday transactions, while altcoins might be used for specific applications, like smart contracts("to be covered") (such as on Ethereum) or privacy (on Monero).
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007. Coins and Tokens:

In the cryptocurrency and blockchain space, the terms "coins" and "tokens" are often used interchangeably, but they have distinct differences:

(a). Coins: x-tics
Decentralization: Operates independently, without central control
Limited supply: Total amount of coins is capped or scheduled for release
Open-source: Blockchain code is publicly accessible
Cryptographic security: Transactions are secured through advanced cryptography
Consensus mechanism: Network participants validate transactions through algorithms like PoW (Proof of Work) or PoS (Proof of Stake).
1. Native to their own blockchain (e.g., Bitcoin, Ethereum)
2. Typically used as a form of currency or store of value
3. Have their own independent blockchain network
4. Can be mined (except for pre-mined coins)
5. Examples: Bitcoin ($BTC ), Litecoin (LTC), Monero (XMR)

(b). Tokens:
1. Built on top of another blockchain (e.g., Ethereum, Binance Smart Chain)
2. Often represent assets, utilities, or rights
3. Use the underlying blockchain's infrastructure
4. Can be created through smart contracts
5. Examples: ERC-20 tokens (e.g., DAI, LINK), Binance Coin ($BNB ), Tronix ($TRX )

Key differences:
1. Blockchain independence: Coins have their own blockchain, while tokens rely on another blockchain.
2. Purpose: Coins are often used as currency, while tokens represent assets or utilities.
3. Creation: Coins are mined, while tokens are created through smart contracts.

Understanding the distinction between coins and tokens helps clarify the diverse landscape of cryptocurrencies and blockchain projects.
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006. A White Paper:

Is a detailed, authoritative, and informative document that presents a comprehensive overview of a project, technology, or solution. In the context of cryptocurrency and blockchain, a White Paper typically:

1. Introduces the project's mission, vision, and objectives
2. Explains the underlying technology and architecture
3. Describes the tokenomics (token economy) and distribution
4. Outlines the development roadmap and timeline
5. Discusses the potential applications and use cases
6. Presents the team and their expertise

The purpose of a White Paper is to:
1. Educate readers about the project
2. Build trust and credibility
3. Attract investors, partners, and users
4. Provide a clear understanding of the project's goals and potential

Satoshi Nakamoto's Bitcoin White Paper (2008) is a seminal example, revolutionizing the concept of decentralized currency.

White Papers have become a standard practice in the cryptocurrency and blockchain space, helping to promote transparency, accountability, and innovation.
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005. A Satoshi:
Is the smallest unit of the $BTC cryptocurrency. The term "Satoshi" was coined (pun intended) to honor the creator of Bitcoin and to provide a way to express smaller amounts of Bitcoin.

1 Satoshi = 0.00000001 Bitcoin ($BTC ). In other words, there are 100,000,000 Satoshis in 1 $BTC .

Satoshi is often abbreviated as "sat" or "sats". It's used to represent tiny fractions of a Bitcoin, making it easier to buy, sell, and trade small amounts of cryptocurrency.

For example:

- 1 sat = 0.00000001 BTC
- 100 sat = 0.000001 BTC
- 1,000 sat = 0.00001 BTC
- 10,000 sat = 0.0001 BTC
- 100,000 sat = 0.001 BTC
- 1,000,000 sat = 0.01 BTC
- 10,000,000 sat = 0.1 BTC
- 100,000,000 sat = 1 BTC

Satoshi has become a widely recognized term in the cryptocurrency community, symbolizing the smallest unit of Bitcoin and the creator's legacy.
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004. The legendary Satoshi Nakamoto!

Satoshi Nakamoto is the pseudonymous person or group of people who created the #Bitcoin protocol and reference implementation. The true identity of Nakamoto is still unknown, and it is not clear whether the name is a pseudonym or a real name.

Satoshi Nakamoto published a whitepaper in October 2008 that proposed the Bitcoin ($BTC ) protocol as a new form of electronic cash. He then began working on the Bitcoin software implementation, and on January 3, 2009, he created the first block in the Bitcoin blockchain, known as the Genesis Block.

Nakamoto continued to contribute to the development of Bitcoin until December 2010, when he or she stopped contributing to the project and disappeared from the public eye. The last known communication from Nakamoto was an email sent to a fellow developer in April 2011.

Despite numerous attempts to uncover Nakamoto's true identity, it remains a mystery. Some people believe Nakamoto may be a group of people or a pseudonym for a well-known cryptographer or computer scientist. Others believe Nakamoto may have passed away or chosen to remain anonymous for personal reasons.

Regardless of Nakamoto's true identity, his or her contribution to the development of Bitcoin and the broader cryptocurrency space is undeniable.

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003. Bitcoin ($BTC
): Is a decentralized digital currency that allows for peer-to-peer transactions through a Blockchain without the need for intermediaries like banks. It was created in 2009 by an anonymous individual or group using the name Satoshi Nakamoto.

Here are some key characteristics of Bitcoin:

1. Decentralized: Bitcoin operates on a decentralized network of computers, rather than a central authority.
2. Digital: Bitcoin exists only in digital form, with no physical coins or bills.
3. Limited supply: The total supply of Bitcoin is capped at 21 million. And there will never be any other minting making it a deflationary and scarce asset.
4. Fast and global: Bitcoin transactions are processed quickly, regardless of the sender's and recipient's locations.
5. Secure: Bitcoin transactions are secured through cryptography and a consensus mechanism called proof-of-work.
6. Open-source: Bitcoin's underlying code is open-source, allowing developers to review and contribute to it.

Bitcoin can be used for:

1. Payments: Bitcoin can be used to purchase goods and services from merchants who accept it.
2. Investments: Bitcoin can be bought and held as an investment, similar to stocks or commodities.
3. Remittances: Bitcoin can be used to send money across borders, often with lower fees and faster processing times than traditional methods.
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002. Blockchain: .Is a decentralized, distributed ledger technology that records transactions and data across a network of computers in a secure and transparent manner.

This ensures that the record cannot be altered retroactively without altering all subsequent blocks.

It is the underlying technology behind cryptocurrencies like $BTC , $ETH , and many others.

Here are the key features and merits of blockchain:
1. Decentralized: Blockchain is a peer-to-peer network with no central authority or single point of failure.
2. Distributed ledger: A copy of the blockchain is maintained by each node on the network, ensuring a consistent and up-to-date record.
3. Immutable: Transactions on the blockchain are immutable, meaning once recorded, they cannot be altered or deleted.
4. Transparent: All transactions are time-stamped and visible to anyone on the network.
5. Consensus mechanism: Nodes on the network agree on the state of the blockchain through a consensus mechanism, ensuring the integrity of the data.
6. Cryptographic hashes: Transactions are linked together using cryptographic hashes, making it difficult to alter or manipulate the data.
7. Smart contracts: Blockchain can execute smart contracts, which are self-executing contracts with the terms of the agreement written directly into code.

Blockchain technology has various applications beyond cryptocurrencies, including:
1. Supply chain management
2. Identity verification
3. Healthcare records
4. Voting systems
5. Intellectual property management
6. Cybersecurity
7. Financial transactions
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$XRP

The voting has spanned out... the results are visible.
hundreds of binancians casted their votes on preferences .

48% of US are "HODLERs"
35% like Airdrops more
11% have mastered the skill of trading psychology
6% participate in binance earning activities like simple earn by staking for an APY reward, referral bonuses, red packets from binance live, etc etc
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What do you think of the ETH or SOL Spot EFTs that we are expectat of? How do you think they will impact the markets or cryptography as a whole?

let me know in the comment section, and follow me to keep updated on the Binancians 's opinions
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after this will post an explanation of what is meant by ETFs and how important they were to Crypto enthusiasts

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🔐 Pi Network to Implement 2FA for Enhanced Security

Exciting news for Pi Network users! 🚀 In the near future, Pi Network will introduce Two-Factor Authentication (2FA) to enhance security and protect your account. Here’s why 2FA is a game-changer:

1. Increased Security: By requiring a second form of verification, 2FA significantly reduces the risk of unauthorized access, safeguarding your Pi assets and personal information.

2. Protects Against Hacks: Even if your password is compromised, 2FA adds an extra layer of defense, ensuring only authorized users can access your account.

3. Peace of Mind: With 2FA, you can be confident that your Pi Network account is secure, allowing you to focus on your crypto journey without worrying about potential breaches.

Stay tuned for more updates as Pi Network rolls out this essential security feature! 🔒

Remember that 2FA is important to all your crypto exchange including #binance to add a double layer of security, and he merits re the same. Do it now and today

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The superpower that I usually get after almost all my holdings start to appreciate everyday. It's a feeling unexplainable.

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To whom it may concern...! Pi miners that's alarm is for you, it's been 5+ years of mining this particular coin, don't let your efforts go to waste by inability to verify. Do it promptly and right.
Don't forget to HODL your coin, allow your portfolio to go obesity and bulge, God bless your wallets.

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6 more days of voting , please share with fellow binancians.

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What is Crypto Burning? The act of sending a token to an inaccessible address. It's a deflationary process that permanently removes cryptocurrency tokens or coins from circulation. This creates scarcity in the supply which in the long run rises it's value. In other words, crypto buyers will compete to own a few coins which rises the price of that cryptocurrency. EG. $LUNC needs more burning since it has a very huge supply of over 5000B+ tokens. #BinanceTurns7 #Write2Earn! #BinanceAcademy