"Instructions for Beginners" The most important 🔟professional terms in the currency circle‼ ️

1. Blockchain

The blockchain is like a "public ledger" that can never be tampered with. All transaction records are added page by page. Anyone can view it, but no one can unilaterally modify it.

2. Mining

Mining is like a competition to solve mathematical puzzles. When you solve a puzzle, you will be rewarded with newly generated virtual currency. This is why mining is known as a way to earn Bitcoin or other currencies.

3. Wallet

A wallet is like your "digital safe" that stores your virtual currency. Each wallet has a private key (password) and a public key (address). The private key is your key to open the safe, and the public key lets others know how to transfer money to you.

4. Smart Contract

Smart contracts are like "electronic contracts" that execute automatically. When the conditions are met, the system will automatically execute the contents of the contract without human intervention. For example, if you set a certain condition, once it is triggered, the money will be automatically transferred to the other party.

5. Token

Tokens are like "tokens" in an amusement park. You can use it to participate in games and exchange goods, but it can only be used on a specific blockchain platform, unlike a universal currency like Bitcoin.

6. Decentralization

Decentralization is like a "company without a boss." Everyone has the right to participate in decision-making, no one controls the entire system, and all rights and responsibilities are decentralized.

7. Private Key

The private key is like the "key" to your bank safe. Only you own it, no one else can get it. Losing your private key means losing your virtual currency.

8. Public Key

The public key is like your "bank account number". You can tell others about it and they can transfer money to you through it, but they cannot open your wallet through it.

9. ICO (Initial Coin Offering)

ICO is like “crowdfunding” in the virtual currency world. Creators issue tokens and allow investors to purchase them with virtual currencies such as Bitcoin and Ethereum in order to raise funds to develop the project.

10. Decentralized Finance (DeFi)