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The Basic Cryptocurrency Terms You Should Know – (1)

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The basic cryptocurrency term - topcoinsignal

Cryptocurrency – Cryptocurrency is virtual money that uses technology in order to control how and when it is created. It lets users exchange between themselves directly like cash.

Blockchain – Blockchain is a computer data technology, which is very secure, permanent, and unable to manipulate. People and computer work together to create a network. This network is enabled and protected by cryptography.

Block – A block is a single digital recording made with using blockchain technology. These data are stored permanently.

Bitcoin (BTC) – Bitcoin is a type of digital cash. It actually made started the cryptocurrency. It was made by an unknown person or group called Satoshi Nakatomo in 2009.

Altcoin – Altcoin is a definition of all coins, except for bitcoin. It stands for alternative bitcoin.

Satoshi – Satoshi Nakamoto is a creator of the most well-known coin; Bitcoin.

Market Capitalization – Market Capitalization, known as Market cap, is a way to rank the value or the size of assets. It is calculated by multiplying total capacity to the latest price.

Distributed Ledger – Distributed leger is a system that records the data of all independent computers. Identical recorded copies are kept by each computer with this technology.

Mining – Mining is progress of computer’s validating information, creating new blocks into the blockchain.

Hashing – Hashing is a computer program that changes information into numbers and letters of a certain length.

Fork – Fork is a split in blockchain which created by computer technology.

Hard Fork – Hard fork makes a permanent change to the technology of cryptocurrency.

Soft Fork – Soft fork makes a temporary split in the technology of cryptocurrency. This change creates a new block, which is slightly different from the original one.

Private Keys – Private keys are a combination of numbers and letters that allows owners to spend their cryptocurrency

Public Keys – Public keys are combination of letters and numbers, which used to receive cryptocurrency.

Exchange – Exchange is a platform where cryptocurrency can be traded.

Wallets – wallet is a software which interacts with blockchain and allows users to send and receive their digital money

Paper wallet – Paper wallet is a paper which contains information, which are needed to access and manage your cryptocurrency.

Hardware Wallet – Hardware wallet is a secure device which lock away access to your cryptocurrency

Software wallet – A software wallet is a program designed to secure your cryptocurrency while allowing yourself to access


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One Comment

  • Joann Tally says:

    Bitcoin has again shot past $6000 per bitcoin, giving fresh hope after been stuck in a bear market for some months now—the 2-month in a row the bitcoin price has rallied. The bitcoin price has struggled to break out of its long-running bear market so far this year, with investors and traders desperately trying to call a bottom to the tumbling market. But right now it may seem a false alarm since the price has climbed to $6000 again. Well, a careful study shows this is only temporary as bitcoin is poised for a steady uphill move. What this means is there is no better time to accumulate bitcoins than now. What do you do after buying? One school of thought says to hold onto for maybe 10 years and cash out when the value moons but that is risky in all ramifications. The safest thing to do so as to take full advantage of the crypto era is to buy as much as possible and then trade to increase your holdings which you would have to use a whole lot of money to acquire if you where strictly a hodler.

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