Category: Uncategorized
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What is KYC?
What is KYC? I know what you might be thinking… Nope. Sorry. Unfortunately, it’s NOT a new kind of Kentucky chicken. 😂 What is KYC? When opening an account, you may notice that the crypto exchange requires you to complete something called a “KYC” verification process. Crypto exchanges in the U.S. and many other countries are subject…
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How to Choose a Crypto Exchange
Doing your own homework (“DYOR”) first before trading on a crypto exchange is important. Don’t just pick an exchange just because it’s the first one you see listed on Google or the most talked about on Reddit. There are a lot of cryptocurrency exchanges you can choose from these days but how do you know…
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How Do Crypto Exchanges Work?
How do crypto exchanges work? Centralized crypto exchanges (CEX) operate in different countries and support different local (fiat) currencies and different cryptocurrencies. But they all work in similar ways. Let’s go over the steps: Create an Account To use a crypto exchange, you need to create an account. Even if you’re a wizard. When you sign…
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What is a Centralized Crypto Exchange (CEX)?
What is a centralized crypto exchange (CEX)? A centralized crypto exchange (CEX) is a business that provides you with a multitude of services such as a crypto trading platform (buy and sell transactions), account services (account funding and withdrawal), and customer support services. Centralized exchanges remain the most widely used method to buy and sell crypto. They are attractive to…
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What is a Crypto Exchange?
What’s a crypto exchange? If you’ve read the previous lessons from my “Beginner’s Guide to Bitcoin Wallets“, you’ve learned what a crypto wallet is, how to set one up, and how to send and receive bitcoin. But if you don’t have any bitcoins, how do you get some? How do you buy bitcoin? In order to buy…
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What is a Meme Coin?
What is a meme coin? In order to understand what a meme coin is, you must first understand what a meme is. What’s a meme? The term “meme” was introduced in 1976 by British evolutionary biologist Richard Dawkins in his app, The Selfish Gene. He needed a noun to describe the concept of the transmission of an idea and initially…
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What is a Privacy Coin?
What is a privacy coin? A privacy coin is a type of cryptocurrency that use technologies to make it very difficult to link an individual to a transaction providing anonymity to parties involved and confidentiality of details of the transaction like the amount. Contrary to popular belief, most cryptocurrencies including Bitcoin do NOT provide anonymity. As part of its…
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What is an Altcoin?
What is an altcoin? In the beginning, there was only Bitcoin, created by Satoshi Nakamoto. But due to the open source nature of Bitcoin’s source code, this didn’t last. “Source code” is the code that programmers can manipulate to change how a piece of software program or “app” works. Open source software is software with source…
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Putting It All Together: The Bitcoin System
What is Bitcoin? While there are many different ways to answer this question, now that you’ve gone through the previous lessons, you can now answer with confidence! Let’s now take all the concepts you’ve learned and put them all together. Bitcoin (uppercase “B”) is a new SYSTEM that manages the creation and ownership of digital “money”…
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How a Bitcoin Transaction Works
How do Bitcoin transactions work? A Bitcoin transaction is a transfer of a certain amount of bitcoins from one address to another address that is recorded on the blockchain. But how does this “transfer” process actually work? In this lesson, I’m going to show you how a Bitcoin transaction works from start to finish. First, we’ll look at…