But What Do All These Words Mean? Cryptocurrency Glossary for the Layman

[kreslik.news]

Does cryptocurrency confuse you? Don’t be ashamed – it confuses me too. Which is why I have prepared an easy guide to a few key phrases, cutting through the technical jargon to make things more understandable to the less-technologically minded.

Address

Just like yourself, a bitcoin needs a roof over its head. Bitcoin addresses are denoted by a string of alphanumeric characters, and just like your home, you need a key to get in.

There are 2160 possible addresses, so a housing crisis is not expected in the near future. However, because blockchain technology is decentralised and anonymous, the loss of a key in ... (read more)