Getting a Sneak Peek into the World of Crypto Currencies

Even in 2020, the cryptocurrency boom continues to heat up, and the interest rate is far greater than gold, stocks, and venture capital. You only need to effectively use the characteristics of cryptocurrency to instantly earn the first bucket of gold in life and achieve wealth freedom!

What is cryptocurrency trading? Before you start, you must know the basics.

It is important to recognize the indispensable "languages" in the cryptocurrency world: Bitcoin, Wallet, Private key, Block, Mining.

It involved joining overseas exchanges, account opening, deposits, withdrawals, and transactions will be learned in a short time. And other currency transfer methods. It also teaches you how to effectively use the customer service center, and all kinds of difficult problems can be solved.

We can buy and sell with cryptocurrencies such as Bitcoin, ducatus and amongst the same; the ducatus coin is grabbing some big attention from all the crypto currency traders. Basically, there are similarities between both cryptocurrency trading and stock trading. However, because cryptocurrencies are born based on new technologies, there are many strange terms.

Bitcoin (BTC): Bitcoin is the name of a cryptocurrency and a unit of currency. In addition, Bitcoin also refers to the Internet and the software itself. Bitcoin is one of many cryptocurrencies. From a trader's perspective, Bitcoin is like a stock.

Wallet: A file that stores bitcoin addresses and private keys for the purpose of transmitting and keeping cryptocurrencies.

Quick Response Matrix Code (QR Code): Due to the complexity of the cryptocurrency address consisting of numbers and English letters, a square barcode that can be easily identified by a mobile phone has been developed.

Private key: The password required to use the cryptocurrency in the corresponding address.

Address: The account used when receiving and transmitting cryptocurrencies. You need to know the address when sending money, and the address is composed of multiple English letters and numbers. Depending on the type of ducatus cryptocurrency, the initial English letters and numbers will be different. Bitcoin starts with 1 or 3, and Ethereum starts with 0x.

Transaction: The act of moving a cryptocurrency from one address to another. After the cryptocurrency transmission is signed, it will be transmitted through the blockchain network. This transaction information will be included in the miners' blocks, so this information will always be stored in the blockchain.

Confirmation: If a transaction is included in a block, a new verification will be generated. Mining the next block is called two-factor verification. Since the block generation time of cryptocurrencies will vary depending on the type of currency, it is not the same after several verifications.

Block: A block of record data for transmitting transactions. Including the previous block number and block generation time, so it can achieve the security effect that the block cannot be easily tampered with.

Mining: The process of collecting transactions scattered across the network and attribute them to a file is called mining. There are various technologies used for mining, and mining algorithms vary according to the type of cryptocurrency. Algorithms currently in use include SHA256 (Bitcoin), Scrypt (Litecoin), Ethash (Ethereum), X11 (Dash), etc., and mining equipment or programs are different depending on the algorithm.