Introduction to Cryptocurrency

 INTRODUCTION INto CRYPTOCURRENCY 


What is cryptocurrency? 

A cryptocurrency is a digital currency built on a block chain, and it's designed to help you make payments online seamless , amongst other things. It was first introduced into the world in 2013, by Satoshi Nakamoto.

What makes this quite different from other online payment platforms like PayPal, etc. is that crypto currency is mostly decentralized and is not governed by any central body or authority. This is one major difference.

The major cryptocurrencies in the blockchain world include: Bitcoin, Ethereum, DOGE, USDT, BUSD and other coins.


Some coins retain their original value as equal to the USD even with the market forces which only slight affect their value. These are called stablecoins (e.g USDT, BUSD etc) while others are generally referred to as altcoins (alternative coins). 


I will quickly mention several terms/abbreviations associated with the crypto space because we will be needing some of them especially for newbies :


*FIAT* = Normal currencies as spent in any country eg USD is spent in the USA, NGN is spent in Nigeria. 

*FOMO* = Fear Of Missing Out

*BTFD* = Buy The Fucking Dip

*CT* = Crypto Twitter

*ATH / ATL* = All Time High / Low

*FUD* = Fear, Uncertainty, Doubt

*KYC* = Know Your Customer

*NFT* = Non-Fungible Token

*ROI* = Return On Investment

*HODL* = Hold On for Dear Life

*DYOR* = Do Your Own Research

*DEFI* = Decentralized Finance

*HTF* = Higher Time Frame 

*LTF* = Lower Time Frame.

*P2P = Peer To Peer 

I will add more if required later. 

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