Learning

1. Bitcoin – a decentralized digital currency that is based on a blockchain ledger system.
2. Blockchain – a digital ledger that records and verifies transactions in a decentralized and secure manner.
3. Cryptocurrency – a digital or virtual currency that uses cryptography for security and operates independently of a central bank.
4. Altcoin – any cryptocurrency that is not Bitcoin.
5. Mining – the process of solving complex mathematical equations to validate transactions on a blockchain and generate new cryptocurrency.
6. Wallet – a digital storage space that holds your cryptocurrency.
7. Exchange – a platform that allows users to buy, sell, and trade cryptocurrencies.
8. ICO – Initial Coin Offering, a method of fundraising for new cryptocurrency projects.
9. Smart contracts – self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
10. Decentralized – a system or network that is not controlled by a central authority.
11. Fork – a split in the blockchain that results in two separate and distinct chains.
12. Hard Fork – a type of fork that is not backward-compatible and creates a new blockchain.
13. Soft Fork – a type of fork that is backward-compatible and does not create a new blockchain.
14. Hash rate – the speed at which a computer is able to solve complex mathematical equations on a blockchain network.
15. Public key – a cryptographic code that allows users to receive cryptocurrency.
16. Private key – a cryptographic code that allows users to send cryptocurrency.
17. Cold storage – a method of storing cryptocurrency offline to protect it from hacking and theft.
18. Hot wallet – a digital storage space that is connected to the internet and used for frequent transactions.
19. 51% attack – a scenario in which a single entity controls more than 50% of the computational power on a blockchain network, allowing them to manipulate the ledger.
20. FOMO – Fear of Missing Out, the anxiety or apprehension that one might miss out on an opportunity or event.

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PercentagesCalculators.com is a website I use to calculate my percentage increases and decreases on my crypto trades. It puts the math calculation in a more human-readable format that I find is easier than doing the math… because I don’t know how.

Launch TxStreet.com and watch a Bitcoin and Ethereum live transaction visualizer. Every tx is a person, and they fill up buses that represent blocks on the blockchain. It shows the block times and fees for the blocks.

These are some of the most common cryptocurrency scams people fall for.

Most of these are scams common sense and can be boiled down to:

• Never share your seed phrase with anyone
• Trust no one and verify everything.
• Don’t believe anything you read on the internet.
• Use good passwords and a 2-Factor authentication app
• Get a hardware wallet

When using Bitcoin and crypto you are responsible for your own funds.

Any transacions you send are irreversable and non refundable.

You need to be very careful online. Even the most educated internet security professionals can fall for any of these cryptocurrency scams.

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Bitcoin Whitepaper (PDF) – by Satoshi Nakamoto

Blockchain Explained – A Reuters Visual Guide

aantonop – A YouTube channel to find free, unbiased educational videos on all things Bitcoin and open blockchain.

Blockchain Demo – by Anders Brownworth

When doing research — I always like to add the qualifier ‘Reddit’ to a few related Google searches to try and get more unbiased reviews about cryptocurrency exchanges, wallets, scams and the laws / legality of crypto as a Canadian.

Here is my list of recommended subreddits I think you should check out when learning and researching crypto as a beginner.

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