Introduction into Cryptocurrency
Hi guys, the following is from my crypto guide bot on telegram @ccguidebot
Any comments on what FAQ i should cover be would be useful for future users of the guide
My guide covers the better exchanges for the best fees and "gateway" exchanges
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Get the electroneum app and start earning about $1 a day in ETN at the current rate, with a Samsung S8
https://play.google.com/store/apps/details?id=com.electroneum.mobile
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Crypto 101
TERMINOLOGYS
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▶️ [Fiat]
Normal currencies like SGD/USD
▶️ [Exchange]
Place to buy cryptocurrency with fiat or other major cryptocurrencies
▶️ [Wallet]
Digital wallet to hold certain kinds of cryptocurrency ( an exchange has a wallet(s) tied to your accounts but you dont really own them) A wallet "stores" your private key and public key. Having the private key allows you to send coins.
▶️ [Private and Public keys]
These keys are a long line of text and numbers that are encrypted and identify the balances of how much cryptocurrency you have , essentially think of private key as the password to unlock your bank account and the public key is the address number of the account where the bank will know where to deposit your money
-A private key unlocks your wallet for you to send to other wallets of the same cryptocurrency
NEVER share your private key with anyone , this is for all kinds of wallets/cryptocurrency
-A public key can be shared to anyone to allow them to send coins/tokens into your wallet. Generally with a public key . it can be used to view your wallet balance
Some blockchain/cryptocurrencies have private spend keys and private view keys where it is mostly an annoyomous coin where a public key does not allow others to view your wallet balance but can be used to deposit coins
▶️ [ERC20 token]
A cryptocurrency built on the ethereum blockchain and is compatible with ERC20 wallets like MyEtherWallet (MEW)