Basic terms you need to know in other for you to survive in the cryptocurrency ecosystem
There is no way that surviving in the cryptocurrency platform or your life in general is easy. There is bound for you to experience thick and thin, and lots of hussle, challenges and disappointed that you will comes across as you progress along the line. It is just like the narrow road that God described in the bible. He says the road is full of struggle, suffering and tribulation, but at the end, it is full of happiness and enjoyment. When being compared to the wide road that is wide and full of enjoyment. The end of the road is full of destruction, torture and torment. With this you should be prepared for what lies ahead in the cryptocurrency ecosystem. If you are not careful enough you will end up lossing your fund almost all the time.
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I have seen alot of loop hole in the cryptocurrency ecosystem which is affecting us alot. I found out that it is even those we called the rich men, otherwise referred as the whales in the cryptocurrency ecosystem that are the one causing such problems for the chain. If you talk they will start nursing hatred for you. All this is common in the centralized ecosystem. You just can't talk and express your self. If you talk and you are a newbie considered yourself in trouble. Mostly are found common in the blog and earn cryptocurrency blockchain. You only have say and privilege to speak if you are rich.
When you are into cryptocurrency or before you decide to key into cryptocurrency you should make sure that you are inquisitive. Always learn to ask alot of questions so that you can be acquainted with what you wants to key into. Some asked but found out that they were deceived by those they though love the system very well. Those people see deceive them that they won't make loss once they invested. They keep deceiving those people because of the percentage of money that those newbie will pays them for their time and effort in which they sacrificed for teaching them. I am not against their charges or whatsoever, I am against the deceit. This is not good at all. Once those things happened, everybody in the cryptocurrency ecosystem or platform will be tagged scammer. So painful that the legit people that will be tagged scammers when such thing eventually happened.
Deviating to what we have at hand, I will say that in other for newbie to survive in the cryptocurrency ecosystem or blockchain, they are some certain thing that he/she needs to know in other for his/her journey to be smooth in the as they progress. Failure for you to do or knows about this will, it will cause alot of challenges/damages for you as you progresses further in the cryptocurrency journey.
The basic terms you need to know about cryptocurrency include;
- Bull run: It means the market or price of tokens are rising. Any token you are holding will be showing green.
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Bear run: It means people are selling. When this is happening you will see people loosing fund. It will bes showing red unlike bull run that shows Green.
D.Y.O.R: it means you should do your investigation properly. It means do your own Research (DYOR) before keying into any cryptocurrency project so that you don't regret deep along the line.
- Decentralised system: It means a system that is controlled by everybody that are into cryptocurrency i.e it is built for community. Such decentralised system include Uniswap, BSC, Sushi swap, Kyber, Idex, Dydx, etc.
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Centralized system: It means an exchange owned by an individual or a single person, they include; Binance, Houbi, Coinbase, Kraken, Bithum, OKX etc.
Blockchain: Blockchain is like the bank where cryptocurrency are being processed. Since cryptocurrency came into place, we have seen numerous cryptocurrency blockchain launching. Incase you don't know, some blockchain include Tron Blockchain, BSC blockchain, Hive blockchain, Steem Blockchain, Luna blockchain, Scorum Blockchain etc.
Cryptocurrency: Just like what I hinted above, is the fund inside the blockchain. For example we have Tron token, hive token, steem token, Pancakeswap token, Wox token, Bitcoin, Ethereum Token, Litecoin (LTC), Solana token, Montero token etc.
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- N.F.T; It simply means Non Fungible Token. Those that are artist are really enjoying wealth from Non Fungible Token since it came on board. I really love everything about N.F.T, it has really dominated the market and brought more money to it. If you are an artist the time to eat from cryptocurrency is now. Some platforms where you can sell Non Fungible Token include; Opensea, Rarible, Superrare, Foundation, Atomic Market and Mint Market, Battery, Knownorigin, Enjin etc
If you followed what I shared above, by now, you should knows the basic things in cryptocurrency and that can really help you through out your cryptocurrency currency journey. You need this basis and with it you will see that your foundation in the cryptocurrency ecosystem will be amazing. Nobody will tell you lies etc.
Tfame3865
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There is a decentralized finance project currently running. If you want to make good reward from your stake or Liquidity mining you should take a look at this project called Woxdefi . For more information about woxdefi you can check through the below links
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Purchase Wox through this link
- If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks
Greetings @tfame3865, no doubt the crypto market is diverse in that sense we must understand each of the cycles or stages that are presented in it and based on this make assertive decisions that allow us to generate greater capitalization based on the available capital that we may have.
Greetings
Thanks for such an amazing post.
NFTs has been a real game changer for artists, as they've been the once making lots of money from it. I'm really enjoying everything about blockchain technology. I'm glad this whole financial evolution is happening in my lifetime. Thanks for posting.
I still need to understand a lot of things about NFt
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A nice detailed intro to these crypto terms. I bet we need to know them before we enter the crypto waters.
Thanks dear @tfame3865
hello @tfame3865
it is very important to be able to understand all these terms of the crypto world , they will certainly help to better understand the situation of cryptocurrencies .
Thank you very much for sharing your publication
I see crypto as a revolution that is going to radically the world for many years to come. That's why we should educate ourselves about its terms and basics. I really love informative posts like that one you've shared...
Thanks for writing...Have a good day :) @tfame3865
For sure it will control the world for years.
Hi @tfame3865.
I really like reading your posts, you always share a very interesting topic, it is important for people who are starting in the world of blockchain to be able to have knowledge of the general terms that are used, so they will have a simpler way to travel this world, success in your post and thanks for sharing it.
Hello friend, very good publication, I think it is quite educational, people who have no idea of this cryptographic world can be guided. It is necessary to learn about the subject because it is what moves part of the world today. Greetings