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Glossary

Here’s a handy list of word definitions that are commonly used in the cryptocurrency sphere in alphabetical order. If you see a link from a word you’re not familiar with in the text on this site, it will bring you here to find a definition.

“Etoro” This in investing platform located at www.etoro.com. It’s a very simple interface that allows easy trading of around a dozen major cryptos and takes care of wallets and converting backwards and forwards between fiat and cryptocurrency. I often recommend it for users when first starting, but it suits more advanced traders too.

“Fiat Money” This is money you or I are traditionally familiar with. Literally translated from the Latin meaning ‘Let it be done’, it is money that, in itself, has no real value other than the faith of the bearer. The British Pound or American Dollar would be classed as fiat money.

“ICO” Stands for ‘Initial Coin Offering’. Much like companies raise capital through selling off shares when float, new coins and currencies often offer coins and preferential rates to new investors when starting. ICOs are, at the time of writing, outside any regulation and, as a result, many have been poor quality, badly organised or downright fraudulent.

“Masternode” A device, usually a server,  holding a pre-determined number of a coins of a Proof of Stake currency designed to lock in and stabilise a network. The people who have bought and locked those coins are seen as contributors to the currency’s network and are rewarded with payments in that currency for doing so.

“Proof of Stake (POS)” is a concept of running a coin’s network whereby a person can mine (or validate) block transactions according to how many coins he or she holds. In other words, the coins in wallet owned by a miner, the more mining power he or she has.

“Proof of Work (POW)” is a system of running a coin’s network that requires some work from the service requester, usually meaning processing time by a computer. The idea is to create an economic measure to deter denial of service attacks and other service abuses such as spam or double spending on a network.

“Wallet” Usually a piece of software (but can also be hardware) installed on your devices that holds the coins of the currency you own. Some wallets support more than one coin, and some have different functionality, but unless you’re going through a trading platform, you will need a wallet of some sort to be involved with cryptocurrencies. Think of it as a software version of the wallet in your pocket!

 

Choose life, choose XRP.

For me, it’s been a year since I bought my first XRP. Only a year. That seems impossible.

Although I’d been following cryptos for quite a while prior to this, I still had this false belief that I wouldn’t be able to invest in it. Seems crazy now in retrospect, but it’s true.

You see, a few years earlier, I’d tried to buy some Bitcoin. This was before it was as easy as it is now, and after many hours of trying to work it out I still hadn’t. Literally no-one I knew had even heard of it let alone bought some, so there was no-one to ask. Not only that, I’d started to think I was going to lose my money if I handed it over to what appeared to be some very dodgy sites. Continue reading “Choose life, choose XRP.”

So …. what is it you do again?

It’s a fair question. ‘Cryptocurrency Evangelist’, as it quite clearly states on my business card, could mean, well, anything.

Since it’s a question that comes up time and time again, I’ve had to develop an ‘elevator pitch’ style response which goes like this:

“I advocate and promote the adoption and development Continue reading “So …. what is it you do again?”

Is it too late to buy Bitcoin?

OOOh, that’s a question. And one I’m asked more and more these days. I always answer it WITH a question (not that if affects my ultimate answer), and always the same one:

“What is it you want to buy it for?”

The answers vary and are sometimes quite vague, because the people who ask this are usually those who are still sitting outside of the cryptocurrency sphere that many of us have now got so used to. They’re basically intrigued, interested and want to get involved in some way. I remember being there myself only a few short years ago and a simple answer would have been great, but the trouble is, I couldn’t find one. There seemed to be as many doomsayers as there were evangelists and none of it made sense. I’m not entirely sure it that’s different today from an outsider’s point of view. Continue reading “Is it too late to buy Bitcoin?”

Well hello, Wirex.

I’ve been an investor, miner and advocate for all forms of cryptocurrency for some time now, but only a small percentage of my transactions have been around actual use, as opposed to investment or transfers. It occurred to me that if I am to fulfill my self-proclaimed role of cryptocurrency evangelist, I’ve got to up my game in terms of spend and adoption.

Those of you who follow my blog already know that I have taken Bitcoin directly as a retailer using Bitpay, but I always found it cumbersome and clunky at point of sale. Now, as a consumer, finding places that take it directly Continue reading “Well hello, Wirex.”

Market crash, you say?

So, yesterday (7th August) I saw the markets take a real beating, apparently after the SEC, as expected, delayed the decision on the latest ETF application. It seems there is a real difference between expectation and the real thing happening! It seemed an over reaction to me, but I was quite happy as I hoovered up some cheap crypto to add to my portfolio, mainly EOS and XRP.

Except it wasn’t that cheap was it? Within 24 hours, another wave of sell offs forced all prices down further and huge, scary, bright red double digit losses ran across all my screens like blood running from a butchered body. One by one, my open positions (of which I currently have some 56) started to give up their green fonts and I watched as my overall profit positions retreated further and further, literally by the second. Continue reading “Market crash, you say?”