What is an NFT? A non-fungible token (or NFT) is a unique and non-interchangeable unit of data that is stored on a blockchain. NFTs can be made from digital files like photos, videos, and audio. Unlike a physical item, NFTs are indestructible because all of the NFT data is stored on the blockchain through smart […]
Author Archives: Mel
Many cryptocurrencies use a Proof of Stake model to determine which transactions are valid to add to a blockchain’s ledger. This model also uses far less computational power and energy than Proof of Work. With Proof of Stake, validators add a stake into the network (like a security deposit) and check if all of the […]
We explain what a crypto wallet is used for, different types of wallets, how to properly transfer cryptocurrencies between wallets, and the difference between hot and cold wallets. A crypto wallet is a device, program, or service that stores the public and private keys for cryptocurrency transactions. Unlike a regular physical wallet, the wallet doesn’t […]
It’s important to understand Bitcoin’s 4-year cycles and when the halving years happen. The cycles have a significant impact on the price of Bitcoin. Bitcoin Halving Bitcoin has a programmed 4-year cycle and it’s important to understand that this cycle is based on mining. Miners are computers that solve complex math problems to verify transactions, […]
It’s important to understand that with cryptocurrency, unlike stocks, you can buy a fraction of a coin if you can’t pay for the full price. So for example, if Bitcoin costs $40,000 US, that doesn’t mean you need at least $40,000 to buy Bitcoin. You can buy $100 worth of Bitcoin. And as the price […]
To determine whether a transaction is valid or not to add to a blockchain’s ledger, most cryptocurrencies either use Proof of Work or Proof of Stake, which are both consensus mechanisms. To illustrate the concept of consensus, let’s take a simple example. Let’s say you have 10 friends who can’t decide whether to eat fast […]
Ethereum is a digital currency that was launched in 2015 and created by Vitalik Buterin when he was just 21 years old. Millions of developers work on Ethereum and thousands of decentralized applications run on the blockchain. Ethereum is used to create hundreds of new cryptocurrencies and is gaining widespread adoption. Smart contracts During the […]
With the current financial system, governments can print unlimited amounts of money, which devalues currency. Centralized authorities like banks can block transactions, experience service interruptions, and limit what you can do with your own assets. To offer an alternative to the current financial system, Bitcoin was invented in 2009 by an anonymous person who goes […]
A cryptocurrency is a digital or virtual currency that is secured by cryptography, making it almost impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology. Cryptocurrency isn’t just a digital asset, each cryptocurrency has its own use case and utility. The word “crypto” literally means concealed or secret. “Cryptography” means […]
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