Bitcoin for Beginners
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
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MAJOR
CRYPTOCURRENCY
ABBREVIATIONS
Abbreviations for
Different
Cryptocurrencies
AUR - Auroracoin - Auroracoin is a peer-topeer
cryptocurrency developed in Iceland. It
was launched in 2014 by its pseudonymous
creator Baldur Friggjar Óðinsson.Auroracoin
was intended to serve as a mechanism for
cross-border transfers in the local economy.
BCC - BitConnect (inactive) - Bitconnect (also
spelled BitConnect and stylized bitconnect,
ticker BCC) was an open-source
cryptocurrency that was connected with the
high-yield investment program (a type of
Ponzi scheme) bitconnect.co.
BCH - Bitcoin Cash - Bitcoin cash is a
cryptocurrency created in August 2017, from a
fork of Bitcoin. Bitcoin Cash increases the size
of blocks, allowing more transactions to be
processed.
BTC or XBT - Bitcoin - Being that Bitcoin is
decentralized, there is no standard, nor
governing body, to dictate what notation
should be used for it. Nonetheless, "BTC" has
been the generally accepted abbreviation for
Bitcoin stemming from the early days of
Bitcoin."XBT" is a new abbreviation for Bitcoin
that is starting to come into use and reflects
its growing legitimacy as an international
currency.
DASH - Dash - Dash (formerly Darkcoin) is a
blockchain-based
peer-to-peer
cryptocurrency that was forked out of Bitcoin
to offer faster and more private transactions
to users than Bitcoin could deliver.
DOGE or XDG - Dogecoin - Dogecoin is an
open-source digital currency that is used by
internet users worldwide.
EOS - EOS.io - EOS.IO is a blockchain protocol
powered by the native cryptocurrency EOS.
The smart contract platform claims to
eliminate transaction fees and also conduct
millions of transactions per second.
ETC - Etherium Classic - Ethereum Classic is
an open source, blockchain-based distributed
computing platform featuring smart contract
(scripting) functionality.
ETH - Ether - Ethereum is the second-largest
cryptocurrency platform by market
capitalization, behind Bitcoin. It is a
decentralized open source blockchain
featuring smart contract functionality.
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