Blockchain and Cryptocurrency Basics

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Blockchain

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A decentralized digital ledger that records transactions across many computers.

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Bitcoin

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The first and most well-known cryptocurrency, created by an unknown person or group using the name Satoshi Nakamoto.

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Mining

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The process of using computer power to solve complex mathematical problems to validate transactions and add them to the blockchain.

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Wallet

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A digital tool that allows users to store and manage their cryptocurrency.

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Dogecoin

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A cryptocurrency that started as a meme but has gained popularity and value.

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Smart Contract

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Self-executing contracts with the terms of the agreement directly written into code.

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Decentralization

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The distribution of authority, functions, and processes away from a central location or authority.

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Token

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A digital asset that represents a unit of value or utility, often used in blockchain ecosystems.

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Public Key

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A cryptographic key that can be shared publicly and is used to encrypt data or verify a digital signature.

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Fiat Currency

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Government-issued currency that is not backed by a physical commodity but rather the government that issued it.