Thread by @cosmoscoffeeDFI

Are you new to the Cosmoverse or to #Crypto in general? Are alot of the terms thrown around CT just gibberish to you? Well we threw together a thread with links to a bunch of great beginner youtubes with some basic explanations for beginners to get a grip on #Crypto.

1/25 🧵

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography.

(It is secured by code on a computer)

Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger.

2/

(Everyone keeps track of what happens on the network by sharing that code. They all participate together to make the system work properly.)

A defining feature of cryptocurrencies is that they are generally not issued by any central authority.

3/

Here is a Youtube video on, What is a Cryptocurrency?



4/

What is a Blockchain?

This is what makes Cryptocurrency work, the framework for the system.

Here is a Youtube video by Whiteboard crypto on, What is a Blockchain?


5/

What is Proof of Work?

Proof of Work is one of the 2 main ways that Blockchains are powered, it relies on the participation of “Miners” running programs on computers to run the network

6/

Here is a Youtube video by Whiteboard crypto on, What is Proof of Work?



7/

What is Proof of Stake?

Proof of Stake is one of the 2 main ways that Blockchains are powered, it relies on the participation of the holders of the the coins to run the network.

8/

Here is a Youtube video by Whiteboard crypto on, What is Proof of Stake?



9/

What is Staking?

Staking is how a Blockchain “powers” the system if it is a PROOF OF STAKE coin. The participation of the holders of a coin are necessary for it to succeed. For that reason coins offer “Staking Rewards” to compensate you for your time and risk.

10/

Here is a Youtube video by Whiteboard crypto on, What is Staking?



11/

What is DeFi?

Defi is a term used in crypto for Decentralized Finance. This is essentially rebuilding the current financial system on the Blockchain without the involvement of Banks.

Here is a Youtube video by Whiteboard crypto on, What is DeFi?


12/

What is a Smart Contract?

They are what allow you to use these different “Defi” application’s without a 3rd party, i.e. A Bank.

Here is a Youtube video by Whiteboard crypto on, What is a Smart Contract?


13/

What is a Crypto Wallet?

A Cryptocurrency wallet is just like it sounds, it is a place where you personally hold your funds. This can be on a computer, phone or hard wallet, like a Ledger "Hardware" Wallet.

14/

Here is a Youtube video by Whiteboard crypto on, What is a Crypto Wallet?



15/

What is Yield Farming?

Yield farming is when you deposit your money into high interest projects and skim off the profits you get from your interest, in effect “Farming” off of your investment.

16/

Here is a Youtube video by Whiteboard crypto on, What is Yield Farming?



17/

What is a Stable Coin?

A stable coin is a Cryptocurrency that holds the value of a real world asset or currency. I.e. USDC holds to $1.00

Here is a Youtube video by Whiteboard crypto on, What is a Stable Coin?


18/

What is an NFT?

NFT stands for Non - Fungible Token. Well what does Fungible even mean? All that it means is that two things can be traded for exactly the same value regardless of condition.

19/

I.e. A One hundred dollar bill in “Fungible”. Whether you find it on the street in a gutter or got it from the bank, it is worth the same value.

20/

I.e. Your Car is Non-Fungible. If you bought a new car from the dealership, drove down the street, hit a telephone pole and brought it back to the dealership it would not still have the same value it had when it was in proper condition.

21/

This opens a new realm of possibilities in the crypto space, what you are seeing now is just the initial phase of excitement from a new technology. In the future your House deed could be an NFT.

22/

Here is a Youtube video by Whiteboard crypto on, What is an NFT?



23/

What is technical analysis?

Technical Analysis is a method traders use to look for patterns in the market to guess what is going to happen next in the market.

Here is a Youtube video by Whiteboard crypto on, What is Technical Analysis?



24/

I hope these links have helped you get aquainted with #Crypto. Stop by TheCosmosCoffeehouse.com for more leads in the #Cosmos Ecosystem!