Education
What is Bitcoin?
Bitcoin is a digital currency. It’s like a dollar, Pound, or Euro you keep online! What makes it special is that it’s “decentralized,” meaning nobody controls it. Governments create and print more of their national currency, but they can’t control Bitcoin.
What is a Blockchain?
Blockchain is the technology that enables cryptocurrency. Blockchain lets us move our Bitcoin around. Because of the Blockchain, Person 1 can send their Bitcoins to Person 2. There are multiple different blockchains. Bitcoin uses the Bitcoin blockchain, Ethereum uses the Ethereum blockchain.
What is Cryptocurrency?
Cryptocurrency is a new asset class that describes digital currencies and tokens. Bitcoin is one type of cryptocurrency. Ethereum is another. There are thousands of different cryptocurrencies.
What is Ethereum?
Ethereum is a cryptocurrency that is essentially an upgraded form of Bitcoin. Ethereum has the capability to run “Smart Contracts,” which is the ability to run code on the blockchain. This has many uses. This upgrade allows Ethereum to function as a currency, and a platform that can run applications.
What is a Smart Contract?
Put simply, a Smart Contract is a program that runs on a blockchain. I might build a dApp that says: “when they insert 1 Bitcoin, give them 1 icecream cone.” This allows people to build games or other applications centered around the blockchain!
What is an Altcoin?
An Altcoin is any cryptocurrency that isn’t Bitcoin. But, many people don’t consider Ethereum an altcoin anymore.
What is Web3?
Web3 refers to the “new internet” being built on blockchains. It encompasses decentralized applications, or dApps, DeFi, DAOs, Gaming, DeSo, and more.
What is a dApp?
dApp stands for Decentralized Application. This refers to any program or application built on a blockchain, instead of a typical computer server. Examples of dApps include DEXs like THORChain, Games like Cryptokitties, or virtual realities like Decentraland.
What is DeFi?
DeFi stands for decentralized finance. It refers to dApps that help you build wealth in crypto. They let you take out crypto loans, lend crypto and collect interest, and swap to other coins. Popular DeFi applications include: Uniswap, AAVE, SushiSwap, Pancake Swap, and others.
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