With the rapidly expanding world of cryptocurrency, comes a whole new library of new terminology to help define it. The more you know, the better equipped you’ll be to understand all the exciting new developments happening in the industry. Hopefully by the time you’ve finished reading this article, you’ll be fluent in crypto-speak.
As the cryptocurrency landscape continues to expand, some altcoins are rising closer to the top by going in bold, creative new directions. The industry is currently experiencing an innovation boom, from building global business ecosystems, to blockchain-backed lending platforms. Each new coin that is introduced serves a unique purpose, with ICO’s funding new business ventures and others given as rewards for creating valuable content.
Let’s start off with the basics. ‘Bit’ refers to a small fragment of digital information, and ‘coin’ refers to the representation of money. Bitcoin was originally introduced in January 2009 and is credited as the first decentralised digital currency to use blockchain technology. Collectively, bitcoin refers to both the particular payment protocol that utilises an electronically distributed ledger (blockchain), and the digital currency that can traded using said protocol.
If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of what you’re buying into. The coin was introduced in early 2009 and is credited as the first decentralised digital currency to use blockchain technology. It was invented by Satoshi Nakamoto, but has since been released as open-source software, which means ongoing improvements can be made to the system when needed. It saw a dramatic increase in value in 2017, with 1 bitcoin going for less than 1,000 USD at the beginning of the year, and peaking at over 19,000 USD by mid December.
Our peer-to-peer platform brings a much-needed user-friendly edge to the world of cryptocurrency. With a wide range of altcoins on offer, straightforward payment methods and painless wallet conversions, we look to a be a single portal solution for all types of altcoin owners. We know how challenging it can be to find the best solution for your needs so we’ve laid out how we like to do things to help you make an educated choice.
Coindirect was featured on prominent South African tech site My Broadband after an interview with our Marketing Manager Nicole Watson. The article was written to announce the recent expansion of our coin offering, adding an additional 9 coins to the peer to peer platform. She was quoted as saying “The main advantage of a peer-to-peer […]