Whales Lodge
Intermediate
You know the basics but you want to know more
Step #1
How can I stay secure?
Unfortunately there are many scams out there and many people have lost some of their holdings. Never share your passwords or keys. Always remain cautious about any link or anything that seems to good to be true. Do not rush in, take your time to validate ALL links and addresses. Better to pass on something that might be a scam, than to lose everything you have. [Much more to come on this is so important.]
Step #2
How can I keep my money safe?
How can I keep my money safe? Ideally you have a hardware wallet, this is advanced. Ideally you have your holdings spread out over more than one account/wallet to minimize your risk. NEVER share your passwords or keys.
Step #3
Beyond a method for payment, what are the other functions of cryptocurrencies?
Beyond a method for payment, what are the other functions of cryptocurrencies? Cryptocurrencies are money that is native to the digital world. They allow for systems that do not rely on the physical transfer of money and the traditional system of trust needed to make a financial system work.
Step #4
How are cryptocurrency transactions recorded?
How are cryptocurrency transactions recorded? Each layer 1 crypto has it’s own record of EVERY SINGLE transaction that has ever occurred. In the case of ETH there are over 100,000 computers out there that each have each transaction recorded. Anyone in the world can look at this ‘ledger’ or list of transactions. You can go to etherscan.io to see this and learn so much more.
Step #5
What is an ICO?
What is an ICO? This is an initial coin offering. In the stock world there are IPOs. In crypto the ICO is when a new crypto hits the open market and you can start buying this new “coin”
Step #6
What is a smart contract?
What is a smart contract? Smart contracts are programs, or instructions that are written on the blockchain that control the way some transactions on the blockchain work. They are just starting to develop now, but they will allow you to have complicated, yet very secure transactions on the blockchain. For example IF a certain condition(s) is met THEN certain transactions will occur.