A Newbie’s Guide to Misunderstanding Cryptocurrency

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3 years ago

Topics: Journey, Cryptocurrency, Club1BCH, Just for fun, Experiences

A Newbie’s Guide to Misunderstanding Cryptocurrency

I’m not entirely new nor ignorant to cryptocurrency and bitcoin. I am well aware what was the original purpose of bitcoin and what cryptocurrency is. In fact, I had a negative experience of joining the bitcoin bandwagon a bit late. That was before the prices plummeted from $18,000 to $11,000.

Disclaimer

Before I continue, just a little bit of disclaimer. If you are a newbie in cryptocurrency and looking for an article that would help you understand the terminologies in cryptocurrency, STOP! This post is about how I encountered tons of new terms and jargon in the cryptocurrency realm. And my explanations here probably will make you wish you did not read the rest of the article after this.

Going Back To Cryptocurrency world.

After losing around 40% of the small amount that I invested in cryptocurrency, I did not bother to open my CoinsPh app again. Not until I badly needed some cash for my Internet fees when the pandemic hit. But that’s another story.

Though I barely opened my CoinsPH for about two years, I have encountered something connected to cryptocurrency. Like, when I started using the Brave browser, which uses BAT as a reward. The only thing that comes to my mind whenever I encounter the term BAT is the caped crusader with a BAT symbol in his chest.

Oh, before that, I was able to join Steam-it! I was excited to earn about $30 worth of Steam, or was it Steem? I think one of them is a gaming platform. But the complexity in withdrawing the amount discouraged me from participating in that platform further.

Then came Read.cash and Noise.Cash, where I started to learn more about Bitcoin Cash. It’s not the first time I encountered Bitcoin Cash. I heard that one of the reasons that the price of Bitcoin plummeted is because a lot of investors sold their Bitcoin and invested in Bitcoin Cash.

Feeling Like Noob1234 of Minecraft

Aside from earning from Read.cash and Noise.Cash and shortly after, Publish0x, I started reading about cryptocurrency. That’s when I started to feel like Noob1234 of Minecraft playing Minecraft for the first time. I don’t play Minecraft, but I think I will understand how to craft diamond arrow much faster than lea

rning all the terminologies here in cyrptocraft... I mean cryptocurrency.

Anyways, from Read.Cash and PublishOx, I encountered the terms like BLOCKFI end DEFI. I believe are the upgraded and the cutting edge version of a home Wi-fi!

After reading some more...

I read more articles related to cryptocurrency. I encountered, again and again, terms like BINANCE... which sounds to me a new type of DANCE moves. Probably done with a partner?

While I was not intimidated by the terms BEARISH and BULLISH. Afterall, I have some knowledge in finance and the stock market. And as long the claws and horns of those animals respectively are far away from me, I have nothing to fear.

I wonder why they keep mentioning COLD STORAGE though, as far as I know, those facilities are needed to store the Covid-19 vaccines because of the low-temperature requirement.

Then some people suggested to look for some good FAUCETS, so I went to the hardware store and bought some. But I did not see any cryptocurrency coming out of them. Maybe I should order online?

A friend asked me if I MINE cryptocurrency? I said No, I don’t! I don’t even have a pick-ax, so how could I mine. But I wonder how some people can mine from a MINING POOL? Aren’t pools filled with water?

Football or Microsoft

Then I read another article about NFTs and the Juungle... Why in the world would they play FootBall in the Jungle?

But wait! NFTs is not about Football at all! I think its the newer version of Microsoft’s NTFS format! Probably the new format for the SSDs?

Getting Hungry

Then I encounter HASH, and I craved some hash browns. But reading some more, I started to feel like puking, I think it’s because of all those PANCAKES. Yeah, the only PANCAKE that I know those soft, flat, edible cakes. But why would people SWAP PANCAKES

So this is it for now. If you have read this far, I hope I did not add to your confusion. If I did... I did warn you. And I hope you did take this post seriously at all.