Chapter 5: The Present + Future of Cryptocurrency Flashcards
25 Bitcoins are created every 10 _______
minutes
the number of BTC is set to be capped at 21,000,000 in the year _____
2140
______ is considered to be the leading rival of Bitcoin today
Litecoin [LTC]
Litecoin was designed to process small transactions faster than ______
Bitcoin
LTC is widely considered to be the _____ to Bitcoin’s “gold”
silver
The maximum limit of Litecoin is
84 million
XRP [Ripple] functions as both a payment _______ and a currency
system
XRP’s payment mechanism allows fund transfers to be processed in just a few ________
seconds
_______ is akin to Bitcoin, yet created by a government institution
MintChip
when trading cryptocurrencies, it’s essential to ________ investments
diversify
it’s also crucial to invest in at least one more ______ cryptocurrency
stable
pay close attention to market _____ and circulation
cap
research _________ coin/ token’s history
cryptocurrency
avoid cryptocurrencies that have already suffered huge ______ in market cap
drops/ declines
Also, always seek to eschew investing or trading coins that have a history of huge _______ & peaks
corrections
learn about the ______ they can solve as well as how they intend to solve more problems
problems
search for _______ with a strong idea backing + innovative technology
offerings
do research on the _____ team, leadership, and track record of the company
tech
look for possible _____ offerings
ICO
conduct research on _______ offerings in the past
successful
BCH is a standalone cryptocurrency that has a faster ________ time than Bitcoin
transaction
BCH has a maximum block size of _______ MB
8
Bitcoin’s maximum block size, however, is only _______ MB
1
XRP is the cryptocurrency which underpins _______ (i.e., payment network)
RippleNet
XRP also possesses the ability to process transactions in multiple __________
currencies
In contrast, _________ is underpinned by Lumens/ Stellar
XLM
NEO is similar to Ethereum in that it also allows users to develop _______, as well as smart contracts
DApps
The _______ Team requires users to verify their identities on the network
NEO
ETH: a cryptocurrency that allows users to code and release their own DAPPS + ________ contracts
Smart
smart contracts enforce clauses __________
automatically
each time a transaction is processed, a small amount of _______ is destroyed
ETH
Ether also has fast transaction speeds + an unlimited _________
supply
this coin is the official cryptocurrency of EOS.IO (i.e., a blockchain platform that replicates the key functionality of the OS and computer hardware)
EOS
EOS has an _________ supply
unlimited
Although BCH’s upper limit is 21,000,000 coins, XRP’s maximum supply is ______ billion
100
traders must pay close attention to _______ + software updates in order for them to understand the evolution of scaling tech
forks
among the best trading times for BTC are _____ from Saturdays to Fridays
0800 - 2000
most liquidity is available at approximately 8 - ______ (European market times)
17/ 5
consider trading on a platform in which you can benefit from fixed ________ on the major cryptocurrencies
spreads
A Bitcoin ________ event occurs when the reward for mining Bitcoin transactions is halved
halving
halving also cuts in half the inflation rate of _________ as well as the rate at which new ________ come into circulation
Bitcoin
Bitcoins
Bitcoin halving event generally occurs approximately every ______ years or every 210,000 blocks mined until completion
four
