What Is Cryto

Question 1

What is stored on a mining rig

Answer 1

A ledger of transactions and records that are stored on computers worldwide.

Question 2

What do cryptocurrency computers have?

Answer 2

Identical copies of a ledger and their purpose is to continuously verify the contents of the ledger.

Question 3

What is forking?

Answer 3

It is when the cryto PC is verifying the contents of ledger and they do not agree on the final copy of the ledger

Question 4

How are cryto PCs rewarded

Answer 4

Ledger token

Question 5

What decides how much a mining PC will get rewarded?

Answer 5

The amount of effort the pc puts into verifying the network(relative to all other PCs also processing the ledger

Question 6

How is bitcoin similar to gold?

Answer 6

Is has no intrinsic value

The valuation of bitcoin is speculative(99 percent)

Question 7

Is bitcoin private or anonymous

Answer 7

Not without help from third partys

Question 8

What did companies do when they realise the potential of bitcoin. What did this act as? And what does this make them?

Answer 8

Started accepted fiat for conversion to bitcoin. This acted as liquidity and value provider for cryptocurrencies. This makes them the closest thing to cryto banks

Question 9

Ways to store bitcoin?

Answer 9

On a cryto website in a wallet

Or in a private wallet

Question 10

Even though these coins don’t hold intrinsic value, why could this change?

Answer 10

The emergence of distributed ledger technology with specific purposes will likely evolve to hold real value

Question 11

What is poor with bitcoin?

Answer 11

The amount of transactions per second and its geographical mining centralisation

Question 12

What attributes could make a crytocurries very popular?

Answer 12

Transaction scalability and geopolitical decentralization

Question 13

What do you do if you have already made a 50 to 100 percent gain?

Answer 13

Take half of the money out just incase it falls. Or take it all out.

Question 14

What is an eskrow in crypto

Answer 14

A mediator that keeps the money in safekeeping until the bitcoin are handed over. This protects the buyer from fraudulent sellers

Question 15

What should you do if you are in the right place at the right time?

Answer 15

Fully commit

Question 16

What can happen with FOMO?

Answer 16

You can lose big.

Question 17

Is it OK to just follow a chart?

Answer 17

No, you must understand what you are buying.

Question 18

What should you do if you don’t understand a currency

Answer 18

Don’t risk with to much money

Question 19

What should you not do if you don’t understand or believe in a currency and what should you do if you do understand it

Answer 19

Don’t blindly hold it. Even if you are selling at a loss.

Put money into it.

Question 20

What is an important lesson to remember to do with opportunity

Answer 20

There is always an opportunity elseware at another time if you are willing to be patient and keep an eye out

Question 21

What is a price correction?

Answer 21

A rapid decrease of an asset from a recently achieved peak. The asset will usualy return to the price within the long established trend

Question 22

Why is it not smart to join FOMO rallies?

Answer 22

They often end badly all of a sudden. Entry time is often too late also.