Crypto Dictionary

Cryptocurrency mining - pumapay.io

Cryptocurrency Mining: A Digital Dig for Gold

After venturing back into crypto basics and going over key definitions last week, this week we will dive deeper into the cryptocurrency ecosystem and examine how cryptocurrencies are retrieved using a unique process known as crypto mining.   Digitally Digging for Gold   As we have already established, cryptocurrencies are found within networks and are stored, managed, and verified on a decentralized, public ledger known as a blockchain. For these transactions to occur, the cryptocurrencies are …

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coins or tokens? everything you need to know about crypto-assets out there - pumapay.io

Coins or Tokens? Everything you need to know about crypto-assets out there

Starting in 2009, the “crypto-asset phenomenon” has taken the digital technology and financial world by storm. Yet, there is still much left to be desired in terms of its adoption by the masses.  Much of this can be attributed to the lack of education and resources available to aid the average user in effectively understanding and utilizing the opportunities that cryptocurrency offers.     To …

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fact or fiction crypto & blockchain - pumapay.io

Fact or Fiction? Blockchain & Crypto Edition

Blockchain is still a relatively new concept for the mainstream population, and with its recent popularity comes a number of common misconceptions. Well, we’re here to debunk a few of these blockchain and cryptocurrency myths!  “Blockchain is Bitcoin”  Even though the concept of blockchain technology has been around for quite a while, it truly came into the picture when cryptocurrencies, …

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crypto vs fiat - pumapay.io

Cryptocurrency vs Fiat Money

Cryptocurrencies have very similar characteristics to traditional fiat money, but with the exception of quite a few impressive benefits.  It should be noted that both cryptocurrencies and fiat money are essentially used for the same purpose, to act as a store of value and facilitate payments. But before we get into the details on their differences, make …

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bitcoin halving - pumapay.io

What is the Bitcoin Halving?

As ominous as the event may sound, the Bitcoin halving is actually just the name for a history-making event for the bitcoin (BTC) cryptocurrency.  This month signified the third Bitcoin halving ever! Meaning that the number of bitcoins entering circulation every 10 minutes dropped from 12.5 to 6.25, making it a major milestone.  What’s the theory behind the Bitcoin halving?  The idea is basically that …

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digital, virtual & cryptocurrencies - pumapay.io

PumaPay Explains Digital, Virtual, and Cryptocurrencies!

A common misconception within the crypto community is the use of the terminology, meaning that even the most avid cryptocurrency users can get their ‘coins’ and ‘tokens’ mixed up! But we at PumaPay wanted to give you some handy tips to help you differentiate between your cryptocurrencies, virtual currencies, and digital currencies (yes, they aren’t …

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Sharding

The crypto world has changed dramatically since its initial inception in these last 11 years. From humble beginnings of Bitcoin being the only cryptocurrency, to over 2,000 cryptocurrencies and growing and has now risen to over $300 Billion in market cap.   As cryptocurrencies began disrupting the finance world however, the blockchain technology that crypto is built on, encountered a challenge that it wasn’t anticipating, scalability issues. The technology is currently limited to …

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Crypto Myths

The compelling world of cryptocurrencies is full of potential, freedom and unfortunately myths. So, to help any newcomers navigate the field of which crypto myths are based on truth and which have been exaggerated, we welcome you to our “Crypto Myths” series.  “The founder of Bitcoin remains a mystery”  When bitcoin was launched in 2008, the …

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Cryptocurrency: The Future of Digital Money

Money used to be bank notes and coins. In today’s world, cash continues to be gradually replaced by digital money, providing consumers with more convenience and choice, and businesses with lower transactions costs and no chargebacks. What is Cryptocurrency?  The easiest way to define Cryptocurrency is that it’s a digital currency that uses encryption to …

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Frontier, Homestead, Metropolis, Serenity

Echoing the Wild West theme, these terms represent four different stages in the development of Ethereum.  The four stages of the Ethereum network are Frontier, Homestead, Metropolis and Serenity. Let’s see what each of them entails.  Step one: Frontier (July 2015)  Like the Wild West, the frontier is where everything begins; it is the Ethereum network in its “barest” form: “an interface to …

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