Over the last few years, arguments have arisen regarding the difference between cryptocurrency and cryptography. This is where the cryptocurrency Twitter hashtag came from. Many people felt that the prefix crypto was meant for cryptography and not cryptocurrency. This led to more discussions and conversations on Twitter until eventually, the bitcoin company intervened to elaborate on the relationship between bitcoin and cryptocurrency.
What is bitcoin Twitter?
Bitcoin Twitter is a discussion that came about after Jameson Lopp, a self-proclaimed cyber expert, asked people to explain what bitcoin really is in less than 280 words. This resulted in some people giving genuine answers, while others were very sarcastic. The bitcoin world was pretty new to everyone and this prompted bitcoin associates like BCH and BSV, who worked on cryptocurrency projects, to step into the challenge.
Terms associated with cryptocurrency
The cryptocurrency world has been a pretty diverse and unfamiliar area for many people. Cryptocurrency is referred to as the technology that hides information from attackers and hackers. Cryptocurrency has important terminologies associated with it that one needs to know. First, there is an address – this is the digital location for your wallet, where you send, receive, and keep your money in an encrypted format.
Second, there is altcoin, which is the shortened meaning of alternative coins. This mainly refers to any other cryptocurrency that is not bitcoin. There is also a term called signature, which is the key that enables users to protect their information while at the same time signifying they are the owners of the cryptocurrency. These signature details are private and only the owner is able to access them.
What is bitcoin?
Bitcoin is a digital payment method that was revealed in 2008 through an online publication by someone called Satoshi Nakamoto. It was the start of the cryptocurrency era. Bitcoin refers to the digital currency sent between people in the form of a gift or payment for a product or service. Bitcoin has a decentralized system, which means payment happens directly between people and no third party is allowed.
How does bitcoin work?
Bitcoin works through blockchain technology, which means users can send or receive money without requiring third parties. It allows users to easily make transactions without revealing their true identities. When someone sends bitcoins, the transaction gets verified by different companies and the information is sent to the blockchain, where everyone can see it. However, the information is encrypted and only the owner has the key to decrypt the payment.
Benefits of cryptocurrency
Despite the worries and concerns that have surrounded cryptocurrencies, especially on Twitter, there has been tremendous growth in this new technology. Many people are opting to use this new method of payment due to a few factors. Firstly, the technology does not involve any third parties and therefore the transactions are quick and easier and the users do not incur any additional costs.
Second, the cryptocurrency offers confidentiality. It safeguards the user’s information through an encrypted format that only the user has access to. Users are also allowed to make transactions without revealing their real identities. And most importantly, it is helping the unbanked people become banked into the digital payment wave. This is because in today’s world, it can be easier to access the internet than physical banks.