Cryptocurrancy Dictionary

Meanings of common words used in cryptocurrancy and the blockchain

For those new to crypto and its associated technology many of the words will have unfamiliar meanigs and abreviations. All cryptocurrancies are abreviated ie Bitcoin is BTC.Below are some common crypto words and abreviations with thier meanings

  • The technolgy BTC and other cryptocurrancy run on

BTC

  • Abbreviation for Bitcoin

Fiat

  • Term used for normal currancies such as the dollar or Euro

Saotashi

  • Saotashi is the smallest unit of BTC. Similar to cents in USA and other fiat currancies
  • 1 saotashi .00000001 btc
  • 1saotashi= 1 millionth of a BTC

New Zealanders Bitcoin Dumbies

I do not have any friends or for that matter personally know of anyone eitThher here in New Zealand that owns any cryptocurrancy what so ever ad none have any intrest in buying any.

When i tell my friends that i believe cryptocurrancies are the future they look at me with a a patronising cynical smile that says “i thought you were cleverer than that”. When i say they should invest in crypto they confidently tell me that “its a scam”and ”its not real so its not worth anything’ .Any evidence i try to impart to them is quickly dissmissed as not being crediable and despite my pleas that they should look further into cryptocurrancy and the blockchain technology behind it i know that they wont being comfidently secure in the knowledge that they are right and no further investigation is needed.

When i probe my friends further about what they do know about cryptocurrancies i discover that most believe BTC is the sole cryptocurrancy and most have never heard of the blockchain.

A friend of mine argued that BTC was not based on anything of value therefore iy wasnt worth anything.He looked at me bewildred and confused when i told him fiat money wasnt based on anything either since president clinton removed gold as the base value for the usa dollar and introduced fractual banking which allows banks to print money ar will.

Many New Zealanders believe bitcoin is a scam because they or someone they know has been scammed by one of the many fradulent cryptocurrancy sites out there or they have just fallen for the false news and information surrounding Bitcoin put out by Govertments and finacial corporations who are threatned by the decentralisation cryptocurrancy will bring to te finacial world. However the sad thing is that few who believe the false informatiom choose to research it themselves to discover thew truth prefering to put there belief in rumours gossip and lies

New Zealanders are dumbies when it comes to bitcoin because they choose to remain ignorant about Bitcon.Because of this New Zealanders are missing out on huge financial and social oppurtunies .