Imagine that you are at a busy market and everyone around is shouting about the products they sell. Sometime, diving into cryptocurrency can be likened to a bustling market. Coininsider is here for you.

Bitcoin, the king of them. When Bitcoin first appeared, in 2009 people thought it to be a fad. Fast-forward to today and the name is now well known. It’s like the high-school kid who suddenly became a superstar.

Ethereum isn’t another coin. It’s like Bitcoin’s artistic cousin who happens to also be a tech genius. Ethereum added smart contracts to the mix. These are contracts that are automatically executed and where the terms have been written directly in code. Imagine having a vending machines that only allows you to get your snack if the exact change is inserted and the buttons are pressed.

Dogecoin comes to mind. It was originally a joke that became more serious once big names, like Elon Musk, gave it their approval. Like a meme which suddenly goes viral, everyone starts talking about it.

Altcoins is a term used to describe other cryptocurrencies, besides Bitcoin or Ethereum. Each altcoin is unique and has its own history and purpose. Ripple (XRP), aims at making bank transfers quicker and cheaper. Litecoin can be referred to as “Bitcoin’s Silver.” These coins can be compared to different types of icecream. Each has its own unique flavor, but they still fall into the same dessert group.

Crypto security can be a bit like walking on thin ice at times. Hackers wait around every corner for an opportunity, hoping to exploit unsuspecting people. Remember Mt.Gox? Remember Mt.Gox?

Ever heard of cold wallets when it comes to security? They are offline storage devices that store your crypto. Imagine them as vaults deep underground, where hackers cannot reach them without physically getting their hands on them.

We should also not forget ICOs. It’s like startups that are looking for funding, only in the crypto world rather than Silicon Valley boardrooms. Some ICOs are generating millions of dollars overnight, and others… well, they’ve vanished faster than Houdini’s Rabbit.

The jargon is also overwhelming – HODL (Hold on for Dear Life), FOMO(Fear of Missing Out), FUD(Fear, Uncertainty and Doubt). You’re learning a language almost! You’ll soon be able to talk with your fellow enthusiasts about the game without missing a step.

No longer is mining about pickaxes. It is about powerful computers solving complicated puzzles to verify transactions on blockchain networks. Yes, those machines consume more electricity than teenagers do at an unlimited buffet!

Cryptocurrencies are also subject to regulation. Governments worldwide struggle with the best way to manage this digital goldrush, without stifling their innovation or enabling illegal dealings.

It’s worth mentioning that NFTs have also become a major part of digital ownership. The auctions are reminiscent of Sotheby’s rather than eBay. Art pieces sell for millions.