🪙 What is SHA-256

SHA-256 is a hash function encryption algorithm from the SHA-2 (Secure Hash Algorithm) family. The prefix 256 indicates the output size — 256 bits. There are other formats: 224, 384, 512.

Its main task is to transform a certain set of data in a string with a fixed length into an identifier of this information.

😛 It is important to note that hash sum is an alternative encryption technology with the impossibility of reverse decryption of data.

The technology of creating SHA algorithms is tied to the basics of the Merkle-Damgard methodology, within which data is evenly distributed into groups, each of which goes through the process of information compression.

😶 The result of compression is a reduction in the length of the data.

The advantage of the method is the high speed of data encryption and the impossibility of their reverse decryption without cryptographic keys.

💬 This technology minimizes the number of collisions or identical images, which dramatically increases the security parameters.

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💰 Why does the world need BTC? Artificial intelligence is responsible

ChatGPT was asked why BTC is needed, and the platform highlighted the following arguments in favor of the main cryptocurrency:

• BTC has a limited supply of 21 million coins, which makes it a deflationary currency.

• The asset is centralized, which ensures autonomy and resistance to censorship and manipulation.

• Transaction fees on the BTC network are much lower compared to traditional financial services.

• Transactions are recorded in the blockchain, they are easy to verify and track, which reduces the risk of fraud and corruption.

• A high degree of confidentiality in the transfer of assets, since crypto transfers are not associated with confidential information.

• Cryptocurrency can provide access to financial services to persons who are not covered by banking services, but who have a smartphone and Internet access.

• The ability to program money using smart contracts that can optimize transactions, which leads to increased efficiency and new business models.

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📖 Category: crypto dictionary — complex concepts in simple language

• Sidechain — blockchain scaling technology by creating a parallel network with two—way binding to the main one. Its goal is to increase the speed of transactions and reduce their cost for the crypto assets of the "parent" network.

• A nokoiner — person who missed the opportunity to buy BTC at a low price and now regrets it. However, he hides his regret by constantly stating that BTC is a scam, a pyramid scheme or a bubble.

• Hedging — insurance of risks from fluctuations in the price of cryptocurrencies in the market by opening transactions of the opposite position in another market.

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💰 Historically, the price of BTC has increased by two digits (100 times) every 4 years

‣ January 2009 — $0;
‣ January 2013 — $14;
‣ January 2017 — $1,013;
‣ January 2021 — $34,000.

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🎬 Category: films about cryptocurrency

«Cryptopia: Bitcoin, Blockchain and the Future of the Internet», 2020

💰 This is a documentary about the history of the emergence of BTC and blockchain with discussions about their possible future.

He explains how blockchain helps to make many areas safe, and also analyzes the problems associated with the use of cryptocurrencies.

The film's awards speak for themselves: it has received 14 awards in 7 nominations. We recommend watching it! ☘️

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🟩 Category: crypto dictionary — complex concepts in simple language

• Nodes — are each computer connected to the network with the client enabled. The nodes of the network store the last copy of the blocks from the blockchain chain. They ensure the implementation of transactions and maintain a high level of network security.

• Instamine — unfair distribution of currency at an early stage of the issue. The creators of the cryptocurrency at first extract a large amount of coins, which leads to the complication of mining.

• Dump — artificial depreciation of the cryptocurrency rate committed by major market players. They sell coins in large quantities, thereby creating an oversupply in the market.

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📚 Category: crypto dictionary — complex concepts in simple language

• Timeframe — the time interval on the chart of the traded asset. Due to the consideration of charts on different timeframes, it is possible to analyze the movement of the cryptocurrency price.

• Volatility — the range of changes in the price of an asset over a certain period of time. The higher the rate jumps, the higher the volatility indicator.

• A stablecoin — cryptocurrency whose value is tied to a particular fiat currency (dollar or euro) or a physical asset (gold).

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📘 Category: crypto dictionary — complex concepts in simple language

➖ Sid-phrase — a list of random words used to recover funds in case of loss of the password from the wallet application or the device on which the wallet is installed.

➖ WAGMI / We're All Gonna Make It (Together we'll do it) — is a call that encourages collective action in the crypto community.

➖ Paper hand — is an investor who sells assets (often promising or fundamental) during their depreciation.

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🎬 Category: films about cryptocurrency

«Banking on Bitcoins», 2016

💰 This documentary demonstrates how technology can change people's lives. Its authors believe that the creation of BTC is the most important invention after the Internet.

The film also tells about the ideological battle between the dominant financial capitalism and crypto-anarchists.

We recommend watching it! ☘️

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🎬 Category: films about cryptocurrency

«Don't Trust Anyone: The Hunt for the Crypto King», 2022

🇼🇫 A documentary from Netflix, based on the history of the real Quadriga crypto exchange.

In it, a group of investors is investigating the suspicious death of cryptocurrency multimillionaire Jerry Cotten and the loss of $250 million, which, in their opinion, he stole from them.

We recommend watching it! ☘️

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📖 Category: crypto dictionary — complex concepts in simple language

💛 CEX — is a centralized cryptocurrency exchange, where the management and administration functions are assumed by an organization acting as an intermediary between the two parties.

💛 Bounty — is a reward in project tokens for completing certain tasks (activity in social networks, writing and translating articles, creating content or bug reports).

💛 ATH — is the highest price value for all time that any coin or token has ever reached.

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