#070 - Bitcoin Terminology That Even a 5-Year-Old Can Understand 💡📈

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In this episode of Crypto Collective, host Matthew Fraser simplifies Bitcoin terminology for beginners, making it accessible and easy to understand. He explains key concepts such as HODL, private keys, and crypto mining using relatable analogies that even a five-year-old can grasp. Matthew emphasizes the importance of understanding these terms as he guides listeners through the confusing world of cryptocurrency. He highlights the concept of blockchain, likening it to a communal notebook that ensures transparency in trading. Join Matthew as he lays the groundwork for building real wealth in the crypto space!

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Timestamps:

00:00:00 - Introduction

00:00:10 - What is HODL?

00:01:03 - Bitcoin Terminology

00:01:35 - What is Blockchain?

00:02:28 - Decentralized Systems Explained

00:03:44 - What is Bitcoin (BTC)?

00:03:54 - What are Altcoins?

00:05:40 - What is Cold Storage Wallet?

00:06:18 - Exchanges in Cryptocurrency

00:06:29 - What is a Private Key?

00:07:02 - What is Crypto Mining?

00:07:34 - How Bitcoin is Created

00:08:18 - What is an NFT?

00:08:39 - Celebrity Involvement in NFTs

00:08:49 - Risks of Buying NFTs