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My Road to Crypto – 02 – Bitcoin who? Blockchain what? Crypto where?

Certainly you have heard about blockchain/crypto/digital assets/bitcoin. Do you know the differences?

Let me explain these terms:

The technology as such is called DLT (Distributed Ledger Technology). Ledger because these systems keep track of something, similar to the ledger in your bank keeps track of your accounts.

Distributed because there is no single entity maintaining these ledgers alone, such as your bank keeps track of your accounts. Indeed some of these DLT have hundreds or thousands of nodes or servers making sure the ledger is always correct. In another chapter i will explain how they do this.

There exists various manifestations, variations, of these DLTs but all share the same idea: keeping track of something.

Blockchain is one variation of such a DLT. Bitcoin is the most prominent example.

Crypto are all those DLTs called which are traded on exchanges throughout the world. The term stems from a core requirement of DLT: cryptography. I will explain later why this is important.

Digital assets are a subset of crypto with the intention to either replace ordinary FIAT currency (eg. $, €, CHF etc.) or to bridge different currencies (XRP)

Now we know there exists destinations and how they are called. Stay tuned!

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