definitions

Decryptionary Helps New Investors Understand Crypto Terms

11/05/2019 by Idelto Editor

Decryptionary Helps New Investors Understand Basic Crypto Terms

Rising cryptocurrency markets may once again arouse the interest of new investors. The crypto space has its specifics and it takes some effort to acquaint oneself with the terminology. Decryptionary has been created to impart the basic information you need to start understanding Bitcoin better.

Also read: How to Generate QR Codes for Crypto Payments

Get a Handle on Crypto Buzzwords

Decryptionary provides concise definitions of many terms that are widely used in the crypto industry. You have the option to look up a specific word or phrase relating to cryptocurrencies and distributed ledgers using the site’s search bar. Alternatively, you can access the full contents of the online dictionary where entries are listed by first letter or number.

You’ll be able to understand the meaning of terms such as blockchain explorer, total supply, peer to peer, proof of work, public key, decentralized exchange, escrow, zero confirmation, and many more. If you can’t find a word you are searching for, you can also suggest new entries.

The website offers thematic word lists as well. For example, the “25 Common Cryptocurrency Words You Should Know” page has been prepared for beginners and it explains mining, hashing, wallets, keys, and addresses. There’s also the “20 Blockchain Words You Should Know” list which contains definitions for block, sidechain, fork, and node.

Decryptionary doesn’t stop there. If you want to dive deeper into digital asset trading, it will help you learn the characteristic slang including words like hodl, fud, fomo, and jomo. Mooning, flippening, shilling and shitcoin are some of the other notable entries. The platform explains what a bull trap is as well as what’s common between the Byzantine generals problem and Bitcoin.

If you have more questions, you can also refer to Bitcoin.com’s Knowledge Base which provides an extensive library of Bitcoin resources. There you’ll find out how to get started with cryptocurrencies by downloading a wallet and buying your first bitcoin cash. The portal will also help you choose a cryptocurrency exchange, avoid fraud, set up cold storage, understand bitcoin mining, and much more.

Can you recommend other sources of basic information about the crypto space? Let us know in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Decryptionary.

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Money Transmitter License Not Required for Crypto Businesses in Pennsylvania

23/01/2019 by Idelto Editor

On Wednesday, Jan. 23, the Pennsylvania Department of Banking and Securities (DoBS) published guidance for virtual currency businesses operating in the state. The state’s financial agency has decided a money transmission license for cryptocurrency operations is not required.

Also Read: Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison Time

Banking Department in Pennsylvania Declares Cryptocurrency Businesses Don’t Need a Money Transmitter License

Banking officials from the state of Pennsylvania have revealed that cryptocurrency business operators are not required to apply for a money transmission license. The DoBS has issued a statement concerning the state’s Money Transmitter Act (MTA) and guidance for virtual currency businesses explaining that bitcoin and other digital assets are not considered legal tender in the U.S. In fact, the Pennsylvania guidelines emphasize that thus far, there is no state in the country that has “designated virtual currency as legal tender.” Furthermore, the DoBS explains that it has received “multiple inquiries from entities” who were looking for further guidance toward money transmission laws and setting up a cryptocurrency operation.

“The DoBS will not be responding to these requests for guidance on a case-by-case basis, the DoBS is providing the following guidance on the applicability of the Money Transmission Business Licensing Law,” reads the banking department’s announcement.

Cryptocurrency Kiosks, ATMs, and Vending Machines Don’t Need a License

If the platform does not directly deal with handling fiat currency then a money transmission license is not needed. When a business operating in Pennsylvania solely transacts in virtual currency settlements then ultimately the platform is not engaged in the business of providing payment services or money transfer services. The DoBS also stated that operators of virtual currency kiosks, automated teller machines (ATMs), and vending machines have all attempted to contact the agency.

“In both the one-way and two-way Kiosk systems, there is no transfer of money to any third party — The user of the Kiosk merely exchanges fiat currency for virtual currency and vice versa, and there is no money transmission,” the DoBS MTA guidelines explain.

Thus, the entities operating the Kiosks would not be money transmitters under the MTA.

Regulatory Inconsistencies Across Several States and the Federal Government

Over the course of the past few years, U.S. officials have had a hard time reaching consensus when it comes to classifying bitcoin and other digital currencies. For instance, on Sept. 19, 2016, Federal Judge Alison Nathan from Manhattan ruled that “bitcoin is money.” Nathan detailed during the legal proceedings against Coin.mx exchange operator Anthony Murgio that “Bitcoins are funds within the plain meaning of that term — They, therefore, function as pecuniary resources and are used as a medium of exchange and a means of payment.” Virtual currency businesses in the state of New York have to apply for a money transmission license (Bitlicense) that is issued by the state’s financial regulators.

However, Miami-Dade’s Circuit Judge Teresa Mary Pooler tossed out anti-money-laundering charges against website designer Michell Espinoza and declared that “bitcoin was not money.” “It is very clear, even to someone with limited knowledge in the area, that Bitcoin has a long way to go before it [becomes] the equivalent of money,” Judge Pooler declared. Although the state of Florida’s prosecution agency filed an appeal against the decision to dismiss charges, the case took went on for years after Pooler’s verdict and the charges were eventually dropped.

So far the state of Pennsylvania seems to be in the same regulatory boat as Florida once was in 2016 but the sunshine state has since changed the regulatory guidelines since Judge Pooler’s decision. Back in May of 2017, House Bill 1379 passed in Florida, defining virtual currencies as a money transmission instrument and prohibiting money laundering by using virtual currency as a vehicle. Pennsylvania’s new rules may also run into issues with the federal government’s laws and how the Financial Crimes Enforcement Network (FinCEN) classifies virtual currency operations as money transmitters. The DoBS money transmission laws in regard to cryptocurrency businesses have been discussed by Pennsylvania since 2016.

What do you think about Pennsylvania’s Department of Banking and Securities ruling on virtual currencies and the state’s money transmission laws? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, and the DoBS of Pennsylvania.

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Ken Shishido Wants Everybody to Use the ‘Cash’ Denomination for Fractions of BCH

05/04/2018 by Idelto Editor

Just recently at the Satoshi’s Vision Conference in Japan the co-founder of the Tokyo Bitcoin Cash Meetup, Ken Shishido, discussed how he has been promoting BCH adoption in the country. Further, Shishido has been promoting a new BCH branding idea within the community by calling smaller fractions of BCH ‘Cash’ instead of ‘Bits’ and so far some members of the BCH community have been embracing the concept.

Also Read: OTC Cryptocurrency Desks Trade Billions Over Skype

Promoting Bitcoin Cash Throughout Japan and Worldwide

Ken Shishido is well known in Japan throughout the cryptocurrency circuit. He is the organizer and co-founder of the Tokyo Bitcoin Cash Meetup. Just recently Shishido gave a presentation on how he thinks adoption should be promoted in Japan and some of the ways he and the Meetup members have been bolstering widespread acceptance. At the Satoshi’s Vision Conference (SVC) Shishido explains that he has hosted over 170 cryptocurrency Meetups over the past years, describing his background within the bitcoin industry in Japan. The Tokyo Meetup organizer has also traveled all around the world spreading the gospel of cryptocurrencies as well. Shishido explains to the crowd that Japan has one of the highest populations of cryptocurrency users worldwide with roughly 2 million users in the country, according to his estimates.

BUIP087: Using the Denomination ‘Cash’ for One Hundred Satoshi

During the end of Shishido’s discussion he briefly mentions one the goals he is currently working on which is changing the name for smaller fractions of bitcoin cash from ‘Bits’ to ‘Cash.’ Essentially, Shishido has submitted a BUIP request to change the terminology in bitcoin cash to “cash” (CSH) as the standard term for 100 (one hundred) ‘satoshi’ or 1/1,000,000 (one one-millionth) of a bitcoin cash (BCH). Shishido explains his motivation for wanting to change the current terminology.

“Bitcoin cash strives for the worldwide adoption, and unit denomination and calculation must be easy for the average users for daily transactions — And, it needs to to be differentiated from Bitcoin Core (BTC) to avoid confusion,” explains Shishido’s BUIP request.

The “cash” denomination has been discussed and proposed by many people before. Authors of this BUIP take no credit for inventing the term — As BCH grows in price versus fiat currencies, it’s important to give users the ability to quickly and accurately calculate prices for transactions, savings and other economic activities.

Ken Shishido's Quest to Use the 'Cash' Denomination for BCH Fractions — **Bitmain CEO Jihan Wu likes the look of the ‘cash’ denomination.**

Unit Wallet Adds the ‘Cash’ Denomination

So far Shishido’s idea has been welcomed by the community and he has been asking businesses to consider the idea. Just recently the bitcoin cash-centric mobile platform Unit Wallet just launched its latest 2.0 version with new features like the Cash address format.

Moreover, Unit Wallet also utilized Shishido’s cash denomination concept and smaller fractions of BCH contain the word ‘cash’ in the user interface. Check out why Ken Shishido thinks BCH proponents should bolster the idea of a ‘cash’ denomination in the video below.

What do you think about using the ‘cash’ denomination for smaller fractions of BCH? Let us know what you think about this subject in the comments below.

Images via Twitter, and the Satoshi’s Vision Conference Tokyo.

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Many Brits Confuse Cryptocurrency with Something Else

01/04/2018 by Idelto Editor

According to a new poll, many British people have little or no idea what cryptocurrency really is. Terms like “blockchain” sound familiar, but often in completely different contexts. The authors of the study have compiled a “Techionary” to acquaint the public with some common acronyms and buzzwords.

Also read: Financial Professionals Bet On Rising Cryptos, UK Report

Crypts and Toilets

The survey has revealed that a great number of British citizens may have an entirely wrong idea about basic crypto-related terms. It shows that despite the growing popularity of cryptocurrencies, some Brits may still be completely unaware of their existence.

For example, 36 percent of those questioned think “cryptocurrency” has something to do with funeral finance. Respondents were also asked “What is the blockchain?” and a staggering 41 percent said it had to be one of those old-style toilet tanks with a pull chain.

British-based cloud services provider Inty has interviewed 2,000 people to determine if they know the meanings of some widespread technical words and phrases, the Daily Mirror reports. They were asked 20 questions related to computing and information technology. The answers confirm that many people in the UK are still unsure what some common terms mean.

The poll shows that almost a quarter of the participants, 23 percent, think HTML is textspeak for “Hi There My Love” in messaging and chats. Another 38 percent of the respondents believe “cloud computing” means using computer technology while on a flight.

The “Techionary”

Trying to clear some misconceptions, Inty has published a “dictionary of computing”. Visitors can find on its website the meanings of popular terms used in information technology. “Blockchain” and “cryptocurrency” are among the entries.

“We know the world of IT and computing can be complex, but we think our Dictionary of Computing jargon-buster might just help people struggling with a few technical words and phrases we in the industry probably take for granted,” says the company’s CEO Craig Joseph.

“It seems plausible that the speed at which the technology landscape develops is the reason as to why we are faced with an ever-growing list of buzzwords and acronyms,” note the authors of the survey. They have included in their “Techionary” computing terms for every letter of the alphabet and provided proper definitions.

Not everyone in Britain needs such education, though. Another study recently showed that UK financial professionals are very well informed about cryptocurrencies and their perspectives. More than half of those who have previously invested in cryptos intend to acquire more digital money. The majority of investors expect crypto valuations to rise this year, despite recent market drops.

The popularity of cryptocurrencies has been growing steadily around the world in the last few years. Polls conducted in several countries have confirmed the positive trend. Almost 60 percent of Americans now say they have heard of bitcoin. The same is true for more than half of Russians.

Do you think misconceptions are a major barrier to entering the crypto world? Tell us in the comments section below.

Images courtesy of Shutterstock.

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