Topic: What is bitcoin difficulty and coinbase (Read 84 times)

To follow up with the statement of Charles-Tim you can get your cold wallets or hardware wallets with this trusted website it depends on you if you want to buy immediately to make sure funds safe.


If you don't have a budget yet you can use a hot wallet which most of the members here use with the electrum, you can download here in their official website https://electrum.org/#download they have their mobile application too if you don't have a desktop or laptop yet. Another tip don't store your funds in an exchange and use as a wallet. Good luck to your journey.

I do understand that they are related but the OP seems completely don’t have any idea on crypto especially terminology and giving him the definition of random terminology related to Bitcoin will not gonna mark on him rather than focusing on one topic for research at a time. He will encounter this terminology on the road to his research and that’s the best time to search for the meaning.

I’m sharing base on how I study Bitcoin when I’m newbie. I was overwhelmed too on this terminology when I browse the forum so I make my research slow and focus first on Bitcoin definition and function. I encounter many difficult terminology when doing research but I use google to understand it as well as the context that I’m reading that contain that term. In this way, I can understand further the term and it’s use compared on reading plain definition of terms of random crypto terms.

FYI, My comment that you quoted doesn’t relate on what you post, I didn’t read the content of your post when I made my opinion since I’m already on my reply tab before you made your post. I’m just late to answer here because I saw other thread that I became more interested to reply. I’m sorry if my post looks like I’m not giving credits to your contribution above.

Mining difficulty, Coinbase, Cold storage, and hot wallet are all about bitcoin, although altcoins too can make use of cold storage and hot wallet.

Fork is very important to know as well if you want to know much about bitcoin, especially to know that those altcoins like Bitcoin cash (BCH) and Bitcoin Satoshi Version (BSV) are not actually bitcoin but altcoins and not created by Satoshi Nakamoto.

What are purely pertaining to altcoins mentioned in the OP are DeFi and Gas.

Understand it one topic at a time focus first on Bitcoin and ignore first other terminology that you mention. Those terms is use for altcoins which you will understand later if you master the basic. Bitcoin the most popular and safest coin in the crypto market which I suggest that you should focus on it first. You can use the search function of the forum or the google search to understand the basics.

You can add the word ELI5(Explain Like I’m 5) on the terms that you want to know so that all search result that you can get will the most basic and easy to understand since user use common words just to describe the topic.

The first is mining difficulty, it is adjusted at every 2016 block mined. If mining hshrate increases, the difficulty would be increased, but if mining hash rate is reduced, the difficulty would be reduced in a way to achieve each block to be mined approximately 10 minutes on average.

Coinbase is the mining reward for the block mined.

Cold storage are bitcoin wallets that has their seed phrase and/or keys store offline and has never gone online before such as a paper wallet that is generated on an airgapped computer with its WiFi card, Bluetooth and other modules used to connect to external environment removed.

Hot or online wallets are online wallets, they are not secure like cold or offline wallets. Web, mobile and desktop wallets are hot wallets.

Fork can be an improvement to blockchain, which is called soft fork. But hard fork means the creation of another fork coin and its entirely different blockchain as some miners in the community supported the fork to the degree it will lead to the fork. Hard fork also means migrating from a blockchain to a new one entirely.

Gas is the fee paid by some altcoins for transaction.

DeFi is decentralized finance, a means third party is removed from financial institutions.

You can just read more about them to know what they are.

---

Coinbase wallet used the name from the Coinbase I explained above, just like blockchain wallet also use the name from the open ledger that bitcoin transactions are stored. Coinbase (Coinbase.com) is a wallet with exchange functionality, Coinbase Pro is an exchange belonging to Coinbase.com, while they also have a close source noncustodial wallet called Coinbase wallet. I can not recommend a close source wallet.

       As I told you guys earlier, I'm a newbie. I've actually been making lots of research based on topics I see on this forum and some or sites too and I've seen alot of confusing terminologies like:
#bitcoin difficulty
#coinbase
#cold storage
#DEFI
#fork
#Gas
#hot wallet and so on.

        This hasn't been as easy as I thought it would.Starting with bitcoin difficulty, is it the same thing as bitcoin estimation? Cos I saw similar calculations while researching on both topics.
Coinbase is an app yes? Does it have any other uses asides trading? Can someone have multiple accounts on coin base?, If yes why?. Finally what's the difference between coinbase and coinbase pro
       I only picked these two for now cause I'm new and I'm just trying to take it slow don't want to end up confusing myself 😂
Please anyone with knowledge about this especially bitcoin estimation and bitcoin difficulty should help me out, or you can drop links to sites that would explain them better thank you.