This article will be about cryptocurrencies presented in as much as possible in simple terms that a newbie can understand. We will start by defining some basic important terms and later delve in to how the whole process works. I will try to give examples in order to relate it.

What is Digital Currency?

Digital currency is a type of currency that is similar to physical/fiat currencies but in digital form. Cryptocurrency is a type of digital currency. There are other types of digital currencies, some are use only by the platform that created it. Like for example 7/11 has their own loyalty rewards system; when customers buy their merchandise they will earn points or coins which in turn they can use to exchange for goods sold in the store. Another example would be snapcart. For every receipt scanned you earn coins which you can use in their platform to earn fiat currency. Cryptocurrency is similar to that but it is borderless. You can use it at any store that supports the cryptocyrrency.

What are the types of Cryptocurrency?

There are lots of cryptocurrencies today. There are over 2,000 of them listed on online cypto exchange platforms and hundreds being created as we speak. I use coinmarket cap as reference to view the currencies being listed in their platform. There is too much to list here. Bitcoin is the first ever cryptocurrency created. All other coins or cryptocurrencies are called alt coins.

What is a blockchain?

A blockchain is like a ledger that records all transaction of a cryptocurrency. It stores the send and receive transactions being done including the fees associated with the transaction. Some blockchains are programmed so when a wallet is being created it records it on the blockchain. Some stores the wallet information once a transaction is done on the wallet. A blockchain has a size limit, when it reaches that limit another block will be created and the new block will be chained to the old block (hence the term blockchain).

What is a wallet?

A wallet is a software program that stores the private and public keys. You can think of wallet as an account (e.g. email account). In our example (email account) an email has an email address which is your return address; where one can receive email from others. Your email account also has a password which only you has access to do stuff like open your email account, read and send emails. So your email account is like your wallet, your email address is like your public key and your private key is like your email password. You will have to use a software to be able to open your wallet account (email account).

What are the types of wallet?

There are 3 types of wallet that we can identify: Software, Hardware and Paper.

For Software wallet you have 3 types: Desktop, Online and Mobile wallets.

• Desktop wallet – is a type of wallet where you install a software on your desktop. This type of wallet downloads the blockchain so you will have a copy. It gets constantly updated. It is secure since the private key is stored on your desktop. You hold the key and have total control of your wallet. You just need to secure your desktop in order not to get hack and lose your private key
• Online wallet – is a type of wallet where in the private key is stored and held by a 3rd party online. An example of this is coins.ph. The private key of your cryptocurrency is stored in their servers. This makes them very vulnerable and prone to attacks.
• Mobile wallets – these wallets are similar to desktop wallets but are stored in your mobile phone instead of your desktop. This make it more mobile as you can carry your phone anywhere and use your crypto to pay merchants.

Hardware wallets are wallets that are stored on a usb sized type of storage that is very well encrypted. When you make a transaction you must connect the device on a computer to be connected online.

Paper wallet are wallets that are never online. They are sometimes called offline wallet or cold storage wallets. This type of wallet is a printed wallet, where the public and private keys are printed on a paper. This is the most secure wallet from hacking.

Problem: Unable to access shared folder. “An extended error has occurred.”

Platform: Windows 8

Solution: Disable “Secure Negotiate” on the Client. Open powershell and run the command below:

Set-ItemProperty -Path “HKLM:\SYSTEM\CurrentControlSet\Services\LanmanWorkstation\Parameters” RequireSecureNegotiate -Value 0 -Force

Note:Windows 8 adds a “Secure Negotiation” element to SMB networking that isn’t compatible with “traditional” SMB; it has to be turned off. 

If your harddrive has become full because of McAfee virus update definitions, you might want to try to delete the old files to free up space. The following command below will help you purge these old ‘DAT’ files.

(X:)\Program Files\McAfee\GroupShield for Exchange\bin\PurgeOldDefinitions.exe xx

Note: Where xx is the number of DATS to retain.