A Beginner’s Dictionary For Crypto Jargon PART 1

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A Beginner’s Dictionary For Crypto Jargon PART 1

The cryptocurrency market is a relatively new one, yet it includes a variety of specific keywords and phrases which any serious trader or investor should know. The following list is the first in a 2-part segment on crypto jargon which you should definitely know.

  • Altcoin – any cryptocurrency which is not Bitcoin, including popular ones such as Ethereum and Litecoin, and about 800 more.
  • ASIC – stands for Application Specific Integrated Circuit, meaning silicon processor chips capable of processing the SHA-256 algorithm used to mine Bitcoin and validate the transactions.
  • ASIC Miners – the hardware in which the ASIC chip is located in order to function and connect to the Internet.
  • Bitcoin – a digital token based on cryptography and invented by the mysterious Satoshi Nakamoto.
  • Bitpay – a Bitcoin processing company which facilitates payments using this cryptocurrency.
  • Blockchain – an uncentralised, distributed, peer to peer digital ledger.
  • Block Reward – the reward which is split between all miners who successfully hash a transaction block.
  • BTC – the most common symbol for Bitcoin.
  • Charlie Lee – the famed creator of the Litecoin cryptocurrency.
  • Charlie Shrem – an early adopter of the cryptocurrency industry, especially Bitcoin.
  • Coinbase – one of the world’s favourite cryptocurrency exchanges and wallets.
  • Cold Storage – an alternative and safer method of keeping cryptocurrencies when not used in an exchange.
  • Cryptocurrency – the term commonly used to describe digital, cryptography-based tokens or money.
  • DAO – called the Distributed Autonomous Organisation, this now de-listed company set the record for the largest ICO in history.
  • Difficulty – the degree of complexity faced by mining software when it is attempting to hash a new block.
  • ETH – the most common symbol for Ether, which is based upon the Ethereum blockchain.
  • Ethereum – a blockchain which specialises in running smart contracts.
  • Exchange – the platforms, such as Binance and BitMEX where fiat currencies and cryptocurrencies are exchanged.
  • Faucet – a website reward system which provides a hundred millionth of a Bitcoin, or a Satoshi, at a time.
  • Fiat – meaning let it be in Latin, this is a term associated with traditional, bank-issued money.
  • Flippening – the moment, which has never occurred as yet, that an Altcoin surpasses the market capitalisation of Bitcoin.
  • Forging – the term refers to proof of stake blockchains where there are no block rewards and forgers (miners) receive transaction fees instead of new coins.
  • Fork – the occurrence of a blockchain diverging into different forward paths.
  • Genesis Block – the very first block mined in a blockchain.
  • Halving – the rate at which each new block rewards created an entire new Bitcoin which is set at halving every four years.
  • Hard Wallet – a physical device where cryptocurrencies can be stored securely offline.
  • Hash – an algorithm which takes a data set of a pre-established size and converts it to a fixed length and composition.
  • Hash Rate – the number of hashes a miner can process at a given time.
  • HODL – a slang term for hold your coins.

Go directly to Part 2 of the cryptocurrency jargon.

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