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Crypto Terms & Slang For Noobs

Miners

cryptocurrency lingo

A bitcoin maximalist believes that bitcoin, not any other cryptocurrency, will take over the world. A nocoiner is a person without bitcoin — an outsider that scoffs at cryptocurrency lingo cryptocurrency and all those who relish in it. While it can be used for anyone who doesn’t hold any cryptocurrency, it’s usually reserved for cynics and skeptics.

Bitcoin’s Use In Online Payments Faces A Serious Regulatory Hurdle

For cryptocurrencies, it is often used to easily share wallet addresses with others. Pair Trade between one cryptocurrency and another, for example, the trading pair BTC/ETH. Over The Counter Over-the-counter is defined as a transaction made outside of an exchange, often peer-to-peer through private trades.

Coin A coin is a cryptocurrency that can operate independently. Co-Signer A person or entity that has partial control and access over a cryptocurrency wallet.

Short for memory pool, where all unconfirmed transactions are placed before being added to the next block on the Blockchain. A cryptographic hash function is used to convert data of any size into a 64-character numeric string. A decentralized digital currency, that cryptocurrency lingo uses cryptography to prevent fraud. While Bitcoin was the first cryptocurrency, many, many, many other cryptocurrencies now exist. These are all calledaltcoins.Coinmama carries the most often requested altcoins, but you can see a list of over 2000 altcoins here.

Wtf Is Bitcoin? A Super

In jurisdictions where exchanges are disallowed or where amounts traded will move the markets, traders will go through the OTC route. Oracles An agent that finds and verifies information, bridging the real world and the blockchain by providing data to smart contracts cryptocurrency lingo for execution of said contracts under specified conditions. Mnemonic Phrase A mnemonic phrase is a list of words used in sequence to access or restore your cryptocurrency assets. Market An area or arena, online or offline, in which commercial dealings are conducted.

Faucet A cryptocurrency reward system usually on a website or app, that rewards users for completing certain tasks. It is mostly a technique used when first launching an altcoin to interest people in the coin. This is possible to be automated using smart contracts on the blockchain. Dust Transactions Minuscule transactions that flood and slow the network, usually deliberately created by people looking to disrupt it. cryptocurrency lingo Dominance Also known as BTC Dominance for Bitcoin Dominance, it is an index that compares the market capitalization of Bitcoin with the overall market cap of all other cryptocurrencies in existence. Difficulty A relative measure of how difficult it is to discover a new block. In Bitcoin, the difficulty is adjusted periodically as a function of how much hashing power has been deployed by the network of miners.

cryptocurrency lingo

The company stated that it had lost nearly $473 million of their customers’ bitcoins likely due to theft. This was equivalent to approximately 750,000 bitcoins, or about 7% of all the bitcoins in existence.

cryptocurrency lingo

Storage Decentralized storage refers to the concept of storing files online by splitting them into encrypted fragments and delegating these fragments to multiple nodes on a distributed network, e.g. a blockchain. Spot Market A public market in which cryptocurrencies are traded for immediate settlement. It contrasts with a futures cryptocurrency lingo market, in which settlement is due at a later date. Side Chain A blockchain ledger that runs in parallel to a primary blockchain, where there is a two-way link between the primary chain and sidechain. This allows the sidechain to operate independently of the primary blockchain, using their own protocols or ledger mechanisms.

Futures A futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. cryptocurrency lingo They are different from forward contracts, which can be customized for each trade and can be conducted over-the-counter, instead of being traded on an exchange.

Zero Confirmation Transaction

  • With digital currency, however, it’s a different story.
  • Mining – the process of using computer power to secure and verify bitcoin transactions on a decentralized network.
  • The transaction data is added to the public ledger, and each 1 MB group of transactions is called a block.
  • But generally, once you spend $20 at the store, that bill is in the clerk’s hands.
  • Blocks build on one another to form the above-described blockchain.
  • Software with which you send and receive cryptocurrency.

Basically, it is all kinds of coins we know and use on a daily basis (USD, Euro, CAD, etc.). Most of the crypto exchanges allow crypto-to-crypto trading only. However, the larger ones also allow crypto-to-FIAT trading. The most popular exchanges are Binance, Coinbase, Kraken, Bitstamp, and BitFinex.

Instamine A period in time, shortly after launch, when a large portion of total mineable coins or tokens are mined in a compressed time frame, and may be unevenly and quickly distributed to investors. Initial Coin Offering A type of crowdfunding, or crowdsale, using cryptocurrencies as a means of raising capital for early-stage companies. It has come under fire due to the occurrence of scams and market manipulators.

Bitcoin Value …

Change Bitcoin transactions are made up of inputs and outputs in a system called Unspent Transaction Output. When you send bitcoins, you can only send them in a whole output, and the rest are sent back as change. Central Ledger A central ledger is a physical book or a computer file used to record transactions in a centralized manner. Buy Wall A buy wall is a disproportionately large buy limit order placed on a cryptocurrency exchange. Blockchain A blockchain is a continuously growing, append-only, list of records called blocks, which are linked and secured using cryptography.

Graphical Processing Unit More commonly known as a graphics card, it is a computer chip that creates 3D images on computers, but has turned out to be efficient for mining cryptocurrencies. Genesis Block The first block of data that is processed and validated to form a new blockchain, often referred to as block 0 or block 1. Gas Price A term used on the Ethereum platform that refers to the price you are willing to pay for a transaction. Setting a higher gas price will incentivize miners to prioritize that transaction over others.

Derivatives Market A public market for derivatives, instruments such as futures contracts or options, which are derived from other forms of cryptocurrency assets. Deflation Reduction of the general level of prices in an economy. May also refer to deflationary monetary policy, such as Bitcoin, where there is a fixed supply of coins. Decentralized Exchange A peer-to-peer exchange that allows users to buy and sell cryptocurrency and other assets without a central intermediary involved. Correction A correction is a reverse movement of at least 10% in a cryptocurrency or general market, to adjust for over- or under-valuations. Cold Wallet A cryptocurrency wallet that is in cold storage, i.e. not connected to the internet.

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