The Most Popular Cryptocurrency Terms And Phrases
Here is a Complete list of cryptocurrency terms and phrases. What kinds of Cryptocurrency Terms to Know Before You Invest?
Introduction to Cryptocurrency Terms And Phrases:
Certain terms you may be familiar with hearing when discussing cryptocurrency or blockchain technology, such as “cryptocurrency mining” and “blockchain”, are common enough for us to introduce them all in one place. We also include some quite unique terms that you may not have heard of before. All of these terms are explained so that anyone can understand their meaning, even if you have no prior knowledge in the subject area.
If you’re familiar with the terms already, then feel free to skip the explanations. However, if you’re feeling a little lost or some of the descriptions are too technical, then we encourage you to read through. Our goal here is to give you a thorough overview of every term that you may hear in the future.
The following is a list of cryptocurrency terms and phrases explained:
- ABSOLUTE FEES: An email confirmation is sent after signing up for exchange (i.e. Kraken, Binance, Bittrex). This email confirms that the user has actually signed up with the exchange and will help prevent fraud.
- ADVISOR: A person who joins a trading group to trade cryptocurrencies. An adviser may set up a trading group of other users in the hope of profiting from the collective efforts.
- ALTCOINS: Alternative coins are cryptocurrency alternatives that have not enjoyed as much public interest or support compared to Bitcoin and Ethereum. While cryptocurrencies such as Ethereum and Litecoin created in 2015, many altcoins created from their inception in 2013 until the creation of bitcoin in 2009.
- AUCTION SALE: A process of selling an item with tradable assets in a system, where participants may buy and sell at the current market price or bid up to the published maximum sale price. While cryptocurrency auctions typically conducted on a blockchain, auctions can also be held off-blockchain for privacy reasons.
- AUCTION PROTOCOL: A cryptocurrency protocol that enables an auction to be completed using blockchain technology.
- BLOCKCHAIN: The technology that drives cryptocurrencies and other decentralised applications. The blockchain decentralised ledger of data shared across multiple networks, creating a tamper-proof record of all transactions.
- BLOCKCHAIN ADVISOR CLUB: A website with articles and forums where users can share their knowledge in the form of trading strategies and tips.
- BROKER: A person that works between buyers and sellers of cryptocurrencies. Brokers work as middlemen, taking a fee for each transaction.
Cryptocurrency Terms to Know Before You Invest
Many people are interested in investing in cryptocurrencies. However, the proliferation of terms has made it difficult to know what these technologies are and how they work before diving into an investment. This post is an introduction to common cryptocurrency terms you should be familiar with before opting to invest.
A cryptocurrency is a form of digital currency used to purchase goods or services online. The technology behind cryptocurrencies created to allow peer-to-peer (P2P) transactions without the need for a centralized authority. There are different types of coins, but most commonly, the most recognized are Bitcoin, Ethereum, and Litecoin. The first cryptocurrency was Bitcoin, which is still the most popular coin today. A cryptocurrency is not regulated by a single authority, such as a central bank or government. In most cases, this is a positive aspect because it eliminates the intervention of third parties that have the ability to limit your transactions or fraudulently manipulate the price.
To elaborate, cryptocurrencies can be classified as either being based on a blockchain or a proof-of-work model. In blockchain-based currencies, such as Bitcoin; there no third parties involved, and users can engage in direct transactions with each other. In relation to proof-of-work systems, users engage in transactions with a network that will reward them with coins. The network is based on miners, who are the ones that verify transactions and add the new blocks, thereby validating the currency.
Conclusion:
A wallet is a piece of software that allows you to send and receive cryptocurrencies. Wallets can downloaded through an app, desktop client, or online. One of the most important components of a cryptocurrency wallet is its private key. A wallet’s private key is a piece of cryptography that allows you to be in control of your currency. Always make sure your private key kept secure by backing up your wallet and not sharing it.
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