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Cryptocurrency Glossary

Comprehensive Glossary of Official, Famous and Funny Cryptocurrency Terms and Definitions! Cryptocurrency Glossary, complete and flawless! The cryptocurrency space is getting bigger and more public. Therefore, to understand this unlimited space more and better, we have collected important cryptocurrency keywords and terminologies in this article.

 

Crypto Slang Terms | Cryptocurrency Glossary

HODL; The Most Famous One

HODL is a popular slang internet term used in the bitcoin community and cryptocurrencies to emphasize their maintenance and not selling them.

Where did the word HODL come from?

In the Year 2013, at the time of bitcoin’s relatively large crash, at the Bitcointalk World Forum while frustrated investors were discussing holding or selling their bitcoins, a user by the name of GameKyuubi, inserts a post titled I AM HODLING. He had mistakenly written I AM HODLING instead of I AM HOLDING.

This user, who was drunk at the time of writing the post, wanted to announce that he is keeping his bitcoins and doesn’t want to sell them.

This made the term HODL very popular in the cryptocurrency and bitcoin space and was used to advise on the maintenance of cryptocurrencies and not to sell them. There is now a cryptocurrency called HODL.

 

FOMO: Fear of losing | Cryptocurrency Glossary

Stands for “Fear of missing out”, which means fear of loss. In the cryptocurrency space, this term is used when one is concerned about losing the profit of their investment or decision.

 

ATH: Highest Price in History

The abbreviation of “All-time high”; means the highest price in history. The term is used when the price of a currency, stake, or similar, reaches a new record.

 

BEAR

The term is taken from people active on Wall Street. The word bear in the economic field is used to denote the downs of an asset. For example, the bear market means a downward market.

 

BULL

The term is taken from people active on Wall Street. The term Bull is used in the field of economics to refer to the ascending and rising of an asset. For example, the Bully market means upward markets.

 

WHALE | The Term Whale in Cryptocurrency Glossary

The word has been used by gamblers. Whales are capitalist traders who are optimistic about the future of a cryptocurrency and invest heavy sums on. They are also called bully whales (ascending).

 

BEARWHALE

Bear whales are capitalist traders who sell a lot of their assets and cause a price drop in the market.

 

BAGHODLER: irrational maintenance

The investor, and especially the trader who insists on the irrational holding of an asset, is called a bag-holder or a BAGHODLER.

 

REKT: To be destroyed | The Term REKT in Cryptocurrency Glossary

The word “REKT” is a deliberately mistaken version of the word “wrecked” which means “destroyed”. The term is used to refer to bankruptcy or the destruction of individuals in economic markets.

 

TO THE MOON

The term is used to describe the news of a very large asset rising.

 

ADDY: Address

This term refers to the wallet address of a cryptocurrency.

 

FUD: Fear, uncertainty, and doubt

The acronym for “Fear, uncertainty, and doubt”. The term is usually used to refer to the uncertainty of a situation.

 

shitcoin

Unvalued Currency

 

CHYNA: China

A common cryptocurrency terminology to refer to China. China is very active in the bitcoin space, despite government opposition. The majority of mining and transactions of cryptocurrencies are in the hands of Chinese people.

 

These terms are all used for entertainment and humor and are often collected from social networks.

 

Official and Famous CryptoCurrency Terms | Cryptocurrency Glossary

Altcoins:

Cryptocurrencies after bitcoin such as Ethereum, Litecoin, and so on are called Altcoins.

 

Bit:

One small bitcoin unit. 1 bitcoin = 1000000 bit

 

Token:

The term token in the field of cryptocurrencies is used in two aspects:

  1. Some people generally consider the cryptocurrency of any network to be the token of that network. For example, XRP currency is known as the ripple network token.
  2. Most people use the term token for decentralized program currencies that do not have their network and operate on another currency network and smart contracts. For example, EOS or Tron are Ethereum-based tokens.

The second view is more valid.

 

Satoshi:

Satoshi is the smallest bitcoin unit. It’s named after Satoshi Nakamoto, creator of Bitcoin. One Satoshi unit equals 0.00000001 Bitcoin.

 

XBT and BTC | Cryptocurrency Glossary

Common abbreviations for bitcoin. There is no difference between these two abbreviations.

 

Confirmation:

When executing a transaction, the blockchain confirms its validity. Confirmation is done by the miners.

 

Mining:

A process in which computer hardware performs a series of mathematical calculations to confirm transactions. Users that provide their computers to the network for performing these calculations are called miners.

 

Recovery phrase:

Random words consisting of 12, 18, or 24 words given to you when you get a backup. With these words, you will be able to recover your wallet in another wallet.

 

Cryptography:

It is a branch of mathematics and computer science whose philosophy is to create cryptocurrencies.

 

Private Key:

The private key is a string of different letters and numbers that sign cryptocurrency transactions on the network. Having a private key from a currency means full access to the assets of that wallet.

 

Public Key:

It is a string of different letters and digits that plays a complementary role to the private key in transaction confirmation.

 

Wallet:

Offline or online software where the private key and the public key are usable in. Wallets are used to store, transfer and receive a cryptocurrency.

 

Whitepaper- Performance Report | Cryptocurrency Glossary

A complete report on a cryptocurrency project released by developers to explain all the details of their system.

 

Transaction ID:

A string of letters and numbers through which you can see the general details of a transaction on the Blockchain.

Blockchain:

A general office that can record all the reports such as payment reports or any other reports decentralized.

 

Satoshi Nakamoto:

The anonymous creator of Bitcoin

 

Cold storage | What does Cold Storage refer to in Cryptocurrency Glossary

Storing currencies and private keys on offline space.

 

Hardware Wallet:

A secure hardware device that stores private keys offline. The hardware wallet is the cold type of storage.

 

Transaction Fees:

The fee users pay to approve the transaction. The minimum fee varies at different times and over the network congestion. The higher the fee, the sooner the transaction will be approved.

 

Peer to peer – P2P | The Term Peer-to-Peer in Cryptocurrency Glossary

Peer to peer means direct communication between two legal persons.

 

Block:

A set of transactions that miners review and approve.

The mining process performed with hardware devices for calculations.

 

Proof of Stake:

A process where everyone mines currency well-set to their asset.

 

Pump & Dump:

Any news that causes an increase or decreases in a cryptocurrency price is called a pump and dump, respectively.

 

Hash:

A digital fingerprint generated from a data function with a constant value. The slightest change in data can change the hash in general.

 

Initial Coin Release (ICO)

In the field of Blockchain, savings and investor attraction are widely used in blockchain, and people are usually keen to invest in these projects. Investors are attracted to decentralized projects using ICOs. In this way, the project puts its tokens up for initial sale to raise funds, and people use currencies like Ethereum and Bitcoin to somehow invest in and support developers.

 

 Hard Fork | The Term Hard Fork in Cryptocurrency Glossary

A hard fork is a big change to the cryptocurrency protocol. Since cryptocurrency protocols are often open-source, developers can make a hard fork with the overall changes in them. A hard fork is not compatible with the previous one. Hard fork sometimes converts into two currencies, for example, bitcoin cash is a hard fork of bitcoin; or Ethereum classic is a hard fork from ethereum, which makes the two currencies completely separate and those who wish can continue or move to the new hard fork.

 

Soft Fork:

A minor update to the cryptoCurrency Protocol.

 

Faucet:

Sites that give users cryptocurrency for things like lottery or gaming, which are often very difficult to grasp.

 

Fiat:

Regulated and focused paper money of any country is called Fiat.

 

Block Reward:

In proof-of-work protocols such as bitcoin or Ethereum, with mining of each block, some of the native currency of that network belongs to the miner. Currently, there is a 12. 5 bitcoin reward for mining each block which decreases over time.

 

ASIC Miner:

A special device with powerful chips which is used to mine cost-effectively some large cryptocurrencies.

 

Block Height:

After the first block of any cryptocurrency, the last mined block of that is called the block height.

 

Halving:

After every 210000 blocks in Bitcoin, the block reward is halved.

 

Hash Rate | Cryptocurrency Glossary

Hash rate or hash power is the unit of measurement of processing power mining in a cryptocurrency.

 

Crypto Exchange:

A site for buying and selling cryptocurrencies.

 

Stop limit orders:

This section on cryptocurrency trading sites is for professional traders. With this feature, you can specify that when the price reaches x, it will register a buy or sell order with y value.

X: Stop

Y: limit

For example, suppose you are an analyst and you predict that if a currency crosses the $ 20 resistance line, it will rise to $ 60. So you can customize an order using this feature so you don’t miss a trade.

In the stop section, you should enter $ 20 and in the limit section, you should enter, for example, $ 22.

You also set the same way for a sale or stop loss that if the price of a currency drops to x, a sales order with a y value is recorded to avoid further loss.

X: Stop

Y: limit

 

“51% Attack” in Cryptocurrency Glossary

When more than half of the computational power of a digital network is controlled by a particular entity or group, that entity or group will be able to destroy the network. The only way to eliminate decentralized networks is to do so because it is almost impossible for anyone can be a miner.

 

Double Spending:

Spending twice happens when a copy of the money is sent instead of the original money. One of the problems with digital money transfers was initially that centralized servers and later Blockchain and decentralized networks solved this problem.

 

Solidity:

Solidity is the Ethereum programming language for developing smart contracts.

 

If you know more terms in this area, share them with an explanation in the comments section.

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