Useful terms/phrases in cryptocurrency

in #cryptocurrency7 years ago (edited)



Hello fellow steemians!


I saw a lot of questions when it comes to words like "FUD","FOMO",etc so I thought it would be useful to explain them

  1. FOMO = Fear of missing out
  2. FUD=Fear, uncertainty and doubt
  3. Altcoin =Bitcoin alternative(Many of the altcoins are built up on the basic framework provided by Bitcoin)
  4. ASIC = Application Specific Integrated Circuit(It's a chip specially created to execute one task,you usually hear about ASIC's when it comes to mining)
  5. Mining= Discovering and solving blocks along the blockchain.You will get rewarded for doing so.(It's a longer topic,I might speak about mining in another post)
  6. PoW=Proof of Work
  7. PoS=Proof of Stake
  8. In PoW(Proof of Work) you must offer computational power in order to get rewarded,while in PoS(Proof of Stake) you need to "show ownership" of a certain amount of coins

  9. Address=It usually refers to a long alphanumeric string used to receive,send or hold your coins.
  10. Blockchain=A data system that allows for the creation of a digital ledger of transactions.The blockchain is comprised of “blocks” and is constantly growing
  11. Block=Transaction data is permanently recorded in files called blocks.Blocks are basically pages from the "ledger"
  12. Ledger=A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.(source Wikipedia)
  13. Hot Wallet=Any kind of online wallet
  14. Cold Wallet =A wallet that is stored offline
  15. Block Height=The number of blocks preceding the first block(genesis block)
  16. Block Reward=A reward for hashing, or solving the mathematical equation related to a block.
  17. Hashrate=The speed at which the computer is completing a calculation
  18. P2P=Peer to Peer
  19. Private Key = A key used to sign a message.It's very important to keep your private keys safe.If you lose/post them it's the equivalent of losing your wallet in real life
  20. Public Key = A key used to check if the signature is correct
  21. Smart contract = An unalterable agreement stored on the blockchain. Once signed it can never be altered
  22. Hardware Wallet = A hardware storage device(Trezor,Ledger Wallet)
  23. HODL=An enthusiastic misspelling of "hold".Often used when prices drop significantly (Just hold your coins noob)
  24. LAMBO=An inside joke in the crypto sphere.We use to ask the color of your next Lamborghini(meaning that you'll be rich one day)

  25. Have a nice and green day!

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