There are many abreviation and terms in cryptocurrency which we used in every cryptocurrency topic.Understanding this basic terminology of cryptocurrency is an important steps in order to became an expert in cryptocurrency. Understanding such terminology is also important for those who are new in cryptocurrency.i had collected some important term form different source including books . And here i am presenting my collection of all those terms and terminology used in cryptocurrency.
- Altcoin- Those cryptocurrencies other than Bitcoin.
- ATH- All time high is an abreviation used to refer those cryptocurrency reaching their highest price
- Address- it consist of between 26 and 35 characters representing a unique wallet ID on the blockchain
- Block- section of transaction data recorded on blockchain
- Blockchain- A Chain of information consisting of multiple blocks.
- Block reward- A reward received by miners when a block is created. Like 50 btc per block
- Bot- An artificial inteligence that has an autimates trading capacity.
- Bubble- extremely overbought market which usually followed by crash
- Buy wall- Volum of people purchasing a specific crypto at a given time. This indicate a pump is taking place
- Bag holder- name given to those invetors who is left holding crypto after it has dropped its price
- Cloud mining- an organisation offereing those mining equipment from a remote location
- Cold wallet/ storage- offline cryptocurrency storage which doesnt connect to internet . This the most safest mode of storage
- Confirmation- transaction which has been verified by miners and added in the block
- Consensus- an agreement which is recah when all network participent approve the validity of the transaction
- Dry wallet- Short term trading where position are taken in morning and sold off in afternoon
- Digital asset- those crypto which are not traded as coin or token
- Dead cat bounce- short term marketing recovery resulting in further downtrend.
- Decentralisation- Not controled or regulated by government of organisation
- Difficulty- how hard it is to mine one block.
- Exchange- place where people can buy , sell or trade cryptocurrency
- Faucet- a reward system to earn free cryptocurrency
- Fiat- paper currency established by government like usd, euro
- FUD- Fear, uncertainty,doubt commonly for new commers who belive in scam
- Fork- a process in blockchain that split into two seperate chain to form a new rule
- Genesis block- the first block in the blockchain
- Hash- a string of data related to a specific crypto mining
- Hash rate- speed at which a piece of hardware can decrypt
- Hodl- meaning do not sell
- Halving- decreasing the block reward by 50%. Like in bitcoin reducing block rewaed from 12.5 to 6.25
- ICO- initial coin offering. Refering to presale of an upcoming cryptocurrency
Ladering- investor who set incremental buy or sell order
- Mining- a mathematical algorithm used to obtain cryptocurrency uaing computational power
- Miner- people who are mining cryptocurrench
- Multi sig- multi signature refers to a stuatiom where multiple signature are required to authorize a transaction
- Mining rig- one or more GPU set up in sequence to mine
- Moon- an unimaginable high level of value
- Node- a network point within the blockchain
- P2P- peer to peer is a mode of transaction made between individuals withouth any restriction or interference
- Paper wallet- type of wallet involving printing of private key in paper
- Pool- a group of miner combining their resources to work as a group and perfrom more efficiently
- Private key- a unique signature or password for a wallet
- Public key- the transaction address
- Pump and dump- a form of market manupulation which increase the market price and then decrease the price causing a collapse.
- Satoshi(sat)- a unit of measurement in cryptocurrency.eg 0.00000001 sat
- Sell wall- the volumn of people selling a crypto at a given time.
- Shill- a person promoting a coin because they own it and want its value to moon.
- Stop loss- type of order which is completed on an exchange
- Sharding- a scaling method that enables node to keep partial copies of blockchain
- Smart contract- it is a computer program for storing in blockchain inforced by network participient according to the term of contract
- Technical analysis- an act of analysing crypto chart to predict the future
- Transaction fee- a fee that imminent when trading crypto.
- Volatile- movement in the price of a cryptocurrency overtime
- Whale- person that hold a large portion od crypto or buy/ sell a large portion of crypto
- Wallet- a digital address used to store cryptocurrency coin and token
Hope this help all those beginners and newbies out here in publish0x. Share your comment below if i missed any thing. In my next article i wil be writing about different abreviation used in cryptocurrency.