• Balance BTC 0
  • Balance USDEX 0
  • Balance ETH 0

What is crypto? Terms that you need to know in the world of Cryptocurrencies

Cryptocurrencies, encrypted currencies or virtual currencies - currencies issued by a computer network. Cryptocurrencies operate independently without the administration of any third party.


1. Wallet - The "wallet" in the definition related to virtual money is the digital space that stores your "crypto".


2. Fiat currencies - This term is used to separate virtual currencies and traditional currencies. Traditional currencies like USD, EURO, Yen, etc.. are what you would call "Fiat". This is a currency that exists in a material form that the government has declared legal, but it is not backed by a normal physical commodity.


3. Altcoin - This is a general term used to refer to any currency other than Bitcoin. There are thousands of different coins out there, each with its own purpose. Ethereum, Litecoin, Dash, & Monero are all examples of altcoins because they are "alternatives" to Bitcoin.


4. Address - Each wallet has an "address," which is a series of numbers that works like a bank account number. People can send you virtual money directly to this address. You need different addresses for Bitcoin, Ethereum, etc.


5. HODL - Hold On for Dear Life, the origin of this famous catchphrase actually comes from a mistake! According to "folklore", this is a typo when writing HOLD in a post on a Bitcoin forum. down like. Basically this sentence means hold your coin and don't sell it no matter how low the price is.


6. Blockchain - This is an irreplaceable digital foundation, where every transaction lasts forever. It is the underlying technology of all cryptocurrencies and it is being widespreadly developed to change the lives of people today.


7. Block – Block is basically a series of transactions that are processed and recorded forever on the blockchain.


8. Bear / Bearish – Term used to indicate that the market is going down


9. Bull / Bullish – The term is used to indicate that the market is going up


10. Private Key – This is like your top secret password to unlock your wallet. Never share it with anyone, because it has 100% full access to your virtual currency. The private key is the person who protects your wallet.


11. Public Key  – Public key is mainly used to accept virtual currency deposited into your wallet. So, if your friend is going to send you 5 BTC, then this is the time when you will give them your Public Key to your wallet so that the good brother will send you BTC


12. FOMO – Fear Of Missing Out Syndrome. People tend to see prices falling or rising rapidly or a hot coin or ICO in the market, they won't want to miss those opportunities. So, when prices go up or down so fast, people buy or sell merely emotionally and no longer care about reason. And of course, this is not good for your account at all. Fighting FOMO may be tough, but be strong!


13. FUD – Fear, Uncertainty, Doubt.This is a misleading strategy to scare away competitors or other players. Emotions drive the market more than anything, don't let FUD overwhelm you.


14. ICO – short for Initial Coin Offering. This word refers to when a coin first brings a token or currency to the market for people to buy.


15. Pump & Dump – This is the act of exaggerating a coin by buying and holding it while directing others to do the same thing, only to then "dump" it or sell it for the highest price..


16. Whale – This term refers to an individual investor/ investment fund controlling a large or large amount of virtual money. This gives them the same advantage as having the most chips in poker, they just need to rely on the market to make waves.


17. Exchange – cryptocurrency trading platform


18. Mining  – This is the process of using supercomputers to process transactions on the blockchain. Miners will receive a newly created virtual currency for each block they process


19. Hash  – This is a measure of the computing power of a computer to exploit a copper. The bigger the hash rate, the better.


20. Hard Fork – This is when the code or software creates a new version separate from the old version, creating an important change, typically for improvement. For example, Bitcoin Cash is also a hard fork from Bitcoin.


21. KYC – Know Your Customer.This is a bank regulation (mostly in the United States) to verify their customer identity.


22. Node –A node is basically any software or computer connected to Bitcoin's network (or other virtual currencies) and maintains a copy of the blockchain


23. Satoshi – Crypto can be bought and sold in small quantities! And Satoshi is the smallest subunit of Bitcoin right now (0,00000001 BTC).


24. Satoshi Nakamoto – The secret name for the mysterious father of Bitcoin. Nobody REALLY knows who created Bitcoin, there has been quite a lot of speculation being made about Satoshi's identity but I disagree with the moves of some supposed Satoshi so I will not name them here.


25. POW – Proof of Work is a way to confirm transactions. It prevents an attack on the network by making mining calculations difficult and prevents many fake requests. It takes a long time for miners to calculate block equations, but then they will get results after solving


26. POS – Proof of Stake is another way to validate transactions. A block is selected and mined based on its wealth or "stake". When it is being processed there is nothing, but "foragers" (blacksmiths) (similar to miners) will instead charge a transaction fee.


27. Whitepaper – This is the technical article that most cryptocurrencies offer to elaborate on their structure and plan.


28. Token – This is the term for coins issued on a Blockchain of another project, and they are not intended to store much value. Ethereum token is a great example of this and it is extremely popular. The ERC-20 token is created on the Ethereum network.