Altcoin<\/strong><\/p>\nA portmanteau of \u201calternative\u201d and \u201ccoin\u201d, altcoins refer to cryptocurrencies other than Bitcoin.<\/p>\n
Application Specific Integrated Circuit (ASIC)<\/strong><\/p>\nElectronic circuits that are specifically built for the single purpose of mining cryptocurrencies.<\/p>\n
Authentication<\/strong><\/p>\nThe process of verifying that someone or something is exactly who or what they claim to be.<\/p>\n
Blockchain<\/strong><\/p>\nThe digital ledger that contains all records of the transactions that use a particular cryptocurrency.<\/p>\n
Bounty<\/strong><\/p>\nThe reward that users receive upon completing a task for a project or a given blockchain.<\/p>\n
Censorship Resistance<\/strong><\/p>\nThe property of a cryptocurrency to resist an entity\u2019s effort to alter transactions using the said coin.<\/p>\n
Circulating Supply<\/strong><\/p>\nThe number of coins or tokens that are circulating the market and are available to the public.<\/p>\n
Dead Coin<\/strong><\/p>\nA cryptocurrency that has been abandoned, used in a scam, has no nodes, or that no longer exists.<\/p>\n
Decentralized Finance<\/strong><\/p>\nA financial network that operates independent of central financial intermediaries like banks, brokerages, or exchanges.<\/p>\n
Encryption<\/strong><\/p>\nThe practice and study of techniques that secure and obscure information and communication.<\/p>\n
Exchange<\/strong><\/p>\nA platform that facilitates the exchange of cryptocurrencies and other types of assets, like cash.<\/p>\n
Fiat<\/strong><\/p>\nA currency with no intrinsic value and is not backed by physical goods, like paper bills.<\/p>\n
Fork<\/strong><\/p>\nA split in the blockchain network that happens when parties disagree on the network\u2019s common rules and how the community should move forward. This often results in alternative chains.<\/p>\n
Fungible<\/strong><\/p>\nGoods or commodities are said to be fungible when they are indistinguishable and completely interchangeable with other individual units that belong to the same category of items.<\/p>\n
Gas<\/strong><\/p>\nThe fee paid when making a transaction on a blockchain. Faster transactions command higher gas fees, while slower transactions have lower fees.<\/p>\n
Hash<\/strong><\/p>\nThe output of a hashing algorithm, hashes have a unique, fixed-length string. The implementation of hash functions prevents fraudulent transactions, double spending, and password storage.<\/p>\n
Initial Coin Offering (ICO)<\/strong><\/p>\nMuch like an Initial Public Offering\u00a0(IPO), an ICO is a means of getting additional funding. Typically, anyone can participate in an ICO, as this activity is often done through crowdsourcing.<\/p>\n
Ledger<\/strong><\/p>\nThis refers to an immutable record of financial transactions. Except for adding new transactions, this record cannot be changed or modified.<\/p>\n
Market Capitalization \n<\/strong>The total value of the cryptocurrency. This number is calculated by multiplying the share price with the number of outstanding shares.<\/p>\nMining<\/strong><\/p>\nThe process of generating new tokens by solving cryptographic equations, which also adds transactional information to the blockchain.<\/p>\n
Node \n<\/strong>The most basic unit in a blockchain infrastructure that is capable of storing data. Basically, it is a computer that can connect to the cryptocurrency network and perform specific functions on it.<\/p>\nNon-Fungible Tokens (NFT) \n<\/strong>A unique asset that is non-fungible or cannot be replaced with other units that are similar to it. Often in the form of digital artwork, NFTs are verified and stored using blockchain technology.<\/p>\nOpen Source<\/strong><\/p>\nKeeping records so that they remain transparent, public, and less likely to be tampered with.<\/p>\n
Private Key<\/strong><\/p>\nAlso known as a secret key, this code is paired with a public key to decrypt the information that the said public key has hashed.<\/p>\n
Proof-of-Work<\/strong><\/p>\nA consensus mechanism for blockchains that makes use of solving cryptographic puzzles to validate transactions and to generate new cryptocurrency tokens.<\/p>\n
Proof-of-Stake<\/strong><\/p>\nA consensus mechanism that depends on the user\u2019s number of coins or tokens to mine or validate transactions.<\/p>\n
Public Key<\/strong><\/p>\nA set of alphanumeric characters that turns plaintext into cipher text. It is paired with a private key to decrypt the information it has obscured.<\/p>\n
Satoshi Nakamoto<\/strong><\/p>\nThe pseudonym used by the entity responsible for the creation of Bitcoin.<\/p>\n
Timestamp<\/strong><\/p>\nIdentifies when a particular transaction occurred.<\/p>\n
Token<\/strong><\/p>\nA cryptocurrency unit that\u2019s designed to be used. It gives crypto users access to larger crypto-based finance systems.<\/p>\n
Total Supply <\/strong><\/p>\nThe total number of cryptocurrency units that currently exist, discounting those that have yet to be mined.<\/p>\n
Trading Volume<\/strong><\/p>\nThe total amount of cryptocurrency that has been traded within the last 24 hours.<\/p>\n
<\/p>\n
Wallet<\/strong><\/p>\nThe place where people store their cryptocurrencies.<\/p>\n
Whitepaper<\/strong><\/p>\nA document that details the technical aspects of a crypto project, detailing the currency\u2019s concept, development, and possible trajectory.<\/p>\n
There are plenty of other words that would-be crypto investors have to take note of. However, this list should enable you to get a good grasp of the terms that you\u2019ll encounter while learning about cryptocurrencies.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Cryptocurrency has gained plenty of first-time investors in the previous year. In a recent survey hosted by CNBC, 65% of respondents claimed that they only started acquiring decentralized financial tokens in 2020. Forbes also reported that about 15% of adult Americans own cryptocurrencies, and more than half of them got into the asset class last […]<\/p>\n","protected":false},"author":7,"featured_media":16698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585],"tags":[3691,19333,10023],"acf":[],"yoast_head":"\n
Lexicon of Crypto Terms - OpenBusinessCouncil Directory<\/title>\n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n