What Hodl, Whale And Other Cryptocurrency Slang Terms Mean

cryptocurrency lingo

Bitcoin, Blockchain & Cryptocurrency News

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Large crypto investor with a substantial amount of capital. Thousands of South Africans have signed up to buy cryptocurrency in the past few months, fuelled by the economic anxiety brought about by COVID-19. There’s promise and peril in the still-evolving world of cryptocurrencies such as Bitcoin and Ether. Here’s everything individuals and businesses need to know about the basics of wallets, exchanges, and the next directions in this expanding ecosystem. With hundreds of cryptos available and new ones popping up every day, there is no shortage of options for those looking to delve into trading cryptocurrencies.

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By the same token, when a coin’s price is «mooning,» that means that the price has hit a peak. You might ask the grammatically-incorrect question «when moon?» if you wanted to know the opportune time to sell your cryptocurrency, before prices go back down. Wallet A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency, and are divided into two categories hosted wallets and cold wallets.

Forging –the process in proof of stake blockchains where there is no block reward for crypto miners. Forgers however are able to keep transaction fees instead, as a reward. Flippening — an event where a cryptocurrency surpasses bitcoin in market capitalization . It has been stated on numerous occasions that at the rim may be the currency to cause this event. Arbitrage — taking advantage of the different cryptocurrency prices, of the same coin, from one exchange to the other. These newer coins are called ‘alternative coins’ or ‘altcoins’ as they are alternatives to Bitcoin.

A crypto exchange is an online trading platform where cryptocurrencies and FIAT money can be traded. Centralized means that the exchange is operated by a specific entity that maintains full control over it.

cryptocurrency lingo

The algorithm is being used to confirm transactions and add new blocks to the chain. Miners compete with each other to receive rewards when confirming transactions. On average, every 10 minutes, a new block is added to the gigantic distributed public ledger of already existing transactions, which is the blockchain.

On-Ledger Currency A currency that is both minted on the blockchain ledger and also used on the blockchain ledger, such as bitcoin. Mining A process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. Mainnet An independent blockchain running its own network with its own technology and protocol. It is a live blockchain where its own cryptocurrencies or tokens are in use, as compared to a testnet or projects running on top of other popular networks such as Ethereum. Dusting Attack When a scammer sends tiny amounts of a cryptocurrency to random users’ wallets, and then analyzes and tracks the subsequent transactions in order to identify the specific users behind each address. Distributed Ledger Distributed ledgers are ledgers in which data is stored across a network of decentralized nodes.

The exercise of keeping coins offline on flash drives or disconnected from the internet and access codes locked away. If you do not access your crypto wallet or have transferred coins onto a flash drive, you are said to have put you coins in cold storage. The amount of cryptocurrency specifically available for public trading on open markets only. Cryptocurrencies can be stored offline, burned, locked or reserved and thus not available for public trading. A term used to indicate that a cryptocurrency is losing value as reflected in its price. The word bearish is used to describe the general behavior of the currency as falling in price. A systematic record of all agreements, statements and facts in the block chain.

Instead of a centralized bank ledger, blockchains offer the promise of distributing balances throughout a network of computer servers. Think of it as a chain of blocks of data, verified by consensus by any computer that chooses to participate. Each block of data containing anything from who has sent cryptocurrency to others to who owns what plot of land in a land registry. A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private key which allow you to spend the bitcoins allocated to it in the block chain.

It is similar to the signature you use in real life to sign checks and contracts, only it’s much more secure and can’t be duplicated. They’re only known to the owner and can’t be uncovered. While the field of cryptocurrency is new, the mathematical principles and logistics behind it are solid and workable. It’s very likely that majority of the transactions will be carried out in this form of currency sometime in the future. A whale, or a crypto whale, refers to a top player in the crypto market.

The compensation that miners receive for successfully validating new transactions and recording them on the blockchain. Distributed ledger technology / A system, most commonly a blockchain, for creating a shared, cryptographically secured database. Cryptocurrency (or crypto-token)/ A scarce digital asset defined by a blockchain protocol and exchanged cryptocurrency lingo via that blockchain system. Blockchain/ A structure for storing data in which groups of valid transactions, called blocks, form a chronological chain, with each block cryptographically linked to the previous one. Signature is a unique line of code that allows you to prove your ownership of the cryptocurrency wallet, coins, and contracts.

Category: Crypto Currency

cryptocurrency lingo

Ftse 100 Slides But Bitcoin Briefly Tops Us$20,000 For The First Time

Bitcoin was the first form of cryptocurrency when it was created in 2009. It is still the most popular form of cryptocurrency in 2020. Today though, there are more than 5,000 forms of cryptocurrency, or altcoins, on the markets today. The cryptocurrency associated with the Ethereum blockchain is known cryptocurrency lingo as Ether. This allows the network to process more transactions per second. Users don’t have to wait as long for bitcoin transactions. A system where blocks of transaction data on the blockchain are mined and validated by specialized computers who earn a reward for solving specific math equations.

Mining Contract

It is accessible to all on the block chain network to cross check whether certain events took place on the block chain. These events include trades, spending, buying or selling of cryptocurrencies etc. To buy and sell different cryptocurrencies for profits based on differences in prices for currency. cryptocurrency lingo The lowest price ever hit for a cryptocurrency throughout its trading history. The maximum price ever achieved by a cryptocurrency throughout its trading history. The distribution of cryptocurrency by the creator of the currency free of charge or at low prices to increase popularity and use.

Gas Price

These people hold a substantial amount of coins, accounting for a small fraction of cryptocurrency users. When a whale buys or sells, their influence is so strong that they may move the market. The Flippening describes a future cryptocurrency lingo turning point where bitcoin’s reign as the most valuable cryptocurrency market ends, and is replaced by an altcoin like ethereum. «To the Moon» is an exclamation used when cryptocurrency prices are rising off the charts.

Bitcoin mining is necessary to maintain the ledger of transactions upon which cryptocurrency lingo bitcoin is based. The original consensus algorithm of the blockchain network.

This is calculated by multiplying the total supply of the currency by the current price. Coinmarketcap is where most crypto junkies check on the latest market caps. Market Orders — this is the exact price that the current cryptocurrency is at right now. When you place a market buy or sell order, you’re getting cryptocurrency lingo that order filled immediately since you’re currently purchasing the currency at retail value. This was an un-intentional misspelling of the word “hold” which was used among the cryptocurrency community when encouraging traders to resist the urge to sell their holdings when market fluctuations were bearish.

Nodes store information about prior transactions and help to verify their authenticity. Unlike those central authorities, however, bitcoin nodes are spread out across the world and record transaction data in a public list that can be accessed by anyone. In order for bitcoin miners to actually earn bitcoin from verifying transactions, two things have to occur. First, they must verify one megabyte worth of transactions, which can theoretically be as small as one transaction but are more often several thousand, depending on how much data each transaction stores.