TOP 25 Cryptocurrency Terms
Actively developing in recent years, cryptocurrencies spawned some new terms and concepts.

TOP 25 Cryptocurrency Terms

Actively developing in recent years, cryptocurrencies spawned some new terms and concepts.

Here is a brief glossary:

  • 1. Address – a set of letters and numbers of the 34 symbols. You can get and send coins to the address. This is the same as the bankcard number.
  • 2. Altcoin – any cryptocurrency besides bitcoin, i.e. alternative to bitcoin. Now there are about 800 altcoins, according to different sources.
  • 3. ASIC – application-specific integrated. Under the ASIC means a special device created for mining.
  • 4. Airdrop – tokens distribution of over some easy tasks.
  • 5. Bitcoin (BTC) – the first cryptocurrency in the world. It is the most expensive and most popular one.
  • 6. Wallet – a “wallet” in terms of cryptocurrency is a digital place to store your coins.
  • 7. Blockchain – a huge log, where is written the history of all transactions and operations.
  • 8. Genesis block – the first block in the blockchain. It is not even the first, it is zero block. Any cryptocurrency begins with zero block.
  • 9. Pump & Dump – it is well planned, deliberate and massive buying of the cryptocurrencies to create a gap in the market and artificially increase demand.
  • 10. Instamine – a fraudulent scheme in which coins are easy to mine at the beginning, but subsequent blocks to produce much more complicated. Some developers earning a lot of coins at the beginning, and then just sell them on the exchange.
  • 11. Mining – the process of producing cryptocurrency.
  • 12. Masternode – serves the cryptocurrency space by computing capacity, and as a reward gets some part of coins.
  • 13. Node – any computer connected to the cryptocurrency network and fully synchronized with it. That is, almost every person connected to the system may be a node.
  • 14. Exchange – An online hub for trading cryptocurrencies. Not all exchanges carry each coin.
  • 15. Cloud mining – this type of mining has become very popular because of its low entry threshold. The cloud-hashing offer to buy the computing power they have, and to receive produced coins for it in proportion of purchased power.
  • 16. Premine – pre-mining coins are placed in the zero block algorithm and used for the bonuses payment, such as bounty or airdrop.
  • 17. Public Key - in fact, it is the same as your wallet address.
  • 18. Satoshi – the smallest bitcoin particle, which cannot be separated. 1 bitcoin = 100 000 000 Satoshi (0.00000001 BTC).
  • 19. Token – an asset of any ICO project.
  • 20. Farm – one or more devices engaging the cryptocurrency mining. As a rule, farms involve large industrial facilities.
  • 21. Hash Rate – this indicator shows the effectiveness of your farm during mining. If score is high, the farm can mine more coins.
  • 22. Fork – the cryptocurrency branch. It is connected with the progress and constant system improvement. The desires of the people and development of technology go very fast and developers create a fork of the already existing cryptocurrency to please everyone. There are hard fork and soft fork.
  • 23. Soft Fork – a milder upgrade of cryptocurrency. For example, when creating the crypt was found a way of modernization and improvement, this created a fork. In fact, soft fork is cloning the old crypts but clone more improved and with new features. However, the main principles of the system of the cryptocurrency will not change.
  • 24. Hard Fork – the creation of new independent cryptocurrency. The new currency has a different technology, completely different course and even the development team.
  • 25. ICO – Initial Coin Offering. This is when a coin first puts their token or currency on the market for people to purchase.
Masternode – serves the cryptocurrency space by computing capacity, and as a reward gets some part of coins.