TOP 25 Cryptocurrency Terms

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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.
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