May 24, 2024

What are the Cryptocurrency Terms you should be knowing?

Cryptocurrency and Blockchain is an all exciting Space and a lot of development took place here in recent years. This development gave rise to new technical cryptocurrency terms and behavioral lingos (that sometimes cannot be understood by the newbies).

This Post of Blockchain Believer takes due care of all such shortcomings and help the beginners to learn and understand the blockchain technology more efficiently.

General Cryptocurrency Terms

Blockchain

Blockchains are disseminated records, anchored by cryptography. They are basically open databases that everybody can access and peruse, however, the information must be updated by the proprietors. It’s an ideal use case of decentralization.

Node

It’s a computer (connected to a hundred others) that takes care of maintenance by possessing a copy of blockchain. VeChain is one of the best examples.

Mining

In layman’s language- Mining is the mechanism of trying to ‘solve’ the next block and getting rewarded. This Process requires a sizeable resource, a high configured system and lot of energy. It is a cost Intensive process.

Blockchain Believer- Crypto Terms
ETH Mining Rig

Mining Rig

These are dedicated computers specially designed for the Mining Process. They consist of multiple high-end GPUs (graphics processors) to mine the blocks and produce the results.

Fork

Splitting of Blockchain into two separate parts. Recently Bitcoin Cash (BCH) was Split into BCHABC and BCHSV.

PoW

Proof-of-work or PoW is the current consensus algorithm used by the Ethereum Blockchain Platform.

PoS

Proof-of-stake or PoS is the proposed consensus algorithm to be deployed by Ethereum in the near future in order to reward the stakeholders by Locking and generating Blocks.

Software wallet

Software wallets can be generated for free from a variety of sources and stored on Mobile and computers as Software Files. MyEtherWallet (MEW), Trust, Eidoo are some of the popular ones.

Hardware wallet

A device that can securely store crypto-currency. Hardware wallets are often regarded as the most secure way to hold crypto-currency. Ledger Nano S and Trezor are two of the most trusted hardware wallets.

Cold storage

In order to make funds safe and less susceptible to theft and hacks, investors move their crypto-currency ‘offline’, as a way of safekeeping. There are a variety of ways to do this, but a hardware wallet is the most common way.

DAO

Stands for Decentralized Autonomous Organization and is often cited as one of Ethereum’s biggest stumbles so far.

HODL

This term was born long ago as a meme on Bitcoin talk, where someone on the forum made a typo in a post instead of ‘hold’. Since then this term is used interchangeably for holding the position.

LAMBO

Lingo for ‘Lamborghini’ where an investor makes an expectation of being filthy rich. This Usually happens in case of a Bullish Market.

Mooning

In the crypto-language Mooning means an abnormal spike in prices, (not exposing buttocks). In the case of mooning the price swells at abnormal rates and gives insane ROIs to the investors.

 

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