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Beginners guide to cryptocurrency language

Beginners guide to cryptocurrency language

New York (CNN Business) – Investing in cryptocurrencies requires a Risk appetite And a completely new vocabulary. This is a beginner’s guide to the basics of words used in this world.

Bitcoin

Bitcoin is a cryptocurrency that was created in 2009 by an unknown person (or people) with the pseudonym Satoshi Nakamoto. Unlike traditional currencies, such as the US dollar, bitcoins are not controlled by the bank or the government. This is by far the most valuable and popular cryptocurrency used today.

Blockchain: blockchain, in Spanish

Blockchain refers to the digital ledger and the key technology that most cryptocurrencies, non-exchangeable tokens (which we’ll talk about later), and other unique digital elements depend on.

Blockchain can be used to store all kinds of information. However, its most popular use by far is recording cryptocurrency transactions. When a transaction is made, it is entered into the general ledger, which is managed by a global network of counterparts. That is, millions of computers are in the case of Bitcoin.

The blockchain technology revolution 1:46

Blockchain is the key to Bitcoin’s appeal: it is a database decentralizationNo person or group can control it. Exactly, unlike a fiat currency like the US dollar, which is administered by a central bank.

Buy f **** ing dip (BTFD): Buy at low price

A rallying cry in the cryptocurrency market, urging investors to buy when prices are low.

Queen Biz

Main Cryptocurrency exchange platform. The company exited To the stock market last April, Which was considered by many to be a turning point in the arrival of cryptocurrencies to the mainstream market.

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Digital currencies

A fully digital cash system, consisting of “coins” or “tokens” that is controlled by a decentralized ledger.

Dogecoin

The weird The cryptocurrency family started out as a joke based on the doji meme of 2013. But as cryptocurrencies gain interest in the traditional arenas, the Dogecoin came as an unexpected hit.

The company has a market cap now of over $ 30 billion USD and has increased by more than 5,000% so far this year. Also, unlike the more famous siblings, dogecoin is still a cheap one – it hit an all-time high of 45 cents in April. It is not yet known if it is a smart investment.

Elon Musk

Tesla CEO, who Tweets It is known for unleashing increases in the value of cryptocurrencies such as Bitcoin and Dogecoin.

Elon Musk says he will send Dogecoin to the moon 0:39

Ethereum

Open source blockchain-based software that controls the cryptocurrency ether. It is the second largest digital currency by market value, at around $ 300 billion.

All

It comes from the English language “fear, uncertainty, and doubt”, which means fear, uncertainty and suspicion, respectively.

In cryptocurrency parlance, FUD refers to negative information that affects the value of an asset.

HODL

Depending on who you ask, this is either a common typo, or an acronym for the phrase “hold on to dear life” that Bitcoin bulls use in response to FUD.

The myth of error goes back to A. Last 2013 On bitcointalk forum titled “I’m Hanging Out”. In it, an apparently drunk Bitcoin investor spoke angrily about sticking to the cryptocurrency despite its steep drop. Memes was created and the term has become an acronym for investment strategy.

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Mining: Minado

The complex process through which new Bitcoins are traded. Mining is not for hobbyists: it requires highly capable computers to solve complex mathematical puzzles to create a new “block” in the blockchain.

This process consumes a lot of computing power and electricity, which has raised concerns about the environmental impact of Bitcoin.

Bitcoin mining in China could threaten the environment 0:31

NFT: Tokens are not susceptible to fungi

Non-Exchangeable Tokens (NFTs) are pieces of digital content associated with the Ethereum blockchain. The word “not expendable” essentially means unique, and is something that cannot be exchanged, unlike, say, a dollar bill that can be exchanged for any other dollar bill.

In simple terms, NFTs transform Digital artwork And other acquisitions in unique and verifiable assets.

Satoshi Nakamoto

An alias indicates the person (or persons) who They invented Bitcoin. His true identity remains unknown.

Satoshis, also known as “sats”

Smallest bitcoin unit registered on the blockchain, equivalent to one million bitcoins.

Wallet: wallet / wallet

Like the physical thing you carry your money and cards in, a wallet (or wallet) in the cryptocurrency world is a place to store digital currencies. The main thing that you should know about this is that you should never lose or forget your password.