Cryptocurrency Terms to Know Before You Invest
Here is a quick guide to cryptocurrency terms. We define technical terms, slang, acronyms, and other jargon related to cryptocurrency.
The first block chain-based cryptocurrency, launched in 2009. Bitcoin remains the most influential and widely recognized coin.
The first successful hard fork of Bitcoin that allows the protocol to grow and scale by removing its block size limit.
A market in which most (or all) prices are falling.
A short drop in a cryptocurrency’s price that makes investors think the price will continue falling. Instead, the price rises significantly following the drop, fooling the “bears.”
A segment of data recorded on the block chain that can contain transactions and other information.
A digital, distributed ledger which contains data for all the transactions that have ever taken place using a given cryptocurrency.
BLOCK CHAIN 2.0
A term used to describe cryptocurrency projects that facilitate programmable transactions rather than simply acting as methods to store and transfer value. Projects like Ethereum are known as Block chain 2.0 contracts because they allow their users to create and execute smart contracts and develop decentralized apps.
The payment given to a miner for securing a block chain that uses POW (Proof-of-Work) consensus
A free, open-source web browser that aims to provide its users the best possible user experience by blocking trackers, hiding advertisements, respecting user privacy, and even offering a built in tipping mechanism that allows users to reward content creators.
BNB (Binance Coin) is an ERC20 token that lives on the Ethereum block chain. The token has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. Most important, it can be used to pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades during the first year, 25% during the second year and so on.
A market in which most (or all) prices are rising.
A short rise in a cryptocurrency’s price that makes investors think the price will continue to rise. Instead, the price falls significantly following the rise, fooling the “bulls.”
A mechanism that destroys an amount of coins or tokens, thereby decreasing the total coin supply of a cryptocurrency.