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Cryptocurrency and Blockchain Dictionary

Cryptocurrency and Blockchain Dictionary

A complete list of crypto definitions

Cryptocurrency and blockchain glossary

Commonly used terms in the world of blockchain and cryptocurrency


Terms commonly used in the world of blockchain and cryptocurrency

2 Factor Authentication (2FA)

2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.

51% Attack

A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’, who hold more than 50% of the hashrate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice (double-spend).

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Confirmations

Different coins require different amount of confirmations, and if some coin needs more confirmations, we notify the user of possible delays before they send us the coins.

Dash

Dash (short for ‘digital cash’) is a cryptocurrency with a strong focus on both privacy (using anonymization technology) and speed (of transaction). It was rebranded from Darkcoin as an attempt to stop being associated with the ‘dark web’.

Dogecoin

Dogecoin was originally made as a ‘joke currency’ but have since garnered a real following.This cryptocurrency (released in December 2013 by programmer Billy Markus) is now frequently used to tip users in forums. Favored by Shiba-Inus worldwide.

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

Ethereum

Launched in 2015, Ethereum is the world's programmable blockchain. Like other blockchains, Ethereum has a native cryptocurrency called Ether (ETH). ETH is digital money. People all over the world use ETH to make payments, as a store of value, or as collateral. But unlike other blockchains, Ethereum can do much more.

Gas

Gas is a unit that measures the amount of computational effort that it will take to execute certain operations. Every single operation that takes part in Ethereum network takes some amount of gas. Be sure that there is enough.

Genesis block

The first Bitcoin’s block is Genesis block, which was mined on January 3, 2009, at 18:15:05 UTC

Hash

Each transaction in the blockchain has its own unique ID code that is assigned to the operation and will be stored in all subsequent new blocks. Using this ID (see also "TX id") you can view the details of this transfer in a network and to authenticate transactions.

Hodl

This misspelled term became very popular in the Bitcoin and cryptocurrency world. Whenever a person says in a conversation that he/she is hodling or suggests to hodl, it means that they believe their coin will be profitable one day.

JOMO

JOMO stands for "Joy of missing out"; it is a feeling of happiness and content that comes with the realization that your decision not to participate in certain activity was a smart one. Ever thought about joining that ICO but decided against it, and then it turned out to be a scam? That's JOMO.

KYC

KYC (Know-your-customer) is a worldwide policy enforced by financial regulators. Its goal is to fight the usage of cryptocurrencies for money laundering and even terrorism financing. Procedures for user verification and authentication are essential in this process.

Lambo

A short name for Automobili Lamborghini, the Italian brand that manufactures sports cars and SUVs. They have entered the world of cryptocurrencies after introducing blockchain technologies to their supply operations. Blockchain helps to verify the authenticity of each vehicle sold.

Liquidity

A measure of how easy some particular assets can be bought or sold and therefore converted into other assets. High liquidity is considered a huge advantage.

Liquidity swap

A method of increasing overall liquidity; it usually involves using some of the assets with low liquidity as collateral to purchase some highly reliable stocks from an insurance company. The method is often used by organizations struggling with liquidity growth.

Litecoin

Litecoin (LTC) was released in October 2011 by former Google employee Charles Lee as an alternative to Bitcoin. Just like BTC, LTC can be mined, used as currency and transferred for goods and services. Litecoin cryptocurrency is currently one of the most popular options on the market for those considering investment options. It was initially invented as a peer-to-peer payment option for fast global transactions. Now Litecoin is widely recognized as a valid bitcoin alternative.

Smart Contract

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.


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