Crypto Vocabulary

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node

a computer that connects to a blockchain network

ethereum

a crypto network and software platform that developers can use to create new applications and is the second largest cryptocurrency by trade volume

blockchain

a digital form of record keeping and the underlying technology behind cryptocurrency (are decentralized)

exchange

a digital marketplace where you can buy and sell cryptocurrency

halving

a feature written into bitcoin's code in which after a certain number of blocks are mined the amount of new Bitcoin entering circulation is halved, which impacts the Bitcoin's price

gas

a fee that developers have to pay to the Ethereum network in order to use the system

wallet

a place to store cryptocurrency holdings, can be hot or cold

coinbase

a popular centralized cryptocurrency exchange

vitalik buterin

a programmer who invented Ethereum in 2015

coin

a representative store of digital value that lives on a given blockchain or cryptocurrency networks

cold wallet/ cold storage

a secure method of storing your cryptocurrency completely offline (can be physical devices)

hot wallet

a software-based cryptocurrency wallet connected to the internet

cryptocurrency

a type of currency, which is digital and decentralized, that can be used to buy/ sell things or can be used as a long-term stored value

hash

a unique string of numbers and letters that identify blocks and are tied to crypto buyers and sellers

initial coin offering (ICO)

a way that funds are raised for a new cryptocurrency project

bitcoin cash

a-peer-to-peer electronic cash system that formed from a fork of bitcoin, and is better optimized for transactions than bitcoin

smart contract

an algorithmic program that enacts the terms of a contract automatically based on its code

altcoin

any coin, other than bitcoin, that can range in value

decentralized apps (DApps)

applications designed by developers and deployed on a blockchain to carry out actions without intermediaries

decentralized finance (DeFi)

financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution

block

groups of data within a blockchain and are made up of transaction records as users buy or sell coins (can only heard a certain amount of info)

how to calculate a crypto's market cap

multiply the current number of coins by the current value of the coins

stable coin

pegs its value to some other non-digital currency or commodity

market capitalization

refers to the total value of all the coins that have been mined

digital flat

represents a fiat, or government- backed currency on the blockchain

HODL

stands for "Hold On for Dear Life", refers to a passive investment strategy in which people buy and hold onto cryptocurrency in the hopes it would increase in value

Satoshi Nakomoto

the anonymous creator, or group, that created bitcoin

digital gold

the comparison of specific cryptocurrencies to real gold based on the way it can store and increase in value

private key

the encrypted code that allows direct access to your cryptocurrency

bitcoin

the first and the most valuable cryptocurrency that was launched on January 3, 2009

genesis block

the first block of cryptocurrency ever mined

decentralization

the principle of distributing power away from a central point

mining

the process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained

peer-to-peer

two users interacting directly without a third party or intermediary

token

unit of value on a blockchain that usually has some other value proposition besides just a transfer of value

non- fungible tokens (NFTS)

units of value used to represent the ownership of unique digital items like art or collectibles

fork

when a blockchain's users make changes to its rules, the results of these changes can lead to two paths

public key

your wallet address


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