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Glossary

#DeCryptoFy

Explaining crypto's slang and phrases, all in one place

TermExplanation
51% AttackImagine spending 5000 rupees to purchase a new phone online.

Once the phone is delivered, logically you cannot still have those 5000 rupees. You spent the money buying the phone, right?

With a 51% attack, a person is able to to control more than half the blockchain network.

With this control, they can alter the chain's records - show themselves as owner of both the new phone and the money used to buy it

AltcoinsThe term "altcoins" refers to all cryptocurrencies other than Bitcoin.

"Altcoin" is a combination of the two words "alt" and "coin" and includes all alternatives to Bitcoin.

As of early 2020, there were more than 5,000 cryptocurrencies.

Ethereum and Ripple were the largest altcoins by market capitalization in February 2020.

ATHATH is an acronym for All Time High.

It is the maximum price attained by a cryptocurrency after it has been listed on exchanges.

If the price of a coin surpasses its previous ATH, the value is revised, and a new ATH is established.

For example, if the previous ATH of an investment was $20, and this value was exceeded by $5, the new ATH is now $250.

Bull/BullishIn a bull market, prices are rising and expected to rise further.

October 2020: Bitcoin rose from Rs. 8 Lakh to over 10 Lakhs. That's a bull market.

Investors buy in a bull market hoping to sell at a higher price. Sometimes the market continues up. Sometimes it doesn't0

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Fiat Money Government issued currency is called fiat money. It is considered as the legal tender of a country.

For example, in the U.S, dollars are fiat money.

FUDFUD means "fear, uncertainty, and doubt."

This is a state of mind felt by many traders as they watch a particularly volatile coin fluctuate up and down.

FUD can cause the price of a coin to drop based off news that spreads quickly, rather than fundamental demand and supply0!

HODLThe very first time the term HODL appeared on the Bitcoin talk forum was in 2013 and came from a member named GameKyuubi under the thread “I AM HODLING”.

Since then, this misspelled term became very popular in the Bitcoin and cryptocurrency world.

HODL, or "Hold on for dear life” refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies.

After buying crypto, a person who is HODLing intends to keep it even as prices go up and down

ICOICO stands for Initial Coin Offering

An initial coin offering is the first time an organisation offers digital tokens to the public in an effort to raise money.

Companies frequently hold these offerings so they can finance projects.

This is a fundraising method for launching blockchain and cryptocurrency networks that involves the sale and distribution of a new crypto asset in exchange for other tokens, commonly Bitcoin (BTC) and Ether (ETH).

LamboLambo is a short form of Lamborghini and in crypto culture it is symbolic to success.

If you are asked "when Lambo?" it means when your crypto investment reaches a value high enough to buy yourself a Lamborghini.

They say you've reached Lambo wealth!

MiningFor every transaction made on the blockchain, a "miner" is responsible for:

1. Ensuring the authenticity of information.
2. Updating the blockchain with records of the transaction

This involves competing with miners to solve complicated mathematical problems called Proof-of-Work.

The first miner to reach the solution is rewarded by being able to authorize the transaction, and earns a small amount of cryptocurrency in return for the service provided!

SatoshiA satoshi is the smallest unit of the bitcoin cryptocurrency.

It is named after Satoshi Nakamoto, the creator of the protocol used in blockchains and Bitcoin.

The satoshi to Bitcoin ratio is 100 million satoshis to one Bitcoin.

Shilling Shilling is creating hype and buzz about a coin to promote and increase it's price.

In crypto world, someone who promotes a coin so that they can personally benefit are called shills!

StakingStaking is the process of actively participating in transaction validation on a proof-of-stake blockchain.

Proof of stake is an alternative to Bitcoin’s proof of work.

Unlike mining, which requires massive electrical power to validate transactions, Staking is an eco-friendly process.

An individual taking part in network validation stakes their own coins and is subsequently rewarded more coins, proportional to the number of coins they have staked.

Though the hardware required for staking is cheaper than mining, it’s still expensive.

A normal user can delegate their tokens to one of the validators and can earn profits without the hassle of owning hardware.

WhaleWhales are individuals or companies who hold large amounts of bitcoins. Their buy/sell activity has the power to move the market.

When markets are highly volatile big players, referred as whales, are usually considered as the source behind the market volatility.

Yield FarmingYield farming is a way for you to earn a passive income with your cryptocurrency by lending your funds to others via a smart contract.

Why keep your assets idle when you can put them to work?

Think of it as holding a fixed deposit in cryptocurrency, but with a smart contract instead of a bank.

SatoshiThe satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in blockchains and the bitcoin cryptocurrency. The satoshi to bitcoin ratio is 100 million satoshis to one bitcoin.
MiningEach time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data. The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.
AltcoinsThe term "altcoins" refers to all cryptocurrencies other than Bitcoin. "Altcoin" is a combination of the two words "alt" and "coin" and includes all alternatives to Bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies by some estimates. Ethereum and Ripple were the largest altcoins by market capitalization in February 2020.
Fiat Money The government issued currency is called fiat money. It is considered as the legal tender of a country. For example, in the U.S, dollars are fiat money.
LamboLambo is a short form of Lamborghini and in crypto culture it is symbolic to success. If you are asked "when Lambo?" it means when your crypto investment reaches a value high enough to buy yourself a Lamborghini. They say you've reached Lambo wealth!
Shilling Shilling is creating hype and buzz about a coin to promote and increase it's price. In crypto world, someone who promotes a coin so that they can personally benefit are called shills!
WhaleWhales are individuals or companies who hold large amounts of bitcoins. Their buy/sell activity has the power to move the market. When markets are highly volatile big players, referred as whales, are usually considered as the source behind the market volatility.
Bull/BullishIn a bull market, prices are rising and expected to rise further. October 2020: bitcoin rose from Rs. 8 Lakh to over 10 Lakhs. That's a bull market. Investors buy in a bull market hoping to sell at a higher price. Sometimes the market continues up. Sometimes it doesn't.
Bear/BearishBear market: prices are falling. If investors are "bearish" they expect prices to keep falling. It's the opposite of a bull market. Demand is lower than supply. Sellers are in control. So prices slide. Investors sometimes sell or wait for a low price. But other (smart) investors cost average, buying small amounts on the way down and holding for the long-term.
FlippeningA market in which altcoins grow bigger and more important than Bitcoin. Let's say ethereum surpasses bitcoin in market capitalization, it is flippening! This shift indicates a more competitive industry in which bitcoin will not necessarily be the center of focus any longer.
MooningA verb used to describe sudden high rise in the price of a coin. For mooning to happen, the rise should be rapid and sharp over a period of time. When using the phrase ‘to the moon’, people refer to a strong belief that a certain coin’s price will significantly rise or continue to do so.
AIRDROPAn event where coins or tokens are sent to selected users' digital wallets. It is a famous marketing stunt to create a buzz about a new token. Airdrops get people excited about the new token so they will start trading it the moment it gets listed. Some of the Bitcoin miners had forked on August 1st, 2017 to create a new chain called Bitcoin Cash. This did not impact Bitcoin balances, but instead created new token- BCH. At the time of the fork, all Bitcoin addresses holding a balance had automatically earned equivalent balances in Bitcoin Cash. The automatically earning part is the ‘airdrop’!
NFTNFT stands for Non- Fungible Token. A non-fungible token is a one-of-a-kind digital item. Bitcoins and rupees are fungible. If you have a bitcoin and your friend has a bitcoin, you can trade and nothing will change, because all 20 million bitcoins are exactly alike. Every NFT token is unique. If you and your friend each have an NFT and you trade, you end up with something different. For example, Cryptokittes is a one-of-a-kind NFT through which you can breed, collect, and own adorable digital cats! Two digital paintings can be NFTs as long as each one is a different painting. NFT’s like ZebPay's upcoming Dazzle can even offer unique benefits, like discounts or rewards
RCARuppe Cost averaging refers to investing specific amount of ruppes at regular intervals for over a period of time. This method reduces the risk of falling or gaining prices and is an efficent way to build your portfolio over time. Assume that you invest Rs 120,000 in bitcoin which was trading at Rs 45,000 for 1 BTC. Hence, you get 2.67 bitcoins. Suppose after 12 months, the price increased to Rs 56,000 and you decide to sell. You will thus get a profit of Rs 29,520 and your ROI will be 20%. If you do RCA, you'll invest Rs 10,000 every month into bitcoins irrespective of the price at that time. Fundamentally, you will get fewer bitcoins when the price will rise and more when the price will fall. In this case, at the end of 12 months, you will have 2.96 bitcoins. And you decide to sell at Rs 56,000, your profit will stand at Rs 45,760 with ROI of 28%. This means with RCA method, you end up with 8% more profit than investing at one go!
RektRekt" started in the gaming world to mean your character got wrecked. In crypto trading it means a bad loss or a bad decision. You bought a coin at 50 hoping it would go to 100. Instead it plummeted to 3. You got rekt. Especially if you spent most of your account balance on that one coin. Then you really got rekt. Or if you sold a coin that was losing or going nowhere, only to watch it go to the moon after you sold. You got rekt. At least emotionally. A token can get rekt, too. A new ICO that everybody talked about could take off for a day and then tank. The project and token got rekt. And if you bet most of your account on that ICO, then you got rekt, too.
Bag HolderA bagholder is an investor who holds (or hodls) a particular coin even when its value is dropping. Imagine that you bought a coin hoping that the price will go up but instead it starts dropping so low that the coin becomes worthless. So, you are left holding a bag full of worthless tokens. That’s what makes you a bagholder. You can become a bagholder for many reasons. Let’s say you made an inadequate analysis of the coin or market while investing. Now, you’re too stubborn to get rid of the coin because taking a loss will make you feel bad about your decision or you might be hoping that the coin will go up again. Either way there is no bright side as you certainly lose most or all your money in the process of bag holding! Often the best move is to drop the bag, learn the lesson to take small losses quickly, and move on.
VaporwareVaporware is a term for a cryptocurrency project that is announced but never becomes a reality. Maybe the project was built on hype, without a proper plan and white paper. Or the project didn’t get enough funding. Or it just wasn't very good and people lost interest. Some crypto projects have been simply pointless! Vaporware is common in any volatile and evolving industry, like software in the 90s or dot-coms in 2000. How do you spot vaporware? --> If an ICO (initial coin offering) sounds too good to be true, listen to your gut. Some actual tokens have claimed to “enable everybody to live healthy” or be backed by "prayers for your soul". Others make less crazy promises but don't say how or when they will achieve anything (except buy the issuer a Lambo) --> #Vapor Alert! Before you buy any crypto token: 1) read the white paper. If there isn’t one or if it's just 2 pages of vapory language, run away. 2) investigate the team behind the project.
FOLEFOLE stands for Fear of Losing Everything! Imagine you are holding a good amount of bitcoins or satoshi's and suddenly the price starts dropping. During this dip one thing that is certain is FEAR. So, if this fear makes you want to sell your holding as you fear that the price will crash down. It is then the case of FOLE! You can call it opposite of FOMO where fear greeds you into buying more and in FOLE fear makes you sell. The issue with FOLE is that, it can urge you to sell and bear a loss becasue if you would've helf the coin until the price went back up again, profit was certain.
NormieThe true believers in crypto world call non-believers "normies". A normie has a traditional (normal) mindset about cryptocurrency. How do you spot a normie? If they tell you (a) the only real money is government-issued (b) cryptos are “not backed by anything” (c) Bitcoin is for mafia types and tech geeks (d) crypto is “just a bubble” you’re talking to a normie. Just smile, be patient, and keep buying and hodling. When bitcoin hits 1 crore, they’ll be normies no more.
PumpingA coin is said to be pumping when the price starts going up the chart with strong momentum. Pumping is driven by demand: As more and more traders come in, there is a spike in price. This is a normal rally in which one token is outperforming the rest. In other cases, artificial methods and logic is used to drive the price up. Sometimes big traders keep buying to pump and then quickly sell (dump) to make big profit. Or a few traders will conspire and pump the volume of a particular coin. This way everyone starts talking about it and this buzz can get the attention of other exchanges. It is hard to say that the price is genuinely going up or it's some big trader's pump-and-dump scam. So, like smart traders one should avoid chasing the market and use strategies like rupee cost averaging. This protects you from volatility and artificial pumping.
DumpingA coin is said to be dumping when the price starts going down, taking a fast dip. Dumping happens when more and more traders start selling. It can be a normal rally where the coin takes a dip before gaining the momentum or it can be an artifical pump-and-dump sceme. Once the price starts dropping. heavily, fear drives in and it can make you sell. This combined fear of many traders lead to the prcie fluctuation.
Bitcoin MaximalistA lot of people believe in Bitcoin but a maximalist trusts Bitcoin above all others as the only crypto that can change the world. Bitcoin maximalists believe Bitcoin is not just the most important crypto token but the ONLY one that matters. Maximalists think of Ethereum and altcoins as children of Bitcoin. Extreme Bitcoin maximalists think all other cryptos are either a waste of effort or even unethical. They say, instead of trying to create alternatives, all innovation should focus on improving the speed and scalability of the Bitcoin blockchain. You might be a bitcoin maximalist IF: a. You love and HODL bitcoin through all the highs and lows. b. You are eagerly waiting for the day when bitcoin is the only currency. c. You would sooner sell your car than your bitcoin. d. You named your dog Satoshi.
NoobNoob is very famous in the gaming cultrue, borowed from the same industry NOOB is a crypto slang for a "newbie" or often called "noobie". It is used to refer a person who just started taking interest in crypto. Big players use this term to call out the new traders or investers. If you are a noobie, don't get scared of the volatility. Take small amounts, rupee cost average and HODL. In no time, you will see a strong investement and then you can use this advice and pass it to new noobies!
DyorDYOR stands for Do your own research. It is a common piece of advice for any newcomer. Most times it's easier to fall for the hype and mimic what others are doing. However, trading isn't a popularity contest, so just because everybody is doing the same thing doesn't mean you should too. Always DYOR and avoid listening to the shills so you don't get rekt.
Weak HandsWeak hand is a term used to call out an investor who does not stick by the buying-selling plan. He gets scared about his holding as soon as the price starts dropping. Fear makes his hands weak and hence he shall sell his holdings because of lack of confidence. Crypto is volatile and getting a weak hand everytime the price dip can result negative on your portfolio. So, trust in your investment, take deep breaths and RCA your way in the dip and HODL during the highs. Practice small with patience and let go of fear!
MakerA maker is someone who places limit orders. If you place an order for a price some distance away from the current market price, your order goes on the order book and waits to be filled. When you place an order onto the order book, you are called a maker because you are making a new trading opportunity on the exchange's order book. You are also said to be adding liquidity to the market. Without a limit order by a maker on the book the price will swing heavily. Therefore, market makers are rewarded with low fees for adding liquidity to the market.
TakerAs we mentioned earlier. Markets have makers and takers. Market “takers” take liquidity. The idea is that you are placing market orders to immediately buy / sell orders sitting on the books created by a maker. For that, takers pay a higher fee than makers (in some markets)..In other words, if you want to “take” right now, you pay for it. The maker-taker model helps to balance the price volatility and trading volume of the coin. Usually, people like being a maker for high incentives but takers are the one who strikes a balance in the market.
Core WalletMuch like a digital wallet, a core wallet has a full blockchain that permits users to accept, keep and transfer digital money. A blockchain is a digital record of all bitcoin transactions that take place by multiple people across the world. The core wallet is a software that contains all this information and more about your digital money.
CiphertextIf you break up the word you see Cipher + Text. Cipher means a type of message that makes it difficult to understand for most people except the intended reciever. Therefore, Ciphertext is a message that contains secret information that can't be understood for most people except those privy to that knowledge.
Chain SplitAs the name suggests, it is a split in the blockchain. At a time, only one recording or a block should be made. But sometimes there may be disagreements on how the blocks should be made. Then, the network of users may cause a chain split creating their own recordings.
Decentralized Exchange [DEX]Like any normal trading exchange, we usually see a centralized exchange where one trusts the exchange to hold their money/stocks. However, in DEX you can directly trade your cryptocurrencies with other traders without any company playing middle-man.
Bitcoin Genesis Block Let's break the terminology into three parts. Bitcoin - A blockchain network with a native cryptocurrency Genesis - It essentially means the origin mode of formation Block - A piece that was mined When we put them all together, the term simply means the very first bitcoin block that was mined on the blockchain on January 3rd, 2009. It is the foundation of the entire trading system and also famously known as Block 0. Talking about Bitcoin Genesis Block, did you know it almost had a dedicated community that worships the block. In fact, Bitcoin buffs even donate small amounts of their bitcoin as a tribute to the Genesis Block and its founder, Satoshi Nakamoto. It's similar to when you throw a quarter in a wishing well because once it is a part of the block, it can't be moved again.
Balance Freeze Functionality Stop in the name of the law or as the Ripple network says, The Balance Freeze Functionality. These are essentially invisible doorways that halt or as the name suggests 'freeze' transactions to stop or avoid illicit activities from happening. Before the obvious question pops into your minds, let us help you clear it - No, the powerful security feature is not meant for the token of XRP but only for the Ripple network itself. You can now enter the legit grounds with zero worries, and you only have Balance Freeze Functionality to thank.
CashFusion To put it in simple words - It is an invisibility cloak for all your Bitcoin Cash Transaction. It is an upgraded, improved version of the CashShuffle tool that only helped you with enhanced privacy characteristics. You want to move around or shuffle a higher amount or even fuse two amounts compared to other participants, it is possible. This along with the UTXO combination makes it difficult, and almost impossible for the transactions to be traced. After all, privacy is the foundation of all crypto transactions
Diversification It’s true and a fact that it is never safe to keep all your eggs in one basket. One push, or one small nudge and you're left with a stinky mess. Now consider your investments as eggs and market turmoil as that nudge - One small push is all it takes for you to be left with a mess of endless bills and debts. Just like eggs, it is always wise to diversify your portfolio by investing in different assets and create a protective shield around your finances. Every unique investment you make performs differently depending on how the market is doing. Having this variety helps you in maintaining the balance, for instance, if there is a loss of value at one place, you have the opportunity to gain value elsewhere. Did you know? A well-diverse portfolio not only includes a mixture of stocks, fixed income (bonds), and commodities but even a few crypto assets.
Decentralised Network Imagine a classroom without any teacher supervision, that’s exactly what a Decentralized Network is. It means separate but connected. To deep dive further into it, it is a conglomerate of entities who are connected, but separate and communicate with one and other without a central authority or server. It is poles apart from the centralized system that has central governance. The ideal example of a Decentralized network is the Blockchains. The data ledger works like a chit that is distributed amongst the nodes or participants which must achieve agreement on the content of the data for the network functionality. Did you know? With zero point of authority, network like Blockchains has lesser chances of failure. Contrary to one bad apple that can ruin a basket full of apples, a single damaged node cannot undermine the blockchain as a whole.
Blockchain Trilemma You know the struggle you face when you have to pick your favourite flavour out of the three options you have? That’s a similar dilemma or should we say, Trilemma that Blockchain faces! Especially when it comes to equally prioritizing scalability, decentralisation and security, in a blockchain network. There’s only one word for it - Impossible! All of them bring their speciality to the table While scalability refers to the speed and volume of the transaction, Decentralization takes care of the distribution of the network nodes, Security ensures the integrity of the system isn’t compromised Due to a lack of equal prioritisation, they are left with no choice but to only trade-off with one. This Trilemma is an Everest to many blockchain technologists and entrepreneurs. They are all striving to solve it with greater effectiveness in the design of any network, update, or application.
Ransomare Yes, it is as malicious and scary as it sounds. It can come and knock on your digital doors with the intentions of stealing. Ransomware is a type of malware software that blocks access to a user’s computer system. It then threatens to leak sensitive and personal information. The goal of this is to extort money in exchange for restoring the encrypted data. This software in the hands of the wrong people can be dangerous, Not to mention the fear of losing your important data. Ransomware is the biggest antagonist in the world of crypto, Because the culprits always sought the demands from users via bitcoin or other digital currencies to avoid digital detection. Always ensure to build huge, thick walls around your investments to keep These scammers miles away!
BotNet Imagine a group of villains joining hands to bring down the superhero. Think of a botnet as a device constructed by all the supervillains that infect the malware. A botnet is not one, but a collection of internet-connected infected devices that enables malicious hackers to control the devices. It is difficult for the owners to know their infected devices are being remotely controlled. Not just your phone, but your tablet, pads, computers, cybercriminals use botnets to orchestrate - - Credential leaks - Data theft We say, tread with caution by avoiding clicking on unknown links.
BridgesBridges are nothing but an invisible pathway that allows independent blockchains to communicate with each other. These bridges are the multi-taskers of the Crypto world. It works differently on the Polkadot network. They help in attaching parachains and the main Relay Chain to other external blockchain networks - Your Bitcoin and Ethereum for instance. They do so to help the collator nodes that are attached to the parachains, to assemble and keep a check of the transactions. Wait, before the question even pops in your head, let us tell you - The reason why collator nodes attach themselves is that they only communicate via a bridge and connect with external blockchains
Insider Trading Call it the black sheep of the trading family, Or a tattler of trading, Insider trading is an illicit activity, A person takes up for their gain. A step closer to the bad side of the town, Insider Trading functions exactly how they show it in the movies. A person with access to non-public information of the company, Uses that information to their advantage and trades the company’s stocks. It’s always downhill from here on, So it’s always advisable to stick to legal ways of trading.
KYC - Know Your CustomerDo you know how high-level security area, have retina and fingerprint scanners to let people in? Consider KYC a similar kind of key! It is your identity but for the businesses, you collaborate with When you add the details, it gives regulators of businesses, Room to understand the level of risk of their customers. Your KYC or identity in this compliance includes, Your official verification in terms of - Passport Driver’s Licence Aadhar Card PAN Card These verifications are issued by the government. These are primarily needed by your financial firms like - Your Banks Investment firms Crypto exchanges Because it helps them in verifying their clients, be it a person or organisation, legitimacy.
HalvingHalving is similar to the Leap Year phenomenon that occurs every four years, The only major difference is, While you get one day extra in Leap Year,during the event of Halving, the reward meant for miners for mining new blocks is reduced by 50%. How does it take place? Simple. After every 210,000 blocks mined or like leap year, after every four years; the processing transaction for miners is cut in half. Why? Because it is Bitcoin's way of using a synthetic form of inflation that halves every four years until all Bitcoin is released and circulated to everyone. Bitcoin's most recent halving occurred on May 11, 2020. Here's yet another tidbit, it is said that the Halving system will continue until around the year 2140.
Core WalletMuch like a digital wallet, a core wallet has a full blockchain that permits users to accept, keep and transfer digital money. A blockchain is a digital record of all bitcoin transactions that take place by multiple people across the world. The core wallet is a software that contains all this information and more about your digital money.
CiphertextIf you break up the word you see Cipher + Text. Cipher means a type of message that makes it difficult to understand for most people except the intended reciever. Therefore, Ciphertext is a message that contains secret information that can't be understood for most people except those privy to that knowledge.
Chain SplitAs the name suggests, it is a split in the blockchain.At a time, only one recording or a block should be made. But sometimes there may be disagreements on how the blocks should be made. Then, the network of users may cause a chain split creating their own recordings.
Decentralized Exchange [DEX]Like any normal trading exchange, we usually see a centralized exchange where one trusts the exchange to hold their money/stocks. However, in DEX you can directly trade your cryptocurrencies with other traders without any company playing middle-man.
Electrum Wallet Electrum is a software wallet which only stores Bitcoin and Bitcoin forks. It doesn't support any other cryptocurrency. The biggest advantage of an Electrum wallet is that users don't need to download the whole blockchain and it gets the blockchain information from a server. This means there are no delays and it's always up-to-date.
Equity TokenEquity Token is a digital asset that represents partial ownership of a company. It is similar to owning shares/stock of a company. They are used by new companies to raise capital for future growth.
EscrowIdeally, when an agreement is made, we trust that all parties involved would honour it. But there is always risk of fraud. The escrow service eliminates that risk. It acts as a neutral party which holds all valuables, until all transactions are successfully completed.
FacuetFaucets are websites or applications that award users with new cryptocurrencies for small tasks. The objective is to create awareness about the crypto world and encourage more users to join it.
ForkA fork is a change of the current bitcoin code or protocol. Like a fork in a road, in the crypto world when developers or miner don't agree with the current bitcoin protocol they split and create their own protocol. For example, Bitcoin Cash is a fork of Bitcoin.
FlappeningThe Flappening is a term used to showcase how Litecoin is growing bigger, more valuable and more dominant than Bitcoin Cash.
Initial Bounty Offering [IBO]An IBO is when a new cryptocurrency is made public and distributed to people who are interested in investing their skills and time to earn rewards. This is a limited-period offering only.
LamboIt is the Italian sports car, Lamborghini! Crypto investors symbolically promise to buy a Lambo when they make it big because of their crypto investments.
LedgerA ledger is a book or a collection of records in which a person or business notes how much money it receives and spends.
MegabitcoinA million Bitcoins together is counted as an MBTC or MegaBitcoin. Bitcoin has a metric system in place to identify units of Bitcoin. The denominations go as: BTC = 1 BTC daBTC (deca-bitcoin) = 10 BTC hBTC (hector-bitcoin) = 100 BTC kBTC (kilo-bitcoin) = 1000 BTC And lastly MBTC (Megabitcoin) = 1,000,000 BTC
Hash RateSimply put, hash rate is a measure of the processing power of the Bitcoin network that helps you in strengthening your security. When Bitcoins are mined, blocks of verified transactions are 'hashed' or secured at a particular rate before adding to the blockchain. When the bitcoin network reaches a hash rate of 10 Th/s, it means it could make 10 trillion calculations per second. The hash rate is a measure of how many times the network can attempt to complete 'hashes' per second.
Merkle TreeMerkle Tree as the name suggests is a diagram of data that looks like an inverted tree. The transactions which need to be summarized, verified and secured represent the leaves (top portion) of the tree. Each transaction is identified with a ‘hash’ which is a set of numbers and alphabets that make up a unique ID. A set of two ‘hashes’ are linked together to form an intermediate hash which then looks like a branch of the tree. When an entire set of transactions are combined and sorted with this mechanism, it will result in a single hash called the ‘Merkle root’ at the top of the tree. The advantages of Merkle Tree mechanism are: • Reduces CPU processing time • Ensured better security
NewbA beginner or a novice, who doesn't have the necessary knowledge or experience in a field is called a Newb.
Paper WalletUnlike a digital wallet which is a software, a paper wallet is a piece of paper that has information you could use to access your crypto. It is a printed piece of paper that has all the essential keys and QR codes that can be used for crypto transactions. They are considered safe since it has no connection to the Internet and can thus be used as backup for your important crypto information.
Proof of Burn [PoB]The autonomous and decentralized nature of the blockchain network needs an automated mechanism that validates a set of transactions. Proof of Burn is a method of investing in new cryptocurrencies. To get 1 unit of the new currency, you must burn/destroy another currency like Bitcoin. But since there is no physical ‘burning’ of coins, the miners send the coins to a verifiable un-spendable address, where the coin can never be spent. The PoB method is a more sustainable consensus method which creates permanent market scarcity since the ‘burnt’ coins are taken out from circulation in the network.