10+ Monitoring Websites That Help Track the Bitcoin Network
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Altcoin Any other cryptocurrency besides Bitcoin. Anonymous Your name is completely obscured. A case where no one could figure out your identity, no matter what.
These powerful computers are built for the purpose of mining any cryptocurrency based on a proof of work system, such as Bitcoin. Because they are specifically designed for mining, they are far more efficient than traditional CPU and GPU mining rigs. Asset Something of value, often held as a store of value or wealth. B Backwards compatible In accord with previous protocols. In the case 0 active connections to bitcoin network hashtag cryptocurrencies, a software update that is backwards compatible will not mess things up by creating a hard fork.
Bearish A general trend that prices are falling in a market. A market can be bearish, or a person can be bearish if they feel that prices are due to fall.
Bit The tiniest amount of computer code, defined as a 1 or a 0. Block reward Cryptocurrency awarded to a miner or forger if they are the first one to add a new block to the 0 active connections to bitcoin network hashtag chain. The block reward is new crypto that is created as a product of the block being mined. Brain wallet Creating a new set of public and private keys and memorizing them. This creates a system where the 0 active connections to bitcoin network hashtag place your cryptocurrency is stored is in your mind.
Bubble A product of speculative investing patterns where the price of an asset will rise sharply only to "burst" as though a bubble and then fall sharply. Bullish A trend that prices in a market are rising. A market itself can be bullish or a person can be bullish if they feel prices are due to rise. C Charlie Lee Prominent member of crypto-space and creator of one of the first altcoins, Litecoin.
Client A program that relies on a server to feed it information or complete its task. For example, web browsers are clients in that they require information from a web server.
Cold wallet A place to store public and private keys that 0 active connections to bitcoin network hashtag offline. Since keys are not connected to the Internet in any way, they are less succeptible to being hacked. Collateral Something pledged when taking on a loan which, if the loan is not repayed, will be sold in order to pay back the loan. Consensus Agreement; the necessity for miners to agree on the validity of a blockchain.
There are multiple methods by which miners can agree on validity, the most popular of which is called proof of work. Consortium Blockchain A blockchain where the consensus process is controlled by a pre-selected set of nodes.
Popular among private organizations but not as useful for digital currencies. Crowdsourcing The process of receiving funding from a large number of people. Instead of having a few investors give a lot of money each, companies look for many investors to put in small amounts. Cryptoassets The broadest term for a blockchain-based store of value. Cryptocurrencies, tokens, and ICO's could all be considered under the umbrella of cryptoassets.
Cryptocurrency A digital store of value that is transferred through a blockchain. 0 active connections to bitcoin network hashtag The process of making something secret or hidden.
Cryptotokens A cryptoasset that is redeemable for something or usable in some way. Cybersphere Unnecessarily fancy word for the Internet. Cypherpunks A group of digital pioneers first active in the 's who sought to defend digital privacy through various cryptographic measures.
First spoke of a need for digital currency. Large mechanisms that can self manage and perform various functions, often including smart contracts as a component. Often built on blockchain platforms such as Ethereum. Decentralized Descriptive of something lacking a central authority. Power is distributed to many democratic points as opposed to one ruling point. Decentralized app dApp An application that has back-end code running on a decentralized network instead of a central server.
Desktop wallet A piece of software that can be downloaded and used to store public and private keys on one's personal computer. Digital asset Any intangible asset that resides on the Internet. Digital signature A specific series of bits confirming that a transaction is valid and should be accepted by the network.
Distributed Something split into many pieces and separated out. Mining power in blockchain systems is said to be distributed. Double spending A computer science issue preventing the existence of digital currency where someone would be able to spend the same unit of currency twice. This problem was first popularly solved by Bitcoin.
Due diligence Research conducted before making any kind of investment. Even if someone recommends an investment to you, smart investors 0 active connections to bitcoin network hashtag always conduct independent research. A popular hashtag on twitter where, even when recommending a crypto-investment, people ask others to do their own research first.
Akin to saying, "If you invest and lose money, I am not liable for recommending the investment. E Escrow A bond kept in the custody of a third party, used to ensure payment.
It is possible that many escrow services will be replaced by smart contracts. Exchange A place where assets can be traded either between different assets or for currency itself. For example, there are exchanges where you can trade bitcoins for dollars and exchanges where you can trade bitcoins for ether directly. F Fiat currency A currency issued by a government, often a reference to paper money. Financial Security An asset is classified as a security if there is an expectation that the asset will increase in value due to work performed by others.
Forging 0 active connections to bitcoin network hashtag process of adding blocks and validating transactions in a proof of stake consensus system. Negative emotions related to anxiety in a marketplace. H Hard fork A hard fork is a protocol change that results in an entirely new blockchain with an entirely new currency.
0 active connections to bitcoin network hashtag the change, all transactions are valid, and after the fork two blockchains will exist with two currencies. Bitcoin and Bitcoin Cash hard fork. Hash function A mathematical formula that is designed to take inputs, "hash" them, and return outputs that appear to be completely unrelated to the inputs.
0 active connections to bitcoin network hashtag outputs appear to be random. HODL Misspelling of the word hold.
Meme in crypto-space that has turned into a battle cry for refusing to sell even during dips in the market. Hot wallet A wallet that is connected to the Internet in some capacity and thus susceptible to hacks. G Genesis block The first block ever mined on a blockchain. A genesis block is the first block in the chain.
A new way of crowdfunding where a company creates a token and sells it. People buy tokens in the hopes that they will rise in value as the company does. Many think ICO's might be classified as securities in the near future. Immutable Unable to be changed retroactively. Past blocks in the blockchain are immutable.
Internet of Things Connection of everyday devices such as a pen, car, or stove, etc. J Jarod's Hair Beautiful. K Key Pair A public and private key associated with a cryptocurrency address. When an "account" on a blockchain is created, the account consists of a public key and a private key. L Ledger Something used to record transactions, an itemized list of transactions.
Leverage A measure of how much money is borrowed during margin trading. A ratio of how much money is borrowed compared with how much money is put down as collateral. Light client Most wallets; accesses only the most recent information on the blockchain that's relevant to your particular account at the time, rather than storing the entirety of the massive file that is the blockchain. Liquidity The ease and quickness with which an asset can be bought and sold at the actual market price.
Higher market volume often denotes higher liquidity. M Margin call When trading with borrowed money, an exchange can margin call you and sell off collateral if your position reaches a critical point where it must be closed. Margin trade To trade using a 0 active connections to bitcoin network hashtag. The act of borrowing money in order to make an investment. Market capitalization The circulating 0 active connections to bitcoin network hashtag of units of an asset multiplied by the current market price.
An indicator of the size of a market. Masternode A network overlaying a traditional consensus mechanism that allows for additional features. First shown in the Dash system. Medium of exchange An instrument used to conduct trade. Currencies are mediums of exchange because they represent consistent value. Miner Someone who uses their computing power to verify transactions on a blockchain in return for cryptocurrency.
Mining The process of performing computational work in order to verify transactions and add blocks to the blockchain in proof of work consensus models. Miners are paid with fees and block rewards.
