The truth is that starting out in the Blockchain dynasty can be intimidating. Why? Because there are so many crypto terms and common words you will surely bump into.

And believe me, you may be screwed if you were reading a very interesting crypto post but got busted by a certain BIG cryptocurrency term.

For instance, the crypto slangs which has to do with Blockchain is enormous – a long walk I guess.

About the Blockchain common words, to say that you may be overwhelmed is an understatement, the whole truth is that you will encounter a whole lot of crypto slangs and terms used mostly on social media and forums.

And the result?

A big deal of a confusion which may lead to a crypto concussion – just kidding.

Now the big question is, what are the common cryptocurrency terms every crypto beginner must know, or what are the commonest Cryptocurrency slangs you’ve ever heard?

I guess you’ve heard HODL, FUD, and FOMO, but not crypto slangs such as Bollinger Band, Taint, P2PKH, TCP/IP and so on (unless you are not a beginner)

Don’t worry, I have put more time that you could imagine in order to make sure you “get along” with all of the cryptocurrency glossary words.

Okay, be my guest as I invite you to the Cryptocurrency Layman Words/Terms Banquet?

But before that, at IWTUC, we care about your success, so, what is your struggles? Crypto Trading?

MAKING SENSE OF CRYPTO TRADING

The amazing or an untold story is that Crypto Millionaires know how to copy and paste crypto trading. Oh yes, that is how they are ahead of you.

But now, you too can use their exact system. See how to have good success copying & pasting crypto trading.

LIST OF CRYPTO/BLOCKCHAIN TERMINOLOGY GUIDE - CRYPTO GLOSSARY

10X

A crypto trading term meaning a profit of 10 times your amount.

For an example, 10x means that you’ve made 10 times of your amount. That is $10 x 10 = $100.

51% ATTACK

This is a cryptocurrency term that explains a situation where more than half of the computing power on a network is operated by a single individual or concentrated group, which gives them complete and total control over a network.

Sure, this is a way to disrupt a cryptocurrency’s Blockchain. And one of the ways to disrupt a cryptocurrency’s Blockchain is to control more than 51% of the network.

But see what it requires…

A massive computing power, and while possible on paper, the resources, coordination, and finances required to do this would make it almost impossible to achieve.

In this case, a 51% attack is only theoretical.

(Welcome to the Blockchain world – processes translates theoretically and physically)

A
ADDRESS

An identifier of about 28 - 35 alphanumeric characters that represents a possible destination for crypto payment.

Also, an address is a hashed version of the public key. For an example, if it is a Bitcoin address, it will begin with 1, 2 or 3.

ADDY

This is a short abbreviation for a Crypto key or public address. For an example, if someone wants to send you some Cryptos, he/she can say “Kindly tell me your ADDY.”

On the other way round, it makes it crypto transaction go "Private" as a non-crypto person wouldn't know what that means should you two were in a public place.

ALGORITHM

A set of mathematical instructions or rules that need to be followed when solving a problem.

ALTCOIN

Any cryptocurrency other than Bitcoin. On the other hand, they are usually known as alternatives" to Bitcoin.

Some of them include Litecoin, Ethereum and more. You can find them in 1000s here.

A LONG POSITION
Purchasing of a specific cryptocurrency with an expectation that it will rise in value.

A SHORT POSITION

Selling of a specific cryptocurrency with an expectation that it will drop in value.

ALT MARKETS

This means Altcoin market.

AIRDROP

An event where the investors/participants are able to receive free tokens or coins into their digital wallet.

It was first carried out by Auroracoin in early 2014.

AML

Defines Anti-Money Laundering laws.

ANGEL INVESTOR

A kind of wealthy individual who funds startup businesses with capital in exchange for debt or equity in the business (later on).

APPLICATION CRYPTOCURRENCIES

The class of cryptocurrencies that are based upon the platform cryptocurrencies. Check Out Platform Cryptocurrencies.

ARBITRAGE

The generation of risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.

ARBITRAGE TRADING

A trading situation whereby the price of a particular coin on one exchange is much higher than other trading platforms wherefore you can transfer your funds between those platforms for earning a good profit - (going for the best).

ASH-DRAKED

A situation when someone ends up losing all his money.

ASIC

This connotes Application Specific Integrated Circuit.

ASIC Miner

A computer processing chip that is designed to perform 1 function only.

ASIC computers are mostly used to mine Bitcoin.

These computers can be connected directly to a computer or network wirelessly or with the use of an Ethernet cable.

ATH
All-time high. The A - all, T –Time & H – high.

This describes a situation when a cryptocurrency reaches its highest value point. We saw this in December 2017.

ATL

All-time low.

AUGUR
This connotes “not to be trusted” decentralized platform which is used for prediction markets.

Augur’s incentive ensures that the outcome of the prediction is free of prejudice, honest and accurate.

AUTONOMOUS DECENTRALIZED ORGANIZATION

A business or organization whose decisions are made electronically by a written computer code or through the vote of its members.

B
BAGHOLDER

A trader or investor who presently has to face negative consequences for holding on to a particular crypto for a substantially long span of time.

In another way, it means someone that is still holding a particular coin following a market crash typically as a result of a pump and dump situations.

BEARS

The crypto community - people who expect the price of a coin to go down. They’re usually pessimistic!

BEARISH
An expectation that the value of a specific cryptocurrency is going to decrease.

When it finally happens as they predicted, that becomes Bearishness.

BEAR MARKET

A market relating a down in the price of cryptocurrencies.

BEAR TRAP

A manipulation of a stock or commodity by investors.

In another term, it defines a situation where a general uptrend reverses briefly and subsequently continues its upward movement.

Here, the Traders who “set” the bear trap do so by selling the stock until it fools other investors into thinking its upward trend in value has stopped or is dropping.

Funny enough, those who fall into the bear trap will often sell at that time, fearing a further drop in value.

At that point, the investors who set the trap will buy at the low price and will release the trap—which is essentially a false bear market. Once the bear trap is released, the value will even out, or even climb.

The bear trap is relative to FUD. So, beware of where you get your market new and analysis!.

BEST BLOCKCHAIN

A chain of blocks with each block referencing the block that preceded it. The most difficult blockchain to recreate is the Best Blockchain.

BIT
A sub-unit of Bitcoin. Often, it is expressed as either 0 or 1 in binary notation.

1 BTC is equivalent to 0.00000001 or 1,000,000 bits

However, this unit is more convenient for pricing tips, goods, and services. You will understand more when you transact on an exchange.

BITCOIN
A open source virtual currency.

The very first open source and decentralized digital currency created by a Nakamoto.

Bitcoin was designed to regulate itself to deal with inflation and mathematically generate no more than 21 million Bitcoins. Currently, total Bitcoins mined stands at 17 Million.

Bitcoin is also known as a reserve currency for the altcoin ecosystem.

BLOCK

Digital files where data pertaining to a cryptocurrency network is permanently recorded.

In another understanding, a block is thus a permanent store of records which, once written, cannot be altered or removed.

A block records some or all of the most recent transactions that have not yet entered any prior blocks.

Thus a block is like a page of a ledger or record book.

BLOCKCHAIN
A non-polluted distributed, public ledger that contains the history of every bitcoin transaction that ever occurred is recorded through the creation of new blocks.

Transactions made in bitcoin are recorded chronologically and publicly maintained by peer-to-peer network of computers.

BLOCK EXPLORER
As Google is a search engine to users, the Block Explorer is also a search engine for cryptocurrencies.

Block explorers allow you to query transactions, addresses, and other information. With it, you can view the contents of individual blocks, the status of transactions, the transaction histories as well as the balances of addresses.

BLOCK HEADER

An 80-byte header belonging to a single block hashed repeatedly to create a proof of work.

BLOCK HEIGHT

The number of blocks preceding the genesis block (first block) on the chain.

A Genesis block will always have a height of zero because nothing precedes it.

So Block Height is a metric used to create a bearing on time in the programming world as well as a few other functions such as maintaining counter-party and betting in the crypto world.

BLOCK REWARD
Coins that are paid to the computer (or pool of computers that find a working hash to complete a block in the mining process of cryptocurrencies.

The Verification of these transactions and the addition of blocks to the blockchain will essentially create new coins and the miner will be rewarded with a fraction of those new coins.

BITCOIN PROTOCOL

An open source, cryptographic protocol which operates on the Bitcoin network.

This protocol sets the “rules” for how the network runs.

BITCOIN NETWORK

A decentralized, peer-to-peer network which maintains the Blockchain. This is the powerhouse that processes all Bitcoin transactions.

BITCOIN-JS

An online library of javascript code used for Bitcoin development, particularly web wallets.Js – Javascript - bitcoinjs.org.

BITCOINQT

Popularly known as a desktop wallet, BitcoinQT is an open source software client used by your computer.

This open source software client contains a copy of the Blockchain and once installed it turns your computer into a node in the Bitcoin Network.

BITCOIN DAYS DESTROYED

An estimate for the “velocity of money” within the Bitcoin network.

This is used because it gives greater weight to Bitcoins that have not been spent for a long time, and better represents the level of economic activity taking place with bitcoin than total transaction volume per day.

BOLLINGER BAND
The margin around the price of a crypto that helps indicate when a coin is overbought or oversold.

In another understanding, it means Bands that use historical data in a market to indicate possibly volatility.

BRAIN WALLET

A brain wallet is a wallet that a user remembers their mnemonic phrase/private key and never writes it down.

BTC NEXT RSISTANCE

A crypto trading term meaning a sell point or range, as specified.

This signifies a selling point. That is, sell at that point.

BTC NEXT SUPPORT

Buy point.

BTC & XBT
Abbreviations for Bitcoin. On certain exchanges, XBT stands for Bitcoin.

BitMEX Trading exchange is one of them that lists it as XBT.

BTD
Connoting Buy The Dip.

This translate to Buying a coin when its value has experienced a significant decrease. Currently, we are facing BTD – as at 6/13/2018.

BTFD

This connotes "Buy the bleeping Dip". This crypto term aims to convince you to buy a coin even when it has been dumped in a grave manner.

BUGLING

An instability of a Blockchain due to an influx of more transactions. These transactions coming in which will eventually increase the Block Size.

BULL TRAP
A situation when a general downtrend reverses briefly and subsequently continues its downward movement.

Also, Bull Trap signifies a buying period.

BULLISH
An expectation that the value of a specific cryptocurrency is going to increase.

BULLS

These are the crypto enthusiasts who expect the price of a coin to go up. They’re mainly optimistic!

So, I can say ICON coin will be bullished in two days’ time, right?

When it finally happens as they predicted, that becomes Bullishness.

BULL MARKET

A market that Cryptos are going up. The term relates to the direction in which a bull attacks (horns low to the ground, a bull strikes upwards)

BUY AREA

The range you’ve got to buy and stop. For an example "#NXT 4500 - 4800 Satoshis". This means buy NXT Coin between 4500 – 4800. Note, any negligence to this may result in loss of your bitcoin or Cryptocoins - based on your source of trading signal.

BUY BELOW

Buy below a certain threshold.

For an example, buy below 490 Satoshis. This means “buy 400 fractions of Bitcoin”.

BUY WALL
A Huge amount of buy orders at the current market price.

C
CANDLE

Cryptocurrency Trading chart.

CHOYNA

A deliberately distorted pronunciation of China which is one of the biggest players in crypto space dominating all trading and mining activities.

COLORED CORNERS

Set of methods or protocols to create, represent and manage real assets on the Blockchain Bitcoin.

CENTRAL LEDGER

A central ledger is an agreement of shared, replicable and synchronized data, spread across singular networks, across many CPU’s cryptography Cold storage keeping a reserve of crypto for security reasons in an offline wallet.

This comes in two types; hardware and paper wallet.

Securing a crypto in this way means that the private key could be written on a piece of paper or stored on a USB flash drive.

CONFIRMATION

The Transaction that has been processed by the network and is highly unlikely to be reversed.

Also meaning a verification by nodes of all transactions on the Blockchain.

Even a single confirmation can be considered secure for low-value transactions, although, for larger amounts like 1000 US$, it makes sense to wait for 6 confirmations or more.

So, each verification of the transaction is called a confirmation.

CONSENSUS

A situation whereby several (usually most node in a network) all have the same block in their locally validated Blockchain.

A Consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that databases are exact copies of each other.

CONSENSUS RULE

The block validation that full nodes follow to stay on a Blockchain.

CRYPTO BUBBLE?

The instability of cryptocurrencies in terms of price value.

A bubble occurs when an asset’s price exceeds its intrinsic value.

CRYPTOCURRENCY

A cryptocurrency is a digital or virtual currency that uses advanced cryptography for security.

A cryptocurrency is difficult to counterfeit because of this security feature. This is how it was designed by Nakamoto Satoshi.

Cryptocurrencies can also be known as cryptocoins, cryptos, altcoins, digital coins and digital assets.

CRYPTOGRAPHY

The process of using codes and ciphers to encrypt and decrypt sensitive information, messages or data.

CRYPTOJACKING
The use of someone else's computers to mine cryptocurrency without their consent.

CVE-2012-2459

This defines a security bug which may result when there is a rejection on a cached invalid outcome.

D
DAPP (Dapp)

A decentralized application that exists on a Blockchain. Dapps are known for having proven 100% uptime.

DAO

Connotes Decentralized Autonomous Organizations

It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.

DARKSEND

Darksend also known as Darkcoin’s means a decentralized mixing implementation, which was designed to give users of Darkcoin greater transactional privacy/anonymity.

DARKWEB

Also known as deepweb.

This is a content online not indexed by search engines making it difficult to access.

The majority of content on the internet resides on the Darkweb and can be accessed using a program called TOR and other powerful VPNs.

As a matter of fact, this is where the illegal site Silk Road exists.

DATA SIZE

A cryptocurrency size cap due to transactions made on each coin recorded on the block. Bitcoin blocks for example were originally hard capped at 1MB, which is about 2,020 transactions. The Block size expands as transactions continue to grow.

DEAF AT BOUNCE
A short-lived price recovery after a huge market crash.

DECENTRALIZED

A copy of the Blockchain or digital ledger on every device connected to the network. It is an exact copy of the information that is open for everyone to see.

DEFLATION

A decrease in the general price level of goods in an economy.

This takes place when a currency’s demand collapses.

We saw it some time ago when Mt.Gox sold an enormous amount of Bitcoin out from its storage.

Some believed that the sale made Bitcoin jumped from $17,000 to what it is today.

However, it is nothing new because the Crypto communities are used to it.

DEMURRAGE

A fee charged as a penalty on users for hoarding unspent coins.

This fee may increase as time passes.

DESKTOP WALLET

A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.

This type of wallet is seemingly safe but malware can play with your coins.

DETERMINISTIC WALLET

A wallet based on a system of deriving multiple keys from a single starting point known as a seed.

This seed is all that is needed to restore a wallet if it is lost and can allow the creation of public addresses without the knowledge of the private key.

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