Bitcoin, Blockchain and Cryptocurrency Terms
- Altcoin is a cryptocurrency alternative to Bitcoin.
- basically a computer file which is stored in a 'Digital Wallet
' app on a smartphone or computer. It is described as a cryptocurrency, a virtual currency or a digital currency - a type of money that is completely virtual. It is not a physical currency.
- Blocks are records in a blockchain that are created in a chronological, linear way, secured with cryptography on the blockchain.
is digital money created from code. It is an encrypted string of data encoded to signfiy a unit of currency.
Decentralised Autonomous Organisation (DAO)
- organisations or companies without any central leader but governed by a set of rules stamped onto its blockchain.
- Short for Decentralized Finance. Peer-to-peer software-based network of protocols that can be used to facilitate traditional financial services.
- A digital token is the digital asset, utility, or equity associated with a blockchain. Mainly digital tokens are used in Initial Coin Offers (ICOs) and crypto-rewards systems like Basic Attention Token (BAT).
- A database of records of public transactions stored and updated on servers and computers.
- is a cryptocurrency, like Bitcoin, which runs on its own "blockchain", an online ledger which tracks the transfer of information.
- Like the exchange rate of fiat currency, cryptocurrency exchange rate is the value of a currency in respect to another currency.
- is a government-issued currency. It is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies. The term is derived from the Latin word fiat, which means a determination by authority.
- goods are items that are interchangeable because they are identical to each other for practical purposes. Commodities, common shares, options, and dollar bills are examples of fungible goods, has examples like bitcoin. One bitcoin can be swapped for another; they are identical. Assets like diamonds, land, or baseball cards are not fungible because each unit has unique qualities that add or subtract value. For instance, because individual diamonds have different cuts, colors, sizes, and grades, they are not interchangeable, so they cannot be referred to as fungible goods.
Non-Fungible Token (NFT)
- a unique digital identifier that cannot be copied, substituted, or subdivided. It is recorded in a blockchain and is used to certify authenticity and ownership of a specific asset and rights relating to it.
Initial Coin Offering (ICO)
- The launch of a new cryptocurrency or token that is used to raise seed money or startup money for the start of a new company.
lgorithm 256-bit is the BTC
- A Satoshi is the smallest fraction of a Bitcoin. It amounts to just one 100 millionth of one bitcoin. You cannot send just one satoshi over the network, as it is too small and would clog up the network with tiny transactions. The smallest transaction value is 546 satoshis, which is still pretty tiny.
The Satoshi is named after the person who is normally assumed to be the creator of Bitcoin, Satoshi Nakamoto.
- A place to store public and private keys for crypto assets. Wallets are typically software, hardware, or paper-based.
Bitcoin, Bockchain and Crypto products for Sale
Mining hardward and software
Mining and Crypto devices
DeFi and NFTs
Decentralized finance (DeFi), Nonfungible tokens (NFTs), and the Metaverse utilize smart contract based blockchains, based on Proof-of-Stake (PoS) blockchain.
Infrastructures such as Ethereum provide an energy efficient alternative to Proofof-Work (PoW) based blockchains such as Bitcoin.
Compared to PoS chains, Delegated Proof-of-Stake (DPoS) chains like Polkadot and Cardano enable asset leveraging with plans to integrate into them into non-custodial Stakingas-a-Service.
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