In the following article we will define a number of basic terms that are essential for understanding the cryptographic world of currencies.
All coins which are under state law. Basically, it is all kinds of coins we know today (USD, Euro, CAD, etc. ).
Software installed on a local computer or on a remote server and allows storing of digital currencies using digital addresses.
A sequence of characters (27 to 34 characters) consists of English letters and numbers. Each address is unique. Here is an example of a digital address: 135sti2R9ZooiGrFFRJxYGeDvF5Uvjj7JK.
Each digital address has a unique private key that is required to access the address. Example for a private key: 6AkL0TJAuKcucHGqWVfUIa4g1haE0ilcm7eWUDo..fd + PpzdCJf1s4WdsK.
Huge information file which contains the complete list of Bitcoin transactions that were ever made. The Blockchain is the heart of the Bitcoin network and serves as a kind of its ledger.
Aside from the Bitcoin crypto currency, there are thousands of other digital crypto currencies, which are also based on the Blockchain. Each coin brings its uniqueness and innovation. The vast majority of them are not recognized and they have relatively low daily trading volume. However, there are several examples of alternative coins, like Etherium and Litecoin, with decent daily trading volume. Here are some alternative coins: some of them have passed away.
Digital currencies exchange
An exchange is a web platform where you can buy and sell digital assets with FIAT and also with Bitcoin. Leading exchanges: Bitfinex, Poloniex, OkCoin, CoinBase
FUD stands for fear, uncertainty, and doubt. Known for the bad news about crypto, which is constantly being spread by the press and aimed at creating a mass fear that can lead to panic. FUD can reach regulatory issues, rumors regarding banning crypto, and more.
HODL is a disruption of the actual English form “to hold”. The Hodlers believe in Bitcoin and hold it anytime regardless of its price, for the long term, even lifetime. For more information, see HODL in Wikipedia.
ICO stands for Initial Coin Offering. A method by which crypto projects raise capital from the public. In recent years, ICOs became very popular, enabling every small and large investor to finance his or her favorite projects. More about ICO can be read here.