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Cryptocurrency Dictionary

Bitcoin or bitcoin

Bitcoin is an entire blockchain network composed of miners and nodes, bitcoin is the currency unit or coin itself.

Satoschi

A single satoshi is actually the smallest part into which a bitcoin can be divided. It is one hundred millionth of a bitcoin. So if a bitcoin is worth one million crowns, it’s actually one penny.

Satoshi Nakamoto

Inventor of Bitcoin. The mysterious creator, or group of creators, of bitcoin. Who launched bitcoin in 2009.

Blockchain

This is a security network of transaction controls. It is, in simple terms, an open ledger where all transactions made in BTC and other networks are stored.

SEED

A private key to a crypto wallet consisting of 12 or 24 words. Basically a backup of the wallet.

Hodl/er

A way to invest in cryptocurrencies. It is a corruption of the word hold. In simple terms, no matter what, I don’t sell my crypto.

Trade/r

Trade. One who tries to make a profit from changes in odds, market timing, etc.

FOMO

From English fear of missing out. That is, fear of missing an opportunity. Happens quite often in a situation where you see some cryptocurrency flying up in a flash and you try to catch yourself. Usually, though, when something like this happens, it’s too late and you pay someone.

FAD

The fear of an expected event that usually doesn’t happen. It often puts a brake on price movements.

Beer market

A situation where the market and value of cryptocurrencies are falling. During the last Beermarket, the value of most cryptocurrencies went to 10-20% of their price during the Bull Market.

Bull market

A situation where the price of a cryptos goes up and the market is positive. Basically, you make a profit even though you buy a lot of mistakes.

Altcoin

All cryptos except bitcoin.

ATH

Highest value of a cryptocurrency in the entire trading period.

ASIC MINER

A high-performance device built to compute cryptographic formulas.

COIN

Mince. One unit of cryptocurrency.

DIP

Short-term cryptocurrency decline. A good time to buy.

DUMP

The rapid rise in the price of cryptocurrency.

ETH

Short for the second strongest cryptocurrency, Etereum.

Etereum

The second strongest cryptocurrency and the most heavily mined cryptocurrency by small miners in the Czech Republic. It uses the so-called blockchain 2.0.

Pool

A method of bringing miners together to mine a block of cryptocurrency. The reward that each pool manages to get is then divided among the pool members according to their share of the mining.

Year 2030

Most bitcoins will be mined in this year.

Year 2140

This year, BTC mining as we know it will end.

Volatility

Currency differences between currencies. The greater the volatility, the greater the possibility of profit but also loss.

Private Key

Another name for seed.

Public Key

A public key, or also an address where cryptocurrency can be sent.                                            

Hard fork

The creation of a new cryptocurrency, by separating it from the original one. It is created when the community does not agree on a change.

Proof of Work

There was no proof of work. Verifying the veracity of a blockchain entry by computing. A method of securing e.g. bitcoin. That’s what miners do.

Proof of Stake

Verify transactions by „staking“ the value of coins. This is an alternative method of network security. A vote is taken to decide who closes the block. The advantage is then given to those with more coins.

Hash rate

Hash rate of a mining machine in a given algorithm.

Velryba

The owner of a large amount of cryptocurrency.

Retail

Masses of investors without in-depth knowledge.

Alt Coin

Any cryptocurrency outside of bitcoin.

Shitcoin

Cryptocurrencies with little potential for bitcoin maximalists are all altcoins.

Scam

A way to extort money or crypto from you. Usually with an offer of fabulous riches.

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