Unfiltered

Crypto Soup For You – Jargon Buster

Have the intricacies of the crypto world have you baffled? Every time you sit down to know more you are left more confused than ever? To be in on the crypto-jargon, let us teach you some of our tricks.

Altcoin

If a trading coin has no price, that’s because it doesn’t exist. Altcoin put simply is a blend word taken from “alternative” and “coin”, and refers to, figuratively not literally, any currency that isn’t Bitcoin.

Mining

When you’re digging up and finding new Bitcoins is what you call mining; a process which involves collecting recent transactions into a block and trying to solve a computationally difficult puzzle by solving a mathematical problem. Its just like for every calculation you solve, you get money. ONLY IF that happened during my school life, I wouldn’t have been so bad at Mathematics.

Confirmation

Through mining, a new block is added every 10 minutes roughly. The block then verifies any new transaction, a process called confirmation. The amount of confirmation depends on the size of the transaction.

Fiat money

Fiat money is your traditional money which is backed by the government such as GBP or USD.

FUD

Crypto has some cool acronyms and this is one. It simply means “fear, uncertainty, and doubt”. A term used for the crypto skeptics to hush them down. Keep you FUD away from me, bitch.

HODL

It started out as a typo, a mistake just like me, but made it big in the crypto market, so NOT like me!! It stands for “Hold On for Dear Life”. It’s a mantra for diehard cryptocurrency investors who believe that their investment will be fruitful on the day until then HODL!

In this case HODL THE CRYPTO!!

Node

So, basically, every computer connected to the blockchain network is a node. They validate and transfer transactions. It can’t be simpler than this, buddy!

Sats

Yeahh… most of my university buddies, current and applying, will have PTSD reading this word but we ASSURE you this is ain’t it.

This came from our Bitcoin guru Satoshi Nakamoto. It’s the smallest fraction of a bitcoin representing one hundred-millionth of a bitcoin.

Hardware and Software wallet

A wallet is a wallet, you store your cash and valuable access cards in it. However, the hardware wallet is a physical device designed to store your cryptocurrencies safely off from your computer, like a key to your safe.

Whereas, the software wallet is where you store private keys to get access to your public bitcoin address and sign for transactions. The combination of the two, hardware and software, is what makes bitcoin transaction possible.

Whale

As the new suggest, the whale is one of the biggest mammals and THAT trait is what is used in the cryptoverse as well. Whales are the cryptocurrency players that have it big in the market, meaning they own huge amounts of bitcoin. The crypto lord, Satoshi Nakamoto takes the stage without any surprise. The movements, trading moves, can affect other traders and you need to watch out for their spending habits.

Show More

Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Email: soha@blockpublisher.com or contact the editor at editor.unfiltered@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.