emmarniTechs all terminologies in crypto

On this article I am going to enlighten you on some terminologies in bitcoin, here are all the bitcoin terminologies explained. Firstly, Maybe you might have heard about cryptocurrencies but you don’t know so much about it, if so then CLICK HERE

This post was made to enlighten my blog readers about bitcoin and it was written a year ago but its the best article that was ever written to explain Bitcoin and indeed it is ALL THAT YOU NEED TO KNOW ABOUT BITCOIN.

But since its one-year-old, there has been a lot of changes in the post since the world is moving forward and there has been a lot of changes even on HOW TO BUY BITCOINS FROM EXCHANGES, but that’s why this blog is here I am going to be teaching everything about cryptocurrencies so you have to be coming here to check for latest article and also subscribe as to not to miss any new post. so let’s get started.
BELOW ARE SOME TERMS IN CRYPTOCURRENCIES :

CRYPTO CURRENCYcrypto currency - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA crypto currency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

Ex Bitcoin and Altcoin.

♦ ALTCOINaltcoin emmarnitechs - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyAny form of digital cryptocurrency that isn’t Bitcoin, an alternative coin.


♦ ADDRESSbtc address emmarnitechs - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA code used to store/send/receive bitcoins and other cryptocurrency consisting of 26-35 alphanumeric characters. It is also the public key in the pair of keys used by bitcoin holders to digitally sign transactions.

Ex: 1Exc45sziXmgC3BsCkKUx9hzj2jgEMGe
   
♦ BLOCKCHAIN

blockchain 3277336 640 - Bitcoin Terminologies Explained! All Terms In Crypto Currency
Image by mmi9 from Pixabay

A full list of all the blocks that have been mined since the creation of Bitcoin.

MINING DIFFICULTYmining difficulty - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyThis number determines how difficult it is to hash a new block. It is related to the maximum allowed number in a given numerical portion of a transaction block’s hash. The lower the number, the more difficult it is to produce a hash value that fits it. 


♦ DDoSddos - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA distributed denial of service attack uses large numbers of computers under an attacker’s control to drain the resource of a central target.


♦ FIATfiat - Bitcoin Terminologies Explained! All Terms In Crypto Currency

Any form of physical paper currency. Regulated and Centralized.


♦ ESCROWescrow - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyThe act of holding funds or assets in a third-party account to protect them during an asynchronous transaction.


♦ FOMOfomo - Bitcoin Terminologies Explained! All Terms In Crypto Currency Fear of Missing out.


♦ FUDfud - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyFear, Uncertainty, Doubt.


♦ FAUCETfaucet - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA technique used when first launching an altcoin. A set number of coins are pre-mined, and given away for free, to encourage people to take interest in the coin and begin mining it themselves.


 

♦ ICOico in a tweet - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyAn Initial Coin Offering,  a new cryptocurrency project to raise money for their project by offering a select amount of coins for sale to the public at base price.

♦ HASH hash - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA mathematical process that takes a variable amount of data and produces a shorter, fixed-length output.

♦ HARD FORKhardfork - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyAn alteration to the block structure of bitcoin or any coin that changes the difficulty rules.


♦ MININGmining - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyThe act of generating new bitcoins by solving cryptographic problems using computing hardware.


♦ PUMP AND DUMPpump and dump - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyInflating the value of a financial asset that has been produced or acquired cheaply, using aggressive publicity and often misleading statements.


♦ QR CODEqr code - Bitcoin Terminologies Explained! All Terms In Crypto Currency A two-dimensional graphical block containing a monochromatic pattern representing a sequence of data


♦ SHORTINGshorting - Bitcoin Terminologies Explained! All Terms In Crypto CurrencySelling a cryptocurrency In hopes of buying it at a lower price at a later time to gain profit


WALLETwallet - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA digital or physical address in which cryptocurrency can be stored/sent/received. Accessible through a private key.

Example: Myetherwallet, trezor, ledger nano

 

♦ WHALEwhale - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyA whale isSomeone who possesses a majority percentage of a cryptocurrency. Referred to as a whale.
   

WHITE PAPERwhitepaper - Bitcoin Terminologies Explained! All Terms In Crypto CurrencyDocumentation describing a cryptocurrencies protocol in detail.

Ex: satoshi Nakamoto bitcoin whitepaper.

 And that’s all the terms in cryptocurrency, don’t forget to share, follow us on Facebook, Twitter and subscribe and be the first to receive latest posts and videos about cryptocurrencies.
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NEXT POST

Creating Your Own MyEtherWallet (MEW)[Step By Step Guide]

Many people have come to conclude that making a lot of money in cryptos is by investing in Initial Coin Offerings, A.K.A. ICOS. But one thing that most icos will be telling you when you are investing is send from ER20 COMPATIBLE ETHEREUM WALLET and also provide us your ER20 COMPATIBLE WALLET ADDRESS TO RECEIVE YOUR TOKENS.
This article will show you how to create your OWN Ether wallet Address.
WHY DO YOU NEED AN ER20 COMPATIBLE ETHEREUM WALLET?
Most ico tokens are issued on Ethereum blockchain. Meaning those who want to participate in ico needs to have Ethereum and its wallet.
NEVER PARTICIPATE IN ICO BY SENDING COINS FROM ANY CRYPTOCURRENCY EXCHANGES, YOU NEED A ER20 COMPATIBLE ETHEREUM WALLET. OTHERWISE, YOU WILL LOOSE YOUR COINS FOREVER.
HOW TO SETUP YOUR MYETHERWALLET (MEW)
You will see so many several safety reminders and option to create a new wallet.
emmarnitechs1 - Bitcoin Terminologies Explained! All Terms In Crypto Currency

2. CREATE A PASSWORD.

Use a combination of letters, numbers and symbols to make it as strong as possible. Write it down immediately and, if possible, make several copies. Then, click “Create New Wallet.”

3. DOWNLOAD AND STORE YOUR KEYSTORE FILE.

Store your Keystore file in a secure location and click on continue.

emmarni2 - Bitcoin Terminologies Explained! All Terms In Crypto Currency

 

 

4. SAVE YOUR PRIVATE KEY.

It looks like a set of numbers, Make sure to back it up and keep it safe. Also, print it to keep it as a paper wallet. Keep in mind, there is no way to retrieve your forgotten or lost private key and password, therefore, take all necessary safety measures suggested by the page.

 

5. USE YOUR PRIVATE KEY OR KEYSTORE FILE TO OPEN YOUR WALLET.

There are many ways to unlock your wallet, and we have Keystore and our private keys, so let us unlock our wallet with our private keys. So we select, private keys and paste in our private keys and click on “unlock” to unlock our wallet.
emmarni4 2Breal - Bitcoin Terminologies Explained! All Terms In Crypto Currency
So there you have it, you have successfully created your fully functional ethereum wallet.
emmarni5 2Bfinal - Bitcoin Terminologies Explained! All Terms In Crypto Currency
And you can see your RECEIVING ADDRESS on the right side usually that is the address you will use to receive tokens from tokens and AIRDROPS.
The next time you want to access your wallet you visit the page again www.myetherwallet.com
And then go to SEND ETHER&TOKENS then select PRIVATE KEYS
Then paste your private keys to access your wallet.
final - Bitcoin Terminologies Explained! All Terms In Crypto Currency
YOU WANT TO MAKE FREE MONEY FROM AIRDROPS?
THEN CLICK HERE.

  

Emmarni Techs is a unique place to keep up to date on Techs, News, IT tutorials, Bitcoin tutorials for newbies and all Cryptocurrencies related feeds. we provide easy to understand tutorials and keep you up to date on what's happening in the tech world and crypto world.

9 COMMENTS

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