Get To Know Most Common Terminologies In Crypto World.

The work below is Authored by @emekacollins, edited and published by @mbj for @steemjetnewbies.

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Get to know common terminologies in crypto world. As a beginner, you have to know the language of crypto to fully understand how to trade and make money from crypto. Below are some common terminologies. Do well to grab them

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• Altcoin (Alternative coin): is a collective name given to all other cryptocurrencies that are not Bitcoin. These include Steem, Sbd, Bitshares, Ethereum, Litecoin, Digibyte, etc.

• Airdrop: is a method of distributing cryptocurrency amongst a population/community.

• Cryptocurrency: a cryptocurrency is a digital or virtual currency that uses advanced cryptography for security. A defining feature of a cryptocurrency is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

• Cryptography: is the process of using codes and ciphers to encrypt and decrypt sensitive information, messages or data.

• ICO / ITO: An ‘Initial Coin Offering’ or ‘ICO’ is the cryptocurrency take on an ‘Initial Public Offering’, when a company’s shares are first listed on the stock market. It usually takes place prior to the launch of a coin’s blockchain and involves the public sale of a certain percentage of the coin’s initial supply in order to raise funds for development. An alternative name for this is an ‘Initial Token Offering’ or ‘ITO’.

• Market Cap: The market capitalization of an altcoin is the total value of all its coins. It is common practice to use the currently available supply rather than the total supply, and this may exclude unreleased premines. Market cap is calculated by multiplying the price per coin by the number of coins currently released onto the open market.

• Bull Market: is market that is in an uptrend. (Prices are going up) The term relates to the direction in which a bull attacks (horns low to the ground, a bull strikes upwards)

• Confirmation: All transactions on the blockchain need to be verified by all nodes – each verification of the transaction is called a confirmation.

• Dapp: is a decentralized application that exists on a blockchain.

• Escrow: is a practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.

• Exchange: is a central platform for exchanging different forms of cryptocurrencies and typically, bitcoin exchanges are used to exchange cryptocurrency for traditional monetary units.

• KYC: Acronym for “Know Your Customer”, used to describe a series of laws and regulations which require businesses to know the identity of their customers.

• Mining: Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.

• Open Source: – is the practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.

• Private Key: is a secret series of letters and numbers kept by the owner of the crypto currency that allows it to be spent by the owner. This should be kept secret at all times.

• Public Key: is a unique address consisting of numbers and letters that you give out to receive crypto currencies.

• Pump and Dump: is a form of market manipulation usually performed on small market cap cryptocurrencies. This occurs when traders artificially inflate the assets price and then exit their positions, causing a price collapse.

• Satoshi: is the smallest unit of a bitcoin currently available (0.00000001BTC).

• Transaction Block: is a group of transactions that are collected and hashed on the Bitcoin network by being added to the blockchain.

• Transaction Fee: Is an amount of money users can choose to deduct from their transaction when sending money. This is optional and used to give miners incentive to quickly process their transaction, since they receive the fee as a reward for doing so.

• Whitepaper: is a report or guide made to understand an issue or help decision making.

• FUD: The acronym FUD stands for ‘Fear, Uncertainty and Despair’. In cryptocurrency it is generally used to refer to negative talk about a coin which is inaccurate or misleading, often posted in forums and through social media. This kind of FUD may be the result of a genuine fear response among the holders of a coin whose value is crashing, or it may be deliberately spread in order to suppress the price – either by competing coins, speculators looking to pick up a bargain before hyping the coin later, or just by angry trolls with some kind of grudge.

• Ponzi Scheme: is an investment scam in which initial investors are paid returns from the capital of subsequent investors, and an ever-increasing supply of new investors is therefore needed for returns to be paid. If there is no reason for people to buy a coin as anything other than an investment, or if its creators never intend to pursue regular users, for example, then it may be described as a ponzi scheme.

• Whales: A whale is a large holder, who owns enough coins to move the market by a substantial amount when they buy or sell.

• Bagholders: People who are left holding a coin which has depreciated in value by a large amount, and who continue to hold in the (often vain) hope of being able to sell at a profit later on, are often described as ‘bagholders’.

• FOMO: "Fear Of Missing Out" basically anxiety and anxiousness. Fear of missing out on a pump. Usually leads to jumping too late on a coin. After which it dumps and traders lose a lot of money.

[Source:]http://blog.julioruiz.net/100terms-to-understand-cryptocurrency/

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