Chapter #2- Crypto Lingo/Terminology - Part 2

in cryptocurrency •  last year 

How do you keep Crypto safe, like fiat you keep it in a wallet, debit card, or if trading it you would use an exchange (but keep in mind that when using exchanges that if they close they take your coins also, as they are on their exchange - some say you don’t really own any coins that are in third party hands, that you only own what you have in your hand.)
How can you own crypto in your hand, by printing a paper wallet, there are many different types of wallets also, with these wallets they have seeds (passwords - if you loss your passwords unlike most sites you can click forgot password, receive another password and you're back in, in most sites in crypto and in wallets this is not the case you get a seed only once if you lose it that is it you lose your coins, as it makes you to be responsible for looking after your coins.)

Sorry for the long post, now it gets even longer with the list of lingo/terminology below, if you would like to make your own list on a post in Steemit, don’t forget to tag ADSactly or if you would like to leave some comments below with your view on some of them, that you don’t mind a post being done up at a later date with your name and view on the lingo/terminology to make a community project for all that would like to contribute so others can start off with the right knowledge, so it doesn’t sound like you're reading a Wiki.

Picture Source

Bitcoin


Bitcoin is an open source digital currency system that can be used world wide, using a peer to peer system, which is not control by a central system.
Which was put out in 2009 under an anonymous name Satoshi Nakamoto, weather this is one person or a group is unknown at this point of time.

Blockchain


The blockchain is a public ledger that records Bitcoin transactions that is public, transparent that is to prevent double spending.

Exchange


An exchange is where you can buy and sell Bitcoin or Altcoins that may either be centralized or decentralized.

ICO


Initial Coin Offering - We’re coins are being offered for the first time on the market before they go on to an exchange.

Opensource


Is open collaboration in a decentralized model.

Centralized


Governance by central control

Fungible


Can be traded for another, there is no difference between let’s say a dollar, it can traded for another dollar, For a crypto example Monero is fungible as one Monero will always be equal to another.

White Paper


A road map of what a project's, goals, how they are going to achieve those goals, what problems they are solving in society with their project and their solutions to the issues, how they are going to achieve the goals and issues.

Rich List


It’s an anonymous ledger that shows wallet addresses of the top wallets based on the amount of coins in those wallets.
For example: you may be looking at a coin that is only going to ever have 25 coins, but only 5 are available on the market while the others are still being mined. On the rich list you will be able to see how many coins are being held in wallets, let's say one wallet holds 2 coins, another holds .5 and another .5 that means there's only 2 coins on the market in circulation to buy at the moment. The worry could be that those wallets could dump on anyone buying at a high price, but on the other hand they also could be holding to support the coin.
The Rich list shows you if coins are in the hands of many or a few.

Mining

Wallet

Seed

Pos

Pow


Proof OF Work

Block

Block Reward

Block Maturity

Block Explorer

Units

Hybrids

Hard Fork

Clone

Premine


Coins that are mined beforehand

ROI

Decentralized

Community

Hash

Open Network

Staking

Node

Peer2Peer

Openness

Permissionless

Smart Contracts

Alternative Blockchains

Mainstream

Tokens

Market Cap

Volume

Circulating Supply

Max Supply


Total supply

Take Over


Someone else or another Dev has taken over the project from the original Devs or organizers.

Ann


is a thread where information about the projects is kept other than a website on sites like Bitcoin talk.

Mining Pools

Algorithm

Stake Cloud

IOS

Faucet


Where people can claim coins by clicking pictures or ads.

LTSS


Long Term Sustainable Staking

LTPOW


Long Term Proof of Work

ROI


Thank you for your precious time, again sorry for the super duper long post, hope it was of some help to at least one person.

We look forward to sharing our knowledge with YOU!

Disclaimer

This is sharing our limited knowledge, this is not financial advice, please do your own research into Crypto before diving into it, crypto tech advances all the time.

Thank you for stopping by really appreciate it, have a fabulous Day/Evening!


If you missed the first two posts 6 months ago or would like to recap

50-shades-of-cryptocurrency-the-noobies-chapter-series
50-shades-of-crypto-currency-chapter-1-pump-and-dumps
50-shades-of-cryptocurrency-chapter-2-crypto-lingo-terminology-part-1


Steemit if full of great community's here are two you may like to check out:

The @adsactly society is fabulous - Don't take my word for it check them out on
discord if your interested in the crypto sphere, society.


#makeithealthy project is being held by the fabulous @woman-onthe-wing so you don't need to go healthy by yourself.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  last year (edited)

Thank you for your suggestion to save crypto that is my own

good post. I really liked and interesting.

·

Thank you @olegas89