A Snapshot Of The Top Cryptocurrency Terms

10-04-2018 | Dojo |

If you are new to the business, it’s no wonder you are reading this article. There are so many terms that you would never have heard of before, most of which must be understood in order to invest.

As it’s a new online market, this also provides the new challenge of learning completely new terms. It’s an exciting and expanding industry however where the more you learn, the easier it is to know what you’re doing.

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TOP CRYPTO TERMS

Blockchain – Is the technology where instead of the account balances being centralized, they are distributed. This means they can be kept by several parties at the same time and fosters a more honest system. This is because blockchain stores all transactions on the same ledger where it can be viewed by anyone involved.

Bitcoin – The initial digital currency created in 2009 that gave birth to cryptocurrencies. The type of money transfers were the first of its kind as they didn’t require the need of the middleman, the bank, to complete the transfer. It is done through a technology called blockchain. You can purchase bitcoin from dealers such as those that offer a face to face service.

Alt-coin – Which basically stands for ‘Alternative Coin’. This encompasses all other cryptocurrencies outside of Bitcoin which may be using the same or different platform. Alt-coins are now taking over the market and giving more people the opportunity to invest.

NEM – Stands for New Economy Movement. This digital currency benefits investors from the command of their computing but also the currencies usage. The official name is XEM.

All Time High – Often, you will see this term in the community as the acronym ATH. It refers to the peak price any cryptocurrency has reached in its given time.

Block Height – Blocks are being constantly added to the blockchain. The number the block is currently at is referred to as the block height.

Bear Market (Bearish) – If you hear this term used to describe the market, it means the current price trend is decreasing or remaining the same.

Block size – Refer to the size of the data that can be incorporated into a blockchain. The bigger the size, the higher the amount of transactions can be stored in blocks.

Bots – As you might have guessed, these are programmed software that network and intermingle with cryptocurrency platforms. Within this realm, you can also get trading bots that can trade on an exchange. These are important programs as they can prevent you from losing out and are neutral to ensure everything remains fair.

As you can tell, there is much to be learnt in the world of crypto. When you start to discover more of these terms and understand their meanings, you will begin trading with confidence and ease.

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