What Are The Most Used Cryptocurrency Terms?

What are the most used cryptocurrency terms? We've defined the terms you need to know about crypto investment, which has become even more popular lately.

Attack 51%

It means that when mining cryptocurrency, the person or persons in the network capture more than half of the production power. Those who have this power can interfere with some transactions on the network without permission.

Address

It is a set of encrypted characters used to receive and make payments in cryptocurrency networks. It functions the same as the IBAN number of bank accounts.

Altcoins

It is the general name given to all cryptocurrencies except Bitcoin. Used as an abbreviation for "Alternative Coin".

Arbitrage

It is the trading process that expresses the instant price difference in different exchanges, which can be not only in the cryptocurrency markets, but also in all commodities that are bought and sold.

ASIC Miner

They are high-performance and low-cost devices specially produced for mining cryptocurrency.

Bear Market

It is the term that expresses that the market is in the downward direction and may be in the downward direction in the coming days.

BTC

It is the abbreviation of Bitcoin.

Bitpay

It is a company that offers the opportunity to pay using Bitcoin or other cryptocurrencies.

Bitcoin

It is the first cryptocurrency to be created. The abbreviation for BTC is ฿.

Blockchain

It is the underlying technology of Bitcoin and most cryptocurrencies.

Block Reward

When a miner on the network successfully completes the transaction, the system rewards him with Bitcoin. These rewards given as a result of the transaction are called block rewards.

Bull market

It is the term expressing that the market is in the upward direction and may be in the upward direction in the coming days.

Fork (Fork)

An update to a cryptocurrency may not be adopted by the entire network. Thus, two different blockchains occur between those who make the system according to the regulation and those who do not, and as a result, two different cryptocurrencies are formed. For example, Bitcoin Cash and Bitcoin Gold were produced after Bitcoin's fork.

Difficulty

It is the numerical value of the time required to produce a block during the cryptocurrency production. The harder it is to solve the block problem, the longer this process takes.

ERC20

The rules that all cryptocurrencies that will use the Ethereum network must comply with are called ERC20. By applying these rules, altcoins produced over the Ethereum network can also be stored in wallets that support this rule.

FOMO

FOMO (Fear of Missing Out) is also a term used in relation to cryptocurrencies. Buying a coin with the fear of "losing the opportunity".

FUD (Fear Uncertainty Doubt)

This term, which is frequently heard especially with cryptocurrency markets, means panic selling fueled by people's concerns.

Genesis Block

This name is given to the first block of a blockchain that is created.

HODL

It is the equivalent of the English word "hold". This means holding and waiting for a cryptocurrency for a long time.

Hashrate

The hardware performance of mining computers, usually expressed in Hash/Second. Hashrate is the speed of solving a problem or mathematical operation in blocks.

Halving

The block rewards of cryptocurrencies decrease periodically. This is called the halving event.

ICO (Coin Supply)

The public offering of a cryptocurrency is called an ICO.

Fiat Currency

It is the name given to the official currencies printed and used by states today.

Cryptography

A mathematical expression used to encrypt or decrypt a data.

Mining

The computers that make all the transfers and every operation necessary for the operation of the system in the cryptocurrency network are called mines, and the people who perform these operations are called miners.

Node

Each computer in the blockchain network is called a node. So every miner is a node.

Proof of Steak

Some networks use this method to audit cryptocurrencies. The method is not done with computing power, but in proportion to the amount of cryptocurrency owned.

Proof of Work

In this method, miners perform mathematical operations via computers to reveal blocks.

Rally

A rally is the name given to the uninterrupted movement of prices above expectations in the market.

Satoshi (SAT)

Bitcoin goes up to 7 digits after the point. To express such a fractional currency, the Satoshi unit is used. Example: 0.00000001 Bitcoin = 1 Satoshi. Likewise, 0.00000010 Bitcoin = 10 Satoshi.

Wallet

The files in which cryptocurrencies are stored are called wallets.

Chain Linking

It is the case of connecting two different blockchains with each other. In order for data exchange to be possible, two different blockchains communicate with each other.