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CryptoCurrencies Glossary

The essential vocabulary one must understand before investing in cryptocurrencies


Augur

Augur is a prediction market platform that allows users to trade virtual shares of real-world events and pays users according to real world outcomes.


Basic Attention

Basic Attention Token provides a more efficient way of diffusing advertising using Ethereum block-chains by creating a token which can be exchanged between publishers and advertisers.


Bitcoin (BTC)

Bitcoin refers to either the Bitcoin Network or the unit of currency, bitcoin, that can be sent or received over the Bitcoin Network.


Bitcoin Exchange

The Bitcoin exchange allows users to exchange currencies against BitCoin. Ex: LocalBitcoins


BTC Dominance

BTC Dominance refers to the large market share of digital cryptocurrencies that BitCoin currently has, there are a lot of speculators such as the BTC Dominance Index, which measures BitCoin’s influence within the market.


BTC Mining

Bitcoin mining refers to the process of compiling recent transactions into the block and solving a difficult puzzle, the person who solves the puzzle receives bitcoins as a reward. This serves to verify previous transactions as well as bringing bitcoins into life, as bitcoins are created by mining.


Bytecoin

Bytecoin is a cryptocurrency similar to Bitcoin, based on block-chains which are used to carry out transactions, however it provides faster transaction speeds and increased privacy.


Circulating Supply

The Circulating Supply is the overall supply of a crypto-currency in circulation at a specific moment.


Cryptocurrencies

Cryptocurrency refers to a financial asset that can be used as a medium of exchange using cryptography to secure and verify transactions.


DAO

The DAO, a decentralized autonomous organization, was a digital venture capital fund which allowed users to fund projects.


Dash

Dash is a peer-to-peer cryptocurrency similar to Bitcoin, based upon block-chains which can be used to carry out transactions online however it provides a near-instant transaction speed.


DigiByte

Digibyte is a cryptocurrency similar to Bitcoin, providing transactions based on block-chains to provide privacy and near-instant transactions.


DogeCoin

DogeCoin is an open source blockchain based cryptocurrency which is themed around a popular dog meme, Doge.


ETC Mining

ETC Mining refers to the process of compiling transactions, similar to Bitcoin Mining however the cryptocurrency used here is Ethereum Classic, a sister-currency to Ethereum.


Ethereum Classic

Ethereum Classic is a cryptocurrency that originated from Ethereum, it provides the same services as Ethereum with the only difference being that smart contracts are not interfered with by a third party.


Ethereum

Ethereum is a cryptocurrency, similar to bitcoin, that is based on a decentralized structure, a block-chain for verification of transactions and features smart contracts, which allow users to facilitates online contractual agreements.


Ethereum Fork

The Ethereum Fork was a radical change in the protocol of the block-chain technology, which results in two protocols; the old nodes are no longer compatible with the new ones thus creating two paths in the blockchain, the old and the new. That’s how Ethereum Classic was born.


Ethereum Token

An Ethereum Token is a representation of a fungible, tradable good which can be traded with other users of Ethereum and other platforms which support tokens.


Faucet

A faucet is a website that gives away cryptocurrency in order to let people get familiarized with the currency. This was done during the early days of Bitcoin and other cryptocurrencies in order to stimulate transactions and then compiling them on the block chain so that the currency could thereby become independent.


Game Credits

Game Credits is a cryptocurrency which provides transaction possibilities specifically tailored for gaming enthusiasts in order to maintain privacy whilst making it easier to trade assets within gaming.


Golem

Golem is a decentralized sharing economy where people can ‘rent-out’ computing power or developing and selling software, sort of an Airbnb of computational networks.


Hardware Wallet

A hardware wallet is a type of cryptocurrency wallet which allows for storage of a private key in a secure device, it’s practically unreachable by any computer viruses which makes it safer than software wallets.


ICO

An ICO, initial coin offering, is an unregulated means by which funds can be raised for projects; it bypasses the general approval and process required by banks or VC funds.


Litecoin

Litecoin is a cryptocurrency that is nearly identical to Bitcoin with the exception of some notable advancements; such as much lower transaction fees and up to 4x the transaction speed of Bitcoin.


Margin Trading

Margin Trading is essentially like borrowing money from your broker to buy stock, it allows you to buy more stock than you can, however, the risks associated are high.


Market Capitalization (Market Cap)

Market Capitalization is the total value in USD of the bitcoins in circulation, calculated by the daily average market prices across major exchanges.


Monero

Monero is an open source cryptocurrency which uses block-chains to carry out transactions whilst providing privacy in all aspects of the transaction.


NEM

NEM is a peer-to-peer cryptocurrency similar to Bitcoin, based upon block-chains which can be used to carry out transactions online.


Online Vault

Online Vault is a secure online cloud which allows for higher security storage on the cloud for users’ personal documents.


Prices

Prices refer to the exchange rate between cryptocurrencies such as bitcoin or Ethereum and USD which supplies indication into the value attached to a cryptocurrency.


Ripple

Ripple is a form of cryptocurrency that primarily utilizes smart contracts, contrasted with Bitcoin which boasts a digital currency, used in order to carry out transactions.


Siacoin

SiaCoin provides a decentralized private cloud, which provides maximum privacy as it splits, encrypts and distributes your files to a decentralized network of computers which can be accessed with a single numeric key.


Smart Contract

Smart Contracts are computer protocols that help to facilitate and enforce contracts, which in turn makes a contractual clause unnecessary.


Stellar Lumens

Lumens are a form of cryptocurrency similar to Bitcoin, providing transactions based on blockchains to provide privacy and near-instant transactions.


Stratis

Stratis is a company that provides blockchain as a service for corporations in the financial markets that want to benefit from the advantages of using block-chains for transactions.


Trading

Trading is the foreign exchange of Cryptocurrencies, where they can be bought, sold and exchanged for USD or other cryptocurrencies. It is much easier than trading in actual foreign exchange, where verification processes can take up to weeks, however Bitcoin trading can take less than an hour to set up.


Volume

Volume is the total value of the cryptocurrency that has been traded in the past 24 hours or a given period.


Wallet

A cryptocurrency wallet is a software or hardware that allows you to store your units of cryptocurrency, by storing your ‘private key’ which allows you to carry out transactions.


Waves

Waves is a platform with open block-chains that can be used to issue, transfer and exchange virtually any cryptocurrency, assets and real-world commodities.


Zcash

Zcash a form of cryptocurrency providing transactions, similar to Bitcoin, based on block-chains to provide higher privacy.

That’s it, make sure you understand all these basics, before opening your trading account. If you need help check-our 3 steps guide: here.