Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Address

A unique identifier serving as a virtual location where the cryptocurrency can be sent.

Other Important Terms

Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Cryptocurrency exchange – a platform that allows its users to trade cryptocurrencies for other cryptocurrency or any other asset. Can be either centralized or decentralized. For example, Binance is a cryptocurrency exchange.

Volatility

Volatility – a value that characterizes the percentual price change of a certain cryptocurrency during a certain period of time. The more volatile a cryptocurrency is, the bigger can its percentual price change over a certain period be.

Race Attack

Race attack – a double spend attack on the P2P network which is only possible if the recipient of the transaction accepts unconfirmed transactions as a payment. If this is true, the attacker broadcasts a conflicting transaction to the network at the same time; in case the conflicting transaction gets more confirmations, an attack is successful and the recipient does not get paid. It is easier to carry out such an attack if the attacker has a direct connection to the victim’s node, and perhaps deposits the conflicting transaction directly to miners

FOMO

FOMO – short for Fear Of Missing Out. Describes the anxiety a trader feels when it seems he did not buy in before the increase in price or did not sell before the fall. If the increase/fall is still happening while the trader is experiencing FOMO, it can force him to make an irrational decision. For example, those who bought Bitcoin at 19 000+ USD during the late 2017 bull run were experiencing FOMO.

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