Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Altcoin

Altcoin - Any cryptocurrency that is not Bitcoin. For example: ethereum, litecoin, XRP, are all altcoins.

Other Important Terms

Liquidation

Liquidation – the automatical placement of sell order for the market price.

Mining pool – a group of miners who combine their system resources, allowing them to generate a higher hash rate than it would be possible for any of them to generate individually. Higher hash rate = greater chance of mining a whole block. Mining reward gets split between mining pool members. Note: not every PoW cryptocurrency has mining pools. Some PoW cryptocurrencies accept transactions one by one, not by combining them into blocks, thus eliminating the point of having mining pools.

Trade Volume

Trade volume – the total value of all the cryptocurrency exchanged on a specific platform in a specific time period. For example, trade volume of Binance exchange on April 25, 2019 was approximately 892 000 000 USD.

ROI

'Return on Investment', or ROI for short, is a ratio or percentage value that reflects the profitability or efficiency of a certain trade or investment.

Cryptocurrency Wallet

Cryptocurrency wallet – A medium of accessing and controlling user’s cryptocurrency. Contrary to a common misconception, cryptocurrency wallet does not store any cryptocurrency; it just grants user access to a certain amount of cryptocurrency associated with the wallet. A wallet stores user’s private keys. There are two types of cryptocurrency wallets: physical and virtual.

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