Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Block Time

Block time – an amount of time it takes blockchain to create a new block. For example, average Bitcoin block time is 10 minutes.

Other Important Terms

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

P2P

P2P – short for Peer-To–Peer. A network where all the peers are connected to each other, each peer sharing files with the other. Peers are nodes.

Short Position

Short position – a state the trader is in when he is selling cryptocurrency asset to buy it later. For example, if a trader sold Bitcoin in November 2017 and bought it again in January 2018, he was in short position between these two trades.

Fiat Currency

Fiat currency – currency that a government has declared to be legal tender, but it is not backed by a physical commodity. For example, US Dollar is a fiat currency.

Cryptocurrency Exchange

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.

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