Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Block Explorer

A block explorer is an online service to track blockchain transactions. It usually is a website where you can see all the new blocks that are being created. You can also search for transactions and wallet addresses. The best-known block explorers are blockchain.info for Bitcoin and etherscan.io for Ethereum.

Other Important Terms

Mining Pool

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.

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

Virtual Cryptocurrency Wallet

Virtual cryptocurrency wallet – a software solution containing user’s private keys. There are several types of virtual wallets: Online wallet is a cloud-based program accessible from any device with Internet connection; Desktop wallet is a computer program only accessible from the computer it is installed on; Mobile wallet is a smartphone application only accessible from the smartphone it is installed on. It usually has more limited functionality compared to the desktop wallet due to the application size restrictions.

FUD

FUD – short for Fear, Uncertainty, Doubt. Describes the act of sharing negative rumors about a certain cryptocurrency or the market in general, which can negatively affect their price. Usually the rumors are not based on any evidence.

Bitcoin Halving

Bitcoin halvening – also known as Bitcoin halving. A 50% reduction in rewards for Bitcoin miners. Happens approximately every four years or exactly once in 210 000 blocks. The next halvening will happen in 2024, when bitcoin block count reach 840,000. Bitcoin miners currently receive 6.25 BTC for each successfully mined block. After the next halvening in 2024, the block reward will be reduced to 3.125 BTC.

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