Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Leverage

Leverage in financial market trading; refers to the use of borrowed capital to increase the size of one’s position to potentially increase profits. Also used as an investment strategy, to increase the potential return of an investment. A common type of leverage trading in crypto is margin trading, which involves putting assets up as collateral to increase purchasing power.

Other Important Terms

Private Key

Private key – a unique alphanumeric string that allows cryptocurrency to be spent from user’s wallet. For example, E9873D79C6D87DC0FB6A5778633389 is a private key.

NFT

Non-fungible tokens which are also referred to as NFTs; are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical. NFT is a record on a blockchain which is associated with a particular digital or physical asset. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

Hash Rate

Hash rate – also known as hash power, is a value that represents a number of times a hash function can be computed per second by a miner or the whole network. This value depends on 2 factors: The actual computing power of a miner; The network a miner works in. Difficulty of hash function can be different in different networks. For example, the hash rate of Nvidia GTX 1060 6GB, one of the most popular GPUs for mining, in Ethereum network is approximately 24 MHash/s. It means that this GPU is able to run hash algorithm approximately 24 million times per second.

Metaverse

Metaverse is a digital world. It is a virtual reality and digital representation of the real world, where users can interact, play games and experience things or activities as they would in the real world. In the metaverse, cryptocurrencies serves as means of conducting transactions.

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.

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