Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Liquidation

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

Other Important Terms

Physical Cryptocurrency Wallet

Physical cryptocurrency wallet – a physical object containing user’s private keys. There are several types of physical wallets: Hardware wallet is a device that has user’s private keys saved to its memory. In order to access them, user has to connect such a wallet to a device that is connected to the Internet, such as PC or smartphone, and enter a pin code. For example, Ledger Nano X is a hardware wallet; Paper wallet is a copy or printout of user’s public and private keys.

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.

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.

Node

Node – a device that is connected to the P2P network. Each node has a copy of all the previous transactions and supports the network by validating and relaying transactions.

Block

Block – a file containing the information about the most recent transactions which have not been recorded in the previous blocks. All the blocks mined are recorded in the blockchain.

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