Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Long Position

Long position – a state the trader is in when he buys cryptocurrency asset expecting that its price will rise. For example, if a trader bought Bitcoin 2 months ago and still hasn’t sold, he/she is in a long position.

Other Important Terms

Transaction

Transaction – a recorded transfer of some amount of cryptocurrency from one wallet to another. Every transaction is recorded in a blockchain or DAG.

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.

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.

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.

Roadmap

Roadmap – a future plan of a cryptocurrency project with events and their respective deadlines. Usually published in marketing materials.

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