Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Margin Trading

Margin trading in crypto involves borrowing funds from an exchange and using it to make a trade. Margin trading is a way of using funds provided by a third party to conduct asset trading. Compared with regular trading accounts, margin trading accounts allow traders to obtain more funds and support them in using positions.

Other Important Terms

DAG

DAG – short for Directed Acyclic Graph. The alternative to blockchain where each next transaction is being confirmed by the previous transaction(s). Has better scalability than the blockchain. There are several DAG-based cryptocurrencies right now. For example, Nano is a DAG-based cryptocurrency.

Race Attack

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

Public Key

Public key – a unique alphanumeric string that allows cryptocurrency to be received to user’s wallet. It is generated from the private key. For example, 0418fae4ee 35dae20c20 9da4aa4921 156c3fb519e c33fbf37ec7 13e9c7276dc 9d41bce8825 34118684dc8 e47b6ee49cc ce4c77b197e 38441a06c6d 3a15978c724b is a public key.

Altcoin

Altcoin - Any cryptocurrency that is not Bitcoin. For example: ethereum, litecoin, XRP, are all altcoins.

Cryptocurrency Wallet

Cryptocurrency wallet – A medium of accessing and controlling user’s cryptocurrency. Contrary to a common misconception, cryptocurrency wallet does not store any cryptocurrency; it just grants user access to a certain amount of cryptocurrency associated with the wallet. A wallet stores user’s private keys. There are two types of cryptocurrency wallets: physical and virtual.

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