Cryptocurrency and Blockchain Dictionary
A complete list of crypto definitions
Cryptocurrency and blockchain glossary
Commonly used terms in the world of blockchain and cryptocurrency
Terms commonly used in the world of blockchain and cryptocurrency
Miner – has two definitions.
A node which carries out the mining process.
A person who owns the working hardware for mining.
PoW – short for Proof of Work. A type of consensus mechanism, where nodes validate transactions by using computing power. Here is how it works:
User A makes a transaction;
User A’s transaction gets bundled into a block along with other users’ transactions;
Transactions get validated;
The header of the most recent block is inserted into this block as a hash;
The cryptographic problem is solved during the mining process;
The block is published to the blockchain;
User B receives a transaction.
For example, Bitcoin uses PoW consensus mechanism.
Short for All Time High. Refers to the highest price a cryptocurrency asset has ever had.
2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.
Trading pair – a trade between one type of cryptocurrency and another. Allows trader to purchase one of these two currencies with the another one.
For example, BTC/ETH is a trading pair. It allows the trader can buy Bitcoin with his/her Ether or Ether with his/her Bitcoin.
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.
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