Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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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.

Other Important Terms

Short position – a state the trader is in when he is selling cryptocurrency asset to buy it later. For example, if a trader sold Bitcoin in November 2017 and bought it again in January 2018, he was in short position between these two trades.

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.

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.

Atomic swap

Atomic swap - A smart contract technology that allows to exchange one cryptocurrency for another without using centralized intermediaries. The technology is being used by the DEXes.

Hash

Hash – a unique alphanumeric string produced by the hash algorithm. For example, 47a83dfbba d320acff42 e5400b2b7d 654acb0a44 1dd982b2f9 34454a730f 8b28 is a SHA-256 hash.

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