Definition of Encryption: A Beginner’s Guide to Encryption Terminology

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Bitcoin is a cryptocurrency created in 2009 by an unknown person (or multiple people) using the alias Satoshi Nakamoto. Unlike traditional currencies such as the U.S. dollar, Bitcoin is not controlled by banks or governments. Bitcoin is by far the most valuable and popular cryptocurrency.

Blockchain is a digital ledger, a key technology that supports most cryptocurrencies, irreplaceable tokens (more on this later), and other unique digital projects.

Blockchain can be used to store all kinds of information, but by far, its most common use is to record cryptocurrency transactions. Once the transaction is completed, it enters this public ledger, which is managed by a global peer-to-peer network-millions of computers, in the case of Bitcoin.

Blockchain is the foundation of Bitcoin’s attractiveness: as a decentralized database, it cannot be controlled by any person or group-unlike the US dollar, which is managed by a central bank.

Buy Fuck Down (BTFD)

The rally calls of the crypto bulls urge investors to buy cryptocurrencies when prices fall.

Coin Bank

The leading cryptocurrency trading platform. The company went public in April, and this event is seen by many as a turning point in the story of cryptocurrency entering the mainstream market.

Cryptocurrency

An all-digital currency system composed of “coins” or “tokens” controlled by a decentralized ledger.

Dogecoin

The weirdness of the crypto family originated in a joke based on the “doge” meme in 2013. But with cryptocurrency gaining mainstream interest, Dogecoin has become an unexpected heavyweight. It now has a market value of more than 30 billion U.S. dollars and has soared by more than 5,000% so far this year. Unlike its more popular brothers, a single Dogecoin is still very cheap. Whether it is a wise investment is still an active question.

Elon Musk

As we all know, Tesla CEO’s tweets triggered a rebound in cryptocurrencies such as Bitcoin and Dogecoin.

Ethereum

A blockchain-based open source software used to control the cryptocurrency ether. .

FUD (“Fear, Uncertainty, Doubt”)

In encryption terms, FUD refers to negative information that affects the value of an asset.

HODL

Depending on who you are asking, this is either a stuck typo or an abbreviation for “keep it up for my dear life”. Bitcoin bulls often issue “HODL” as a reaction to FUD.

The legend of typos can be traced back to a post entitled “I AM HODLING” published on the bitcointalk forum in 2013. In it, an apparently drunk Bitcoin investor ranted that even if it fell sharply, stick to the cryptocurrency. The meme was created, and the term became shorthand for investment strategy.

mining

Bitcoin? Ethereum? Dogecoin?Your guide to cryptocurrency big names

The complex process of new bitcoins entering circulation. Mining is not suitable for hobbyists: it requires high-performance computers that can solve complex mathematical problems in order to create new “blocks” on the blockchain.

The mining process consumes a lot of computing power and electricity, which has raised concerns about the environmental impact of Bitcoin.

NFT

Non-fungible tokens or NFTs are digital content linked to the Ethereum blockchain. “Non-substitutable” essentially refers to something unique and irreplaceable, for example, different from a US dollar bill that can be replaced with any other US dollar bill. Simply put, NFT transforms digital art works and other collections into unique, verifiable assets.

Satoshi Nakamoto

Refers to the pseudonym of the person (or person) who invented Bitcoin. Their true identities are still unknown.

Satoshis, also known as “Sats”

The smallest unit of Bitcoin ever recorded on the blockchain is equivalent to one millionth of Bitcoin.

wallet

Just like you carry cash and cards in kind, a wallet in the crypto world is a place to store digital currency. The main information you need to know about the wallet is that you must never lose or forget your password.



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