Cryptocurrency terms you need to know – I

Cryptocurrency – Cryptocurrency is a virtual money that uses technology to control how and when it is created and lets users directly exchange between themselves like cash.

Blockchain – Blockchain is a computer data technology that is very secure and permanent, and unable to manipulate. People and the computer works together to create the network and this network is enabled and protected by cryptography.

Block – a block is a single digital recording made using blockchain technology. These data are permanently stored.

Bitcoin (BTC) – Bitcoin is a type of a digital cash that actually started the cryptocurrency. It was made by an unknown person called Satoshi Nakatomo in 2009.

Altcoin – Altcoin is definition of all coins except bitcoin. Altcoin stands for alternative bitcoin.

Satoshi – Satoshi Nakamoto is a creator of most well-known type of coin; bitcoin.

Market Capitalization – Market Capitalization also known as Market cap is a way to rank the value or size of an asset. It is calculated by multiplying total capacity to latest price.

Distributed Ledger – Destributed leger is a system that records the data of all the independent computers. With this technology, identical recorded copies are kept by each computer.

Mining – Mining is a progress of computer of validating information, creating new blocks into the blockchain.

Hashing – Hashing is a computer program that changes information into letters and numbers of certain length.

Fork – Fork is a split in blockchain, created by computer technology.

Hard Fork – Hard fork is making a permanent change to the technology of a cryptocurrency.

Soft Fork – Soft fork is making a temporary split in technology of cryptocurrency. This change creates a new block that are slightly different from the original ones.

Private Keys – private keys are a combination of letters and numbers that allows owners to spend their cryptocurrency

Public Keys – Public keys are combination of letters and numbers that are used to receive cryptocurrency.

Exchange – Exchange is a place where cryptocurrency or assets can be traded.

Wallets – wallet is a software that interacts with the blockchain and allows users to receive and send their digital money

Paper wallet – Paper wallet is a paper that contains information that are needed to access and manage your cryptocurrency.

Hardware Wallet – Hardware wallet is a device that securely lock away access to your cryptocurrency

Software wallet – A software wallet is a program that is designed to secure your cryptocurrency while allowing only yourself to access

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