Cryptocurrency glossary for newcomers. Cryptocurrencies are virtual currencies with open source code that work only with the payment system between the sender and receiver and can be transferred without the need for any controller, regulatory institution or organization. There is no central authority in this system.
Since crypto currencies are not tied to any center, transfer transactions are controlled by Blockchain technology. Blockchain can be defined as a data file in which all transactions are recorded. With this system, it is possible to create decentralized currencies and control their operation over the internet. The most common cryptocurrencies;
Noob
It is the nickname given to inexperienced cryptocurrency users. It is translated into Turkish as “teacher”.
P.O.W.
It is the short form of the phrase “proof of labor”. Many types of cryptocurrencies, including Bitcoin, use POW. Proof of labor is used in cryptocurrency production, transactions and many other transactions. Within the system, miners contribute and complete difficult transactions. In return, miners are given cryptocurrency as a reward for verifying transactions.
Private Key
Presented as a string of numbers and letters, a private key is information that an investor can use to access digital currency.
Public Key
The public key is an address from which the investor can receive digital currency. This public key consists of a combination of numbers and letters, just like the private key.
Pump and Dump
Pumping is when one or several market participants work together to inflate the price of an asset. Offloading means selling the asset when its value is artificially high.
Rect
In digital literature it means “ruined”. It is generally used when manipulators encounter damage that is difficult to reverse.
ROI
ROI, or “return on investment”, can be explained as the income from any investment. Investors also pay attention to ROI in cryptocurrencies. Essentially, if an investor invests his money in cryptocurrency, he hopes to get a satisfactory return from it. The return obtained is called ROI. ROI, that is, “return on investment”, can be explained as the income from any investment. Investors also pay attention to ROI in cryptocurrencies. Essentially, if an investor invests his money in cryptocurrency, he hopes to get a satisfactory return from it. The return obtained is called ROI.
Satoshi Nakamoto
Satoshi Nakamoto is the pseudonym of the person who came up with the idea of Bitcoin. To date, many people have claimed to be Nakamoto. However, it is not known exactly who Nakamoto is, what he does or where he lives.
Short / Shorting
Short selling is a currency, stock or asset that is believed to decrease in asset value; It describes switching to another currency, stock or asset. It is also applied to cryptocurrencies. Investors considering this method should remember that the practice involves a lot of risk.
Signature
It is the matching of keys used to prove that a Bitcoin transaction comes from a defined domain. It can be thought of as a digital digest.
Testnet
It is the name given to cryptocurrencies that are used for testing and have no material value.
Tor
It is a protocol that allows hiding identities online. It is preferred by many cryptocurrency users.
Virgin Bitcoin
It is the name given to Bitcoin that has not been processed in any way.
Wallet
Bitcoin and altcoins are stored in digital wallets. The wallet is located at your address within the blocks in the Blockchain and you can connect to it with your private key.
whale
It is used to describe people who have large accounts of millions of dollars in the stock markets and make very large entries or exits. These people are powerful enough to fluctuate the market and can manipulate.
White Paper
Cryptocurrency developers prepare a document called “white paper” for their innovative assets. This document essentially provides extensive information about digital assets as well as technology.
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