Know the most common terminology in the world of digital currencies
As indicated in yesterday’s article , it is increasingly common for individuals to decide to invest a small amount of money in virtual currencies in order to obtain an economic benefit over time.
Now, as it happens in other areas, this world is full of terminology that we must know to be able to develop with ease and know what is being talked about or referred to, that is why we will make a list of the vocabulary more usual that we will read or listen and which we should know.
Altcoin: Term used to refer to currencies other than Bitcoin, for example, Litecoin, Ethereum, Electra, etc.
ATH (All Time High): Acronym in English for ‘Maximum Price History’, showing the maximum price ever achieved for that currency in question.
Bifurcation: Version of the block chain alternative to the current one. This method is done to create new currencies or to improve the technology of an existing one.
BTC: Abbreviation to refer to Bitcoin Exchange house (Exchange): Web service that allows us to exchange some coins for others and even acquire coins through Euros or Dollars.
Private Key: To explain it briefly, this would be equivalent to the password of our account where our coins are stored. We should never provide this information to anyone.
Public Key: To explain it briefly, it would be the equivalent of a regular bank account number, with this key is with which we can receive virtual currencies. This key can be provided without problems to other users.
Coinbase: One of the most popular exchange houses for those who start in this world.
Dump: Accelerated movement in the price fall.
FUD (Fear Uncertainly Doubt): Acronym to refer to Fear, Uncertainty and Doubt.
mBTC: 1 thousandth of Bitcoin (BTC 0.001).
Proof of Participation (PoS): Protocol in which transactions are processed proving possession of the virtual currencies themselves.
Proof of Work (PoW): Protocol that consists of solving mathematical problems, a hash sequence, which has a variable that makes it difficult.
Pump: Accelerated movement in the price increase.
Pump and Dump: Accelerated movement in the price increase, which after reaching its maximum, falls again quickly.
Satoshi Nakamoto: It is the pseudonym used by the person or group of people who developed Bitcoin.
Satoshi / Sat: It is the smallest subdivision you can get from a Bitcoin, whose value is: 0.00000001 BTC.
Scam: Fraud, theft, cheating.
Of course, within the vocabulary that we can find in relation to these digital assets there are more words and concepts, but these we have indicated are undoubtedly the most necessary and most used in the day to day.