affilateCryptocurrency Vocabulary You Need To Know – Redeeem
Trading jargon might appear as complex as blockchains are, so we thought we’d put together a small article to clarify with some common crypto vocabulary you need to be aware about in this Digital Currency Revolution!
| Digital — only exists on computers, no coins, no notes.
| Decentralized — don’t have server. They are transmitted across a network of (typically) thousands of computers.
| Peer-to-Peer — distributed from person to person online.
| Pseudonymous — means that you don’t have to give any personal information to own and use cryptocurrency.
| Trustless — users are in complete control of their money and information at all times.
| Encrypted — user has special codes called cryptography and it’s nearly impossible to hack.
| Global — can be sent all over the world without borders.
Let’s get started! Now here are some of the most common words in the industry.
1. Cryptocurrency — decentralized digital money
3.Exchange — an exchange is a business (usually a website) where you can buy, sell or trade cryptos.
4. Wallet — crypto wallets are software programs that store public and private keys which enable users to send and receive digital currency.
6. Hash — it identifies a block like fingerprint.
7. Bitcoin — most popular digital currency, can be traded for goods or services with vendors who accept BTCs.
8. Satoshi -smallest indivisible unit of the Bitcoin, like a cent.
We hope you find this list useful. Along your journey, we will be posting more about different type cryptocurrencies for your education.