Here you can also find articles that help explain some of the most common terms used in the cryptocurrency world for readers to familiarize themselves with what they read in the news.
Cryptocurrency terms you should know:
- Blockchain – a list of records that is forever growing – those records are called blocks. The blocks are linked and secured using cryptography. This enables identifying and tracking transactions digitally and sharing this information across a distributed network.
- Blocks (of a blockchain) – these are records, which together form a blockchain. They are files that store unalterable data related to the network.
- Cryptocurrency wallet – a virtual wallet or digital wallet that stores public and private keys. These keys interact with blockchains to enable the user to receive and send cryptocurrencies.
- Smart contract – a contract that functions automatically thanks to lines of code rather than relying on intermediaries.
- Altcoins – all cryptocurrencies except for Bitcoin.
- Distributed ledger or shared ledger – a consensus of shared, synchronized, and replicated digital data.
- Cryptocurrency mining – refers to the validation of transactions when using digital money, i.e., a cryptocurrency.