Understanding Crypto Terms or Jargon

Cryptocurrency is becoming popular day by day. However, many aspects of cryptocurrency are unknown to common people. Knowing these aspects will help them to start planning their investment safely. There are various terms for cryptocurrency and cryptocurrency investment that may sound alien to the common masses. Although we have heard about Bitcoin, Bitcoin Cash, and Ethereum, very few in the common masses know about brain wallets, arbitrage, mining, and such as visit at: https://thenewsspy.technology/

A single individual can’t remember all the terms related to cryptocurrency or Bitcoins. But we can remember the major terms concerning cryptocurrency. If you are interested in investing in cryptocurrency or are already investing in cryptocurrency, then the below words must be familiar to you. 

Common crypto jargons that you should know

1. Whale

Very often, we hear this word around Bitcoin or cryptocurrency investment. Whales are those accounts that can influence the crypto market as they have a huge amount of currency with them. Many popular sites keep track of the activities of these whales to understand the flow of the market. Whales are mostly early investors or large funds. Most cryptocurrencies have whale accounts among their clientele. Hence, it is considered smart to keep track of these whale accounts.

2. Gas

As in common terms, we understand gas is something related to air, but in cryptocurrency terms, gas is the cryptocurrency transaction fee that needs to be paid to the miner for solving the extremely difficult mathematical expression and earning a coin for you. The cost of gas is directly proportional to the speed of transactions.  

3. HODL

If you expand this term, it will mean holding on to dear life. It is rather a dramatic way for those accounts that buy the cryptocurrency but do not indulge in trading Bitcoin or cryptocurrency. They simply buy Bitcoin and hold on to it in hopes of selling it when the time is correct and prices are extremely high. This is a kind of passive investment, and the term was coined in 2013 by a crypto account holder.

4. Wallet

There are various terms when it comes to wallet

• Brain wallet: when you store the private key inside your brain and just simply memorize the private key number
• Digital wallet:Before you begin with any crypto transactions, it is important for you to have a wallet where all the information about your crypto transactions is stored. When you store your cryptocurrency on any safe and secure exchange
• Hot wallet: this is a software-based wallet directly connected to the internet. This wallet can be easily hacked and susceptible to malware attacks or phishing. For example, a file can be hacked from a cloud system, but the file is safer in your house locks.
• Cold Wallets: When you store your crypto tokens in physical hardware or offline, it is termed a cold wallet.

5. NFTs

When we expand these terms, it represents non-fungible tokens. These are the tokens used when declaring ownership of anything digitally unique, like art and craft. There have been various examples of buying and selling NFTs over the internet, which caused popularity. For example, Quantum, the first-ever NFT created in 2014.

6. Public key

Your digital account number is the number you can share with other individuals or organizations to send or receive money whenever required. It is similar to a bank account number, and you still need to permit it if you want someone to take money from your digital account.

7. Satoshi Nakamoto

This individual was behind Bitcoin. He was the one who submitted the first white paper regarding cryptocurrency, which included why and how Bitcoins should be used, along with an aim for the future. Although no one has been able to track Satoshi, it is rumored that Satoshi is a pseudonymous name of an individual.

Conclusion

There are so many cryptocurrency terms that covering every term is quite difficult. However, we have tried our best to discuss some crypto terms, making talking and investing in cryptocurrency easier. If you are interested in learning about Bitcoin or investing in Bitcoin, then Bitcoin Era is an application that can help you. It is a trustworthy and secure platform for creating a digital wallet.