Cryptocurrency terms and Definitions
A 51% attack is a situation where more than half of the computing power on a network is operated by a single individual or concentrated group, which gives them complete and total control over a network. Things that an entity with 51% of the computing power can do include, but are not limited to:
Halting all mining.
Halting and manipulating all interpersonal transactions.
Use singular coins over and over.
A bitcoin address is essentially the same thing as your home address. It’s the location from which you would receive, send or hold your currency. These addresses generally manifest in a long string of alphanumeric characters and will look something like:
A wallet address is the public portion of the two encrypted keys necessary for a holder to accept or verify a transaction.
An altcoin is the community accepted name for any coin that isn’t Bitcoin. Altcoins that we’ve previously discussed include Dash and Monero.
ASIC mining is a crafty method of mining various coins at a much faster rate than any normal desktop or laptop might allow. Essentially what an ASIC, or Application Specific Integrated Circuit is, is a chip specifically created to execute one task. Enter ASIC mining. An example of one such model is an ASIC miner created to ONLY process SHA-256, which is the problem offered by the Bitcoin blockchain to mine new coins. There are also ASIC’s for scrypt which specifically solves the mathematical code in relation to altcoins such as Litecoin. Though, in recent years there has been a good amount of dialogue surrounding the longevity of mining this way and we’ve even seen coins making it so that it’s impossible to mine with an ASIC.
A blockchain is a data system that allows for the creation of a digital ledger of transactions on a non-centralized network. Cryptography is the main operator that allows for users to engage with the ledger without the need for any central figurehead. In layman’s terms, this means that people and computers all over work together to create a network instead of a network being made by one single person or company. This network is enabled and protected through cryptography! We have seen this used in currency, data transfer and on. The blockchain is comprised of “blocks” and is constantly growing as each new record, datum, or block is added onto the chain for everyone to see.
Blocks are essentially pages in a ledger or record keeping book. Blocks are the files where unalterable data related to the network is permanently stored. Forever. Like eternity.
Block height is the number of blocks preceding the genesis block (first block) on the chain. A genesis block will always have a height of zero because nothing precedes it. It’s a metric used to create a bearing on time in the programming world as well as a few other functions such as maintaining counter-party and betting in the crypto world. Considering that a new Bitcoin block is made every 10 minutes, you can work out certain time related pieces of information if you have the total length of the chain.
Block reward is the reward allotted for hashing, or solving the mathematical equation related to a block. The reward for mining a Bitcoin block is 25 bitcoins per block mined, which will halve every 210,000 blocks!
A distributed ledger is an agreement of shared, replicable and synchronized data, in this case spread across multiple networks, across many CPU’s. A central ledger is the opposite in that all of the data, while being synchronized and replicable is controlled by a singular network or individual.
A distributed denial of service attack uses large numbers of computers under an attacker’s control to drain the resource of a central target.
A transaction for an extremely small amount of bitcoins, which offers little financial value, but takes up space in the blockchain.
The act of holding funds or assets in a third-party account to protect them during an asynchronous transaction.
Any form of physical paper currency. Regulated and Centralized
Fear of Missing out
Fear, Uncertainty, Doubt
A technique used when first launching an altcoin. A set number of coins are pre-mined, and given away for free, to encourage people to take interest in the coin and begin mining it themselves.
A fork is the permanent divergence of an alternative operating version of the current blockchain. Forks come into existence when a 51% attack occurs, a bug in the program, or more commonly a new set of consensus rules come into existence. These happen when a development team creates and inserts notably substantial changes into the system. The successful fork is decided by the height of their blocks.
Is a misspelling of the word Hodl made popular by a viral post in 2013. It later became know as an acronym for “Hold on for Dear Life.” A phrase that means you hold your position or coin despite an increase in the market or when others may be selling their coin in fear of a decline.
Halving is the reduction of minable reward every so many blocks. For Bitcoin the reward is halved after the first 210,000 blocks are mined and then every 210,000 thereafter.
Hashrate is the speed at which a block is discovered and the rate at which the related math problem is solved. Certain tools have been created to allow for higher hashrates. See ASIC.
An Initial Coin Offering, A way for a new cryptocurrency project to raise money for their project by offering a select amount of coins for sale to the public at base price.
Mining is the term used for discovering and solving blocks along the blockchain. A reward is given for solving the algorithm and lengthening the chain, called a mining reward. The mining reward for the Bitcoin blockchain is Bitcoin.
Multisig, or multisignature refers to having more than one signature to approve a transaction. This form of security is beneficial for a company receiving money into their BTC wallet. If a company wants to keep it so that one employee doesn’t have sole access to a transaction, multisig allows for a transaction to be verified by two separate employees before it’s complete.
A node is essentially a computer connected to the Bitcoin network. A node supports the network through validation and relaying of transactions while receiving a copy of the full blockchain itself.
P2P is another way of saying Peer-to-Peer. Peer-to-peer has become a very large focus of blockchain as one of the biggest selling points is decentralization. Nearly every interaction on the blockchain can be fulfilled P2P, or without a centralized variable like a store, bank or notary.
Proof of work was a concept originally designed to sieve spam emails and prevent DDOS attacks. A Proof of Work is essentially a datum that is very costly to produce in terms of time and resources, but can be very simply verified by another party. The proof of work for Bitcoin is referred to as a “nonce,” or number used only once. This has been considered an energy intensive alternative to proof of stake as the computers unfortunately have to be on and running, which also drives the market towards centralization of hashing power… which is what the blockchain aims to defeat!
Proof of stake has been considered the greener alternative to PoW. Where PoW requires the prover to perform a certain amount of computational work, a proof of stake system requires the prover to show ownership of a certain amount of money, or stake.
In cryptography, a public key is a cryptographic key that can be utilized by any party to encrypt a message. Another party can then receive the message and using a key that is only known to that individual or group, decode the message.
Pump and Dump
Inflating the value of a financial asset that has been produced or acquired cheaply, using aggressive publicity and often misleading statements.
A signature is the mathematical operation that lets someone prove their sole ownership over their wallet, coin, data or on. An example is how a Bitcoin wallet may have a public address, but only a private key can verify with the whole network that a signature matches and a transaction is valid. These are only known to the owner and are basically mathematically impossible to uncover.
A two-dimensional graphical block containing a monochromatic pattern representing a sequence of data.
Selling a cryptocurrency In hopes of buying it at a lower price at a later time to gain profit.
A two way smart contract is an unalterable agreement stored on the blockchain that has specific logic operations akin to a real world contract. Once signed, it can never be altered. A smart contract can be used to define certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
The measurement of price movements over time for a traded financial asset.
A digital or physical address in which cryptocurrency can be stored/sent/received. Accessible through a private key.
Someone who possesses a Majority percentage of a cryptocurrency. Referred to as a Whale.
A documentation describing a crypto currencies protocol in detail
Coinbase CEO reveals his top crypto predictions for the next decade.
Prominent crypto personality and CEO of Coinbase Brian Armstrong has revealed the top trends which he believes will define the next decade of blockchain technology.
Outlining 11 areas of development for blockchain and cryptocurrency during the 2020s, Armstrong predicts that blockchain will reach one billion users by the end of the decade, and also sees a future where governments make a mass move into crypto.
Armstrong predicts that over the course of the decade, new layer-two scaling solutions will be developed that may increase blockchain scalability by “several orders of magnitude”, which would allow decentralised applications (dApps) to be developed more rapidly.
Discussing scalability challenges, Armstrong said:
“Just like broadband replacing 56k modems led to many new applications on the internet (YouTube, Uber, and so on), I believe scalability is a prerequisite for the utility phase of crypto to really get going.”
Armstrong also addressed issues of privacy, predicting that a privacy coin would emerge during the 2020s which would attract mainstream adoption, and he also shared that trading and speculation would give way to real utility for blockchain assets.
CBDCs in the spotlight
Interestingly, Armstrong also included central bank digital currencies, or CBDCs, in his predictions for the next decade.
He argued that while Facebook’s Libra coin had largely been met with derision from the global regulatory community, other digital fiat currencies were gaining traction.
Principal among these new CBDCs is China’s digital yuan, which Armstrong says has left the US playing catch up, exploring new ways to digitise the dollar.
However, Armstrong argues national-level CBDCs may not be the promised digital currencies of the future:
“I think we will then see basket digital currencies come out, either by a consortium like Libra or CENTRE, or possibly the IMF itself.”
Armstrong’s last prediction is based on what he terms the “billionaire flippening”. The Coinbase CEO predicts a scenario where BTC will reach $200,000 and more than half of the world’s billionaires will have their fortunes in crypto.
This theory was made popular by Polychain Capital founder Olaf Carlson-Wee and angel investor Balaji Srinivasan, who are good friends of Armstrong.
Discussing the potential effects of such a scenario, Armstrong shared:
“It would mean that more pro-technology people will have access to large amounts of capital in the 2020s. Presumably, this will increase the amount of investment made in science and technology, and I think we’ll also see more crypto folks turn to philanthropy.”
Despite Coinbase’s role as a trading platform and exchange, Armstrong has long been a proponent of blockchain utility, and has previously indicated a wish to move beyond trading and drive innovation.
The post Coinbase CEO reveals top crypto predictions for the next decade appeared first on Coin Rivet.
Top 10 Best Performing Cryptos Of 2019, Not Named Bitcoin
Since the start of 2019, the crypto market has been on the receiving end of an insane amount of financial volatility.
For example, in January, the total market capitalization of this burgeoning sector was around $130 billion. However, by July, the market at large had witnessed an influx of bullish momentum that pushed the total capitalization value of this space to a whopping $373 billion. Following this period, the aforementioned bull run proceeded to subside quite a bit, with the market now hovering a tad under the $200 billion threshold.
A few cryptocurrencies maintained a strong financial standing all year long and were able to stave off the various economic slumps that were observed throughout 2019. Here are the standout cryptos not named Bitcoin.
While a fair few people may be surprised to see ChainLink (LINK) in the list of the best-performing cryptocurrencies of 2019. The platform essentially seeks to bridge the gap that exists between blockchain-based smart contracts and real-world applications.
From an economic standpoint, LINK started the year relatively slow — with the price of a single token rising from $0.31 to just over $0.45 over a five-month period. However, by the first week of July, the currency reached its financial apex, with a single LINK token being traded for as high as $3.74. And while the currency has lost a bit of its insane financial momentum over the last couple of months, LINK is still trading slightly above the $1.90 mark.
All in all, the LINK/USD trading pair has surged by over 500% since the start of the year, and the LINK/BTC pair has also gained more than 300% over the same time period — which is quite an impressive feat, to say the least.
Released onto the market back in mid-2017, Binance Coin (BNB) is a token that can be used for trading purposes as well as for the facilitation of various fee-related payments within the Binance exchange platform. Not only that, but Binance also provides BNB holders with various incentives and discounts for making use of the digital currency for internal transactions.
In regard to BNB’s performance, the currency started the year at a price point of around $6. However, by the final week of May, the price of a single BNB token rose to $35.20 — thereby signaling a growth of more than 450%. During the third quarter of 2019, BNB’s value slid from $33.10 to $15.79, thus showcasing a drastic reversal in the currency’s fortunes. However, over the last couple of months, BNB’s value has remained relatively stable, with the asset’s average value in December currently floating just below the $14 mark.
Since the start of the year, the overall value of the BNB/USD pair has increased by over 140%.
Tezos (XTZ) is a decentralized computing platform that makes use of a formal verification protocol as well as a proof-of-stake consensus module for its internal governance-related matters. In regard to how the system works, XTZ holders who stake their tokens are eligible to receive additional tokens as an incentive for creating and verifying blocks.
From a financial performance standpoint, XTZ started off the year at a price point of $0.47. However, by the end of the first quarter of 2019, the value of a single token had scaled up to an impressive $1.06. XTZ’s performance continued to surge between April and June, with the currency touching its annual high of $1.88 on May 19. During this year’s third quarter, XTZ’s value continued to hover around the $1–$1.20 region. However, since the start of December, the crypto asset has once again picked up momentum, with a single token currently trading for $1.51.
Over the course of 2019, the value of the XTZ/USD trading pair has increased by over 190%.
Synthetix Network Token
The Synthetix Network Token (SNX) is an ERC-20 token that is meant to facilitate all of the native transactions associated with the Synthetix exchange. Additionally, SNX tokens are traded using a peer-to-contract model and are also used as collateral to back SNX synthetic assets, called Synths, that are employed within the Synthetix Network to track the market value of any basic asset.
Between January and April, the price of a single SNX token touched a maximum of $0.07. However, since May, the digital currency has continued to soar in value — with the only major slip coming on Nov. 26, a time when the crypto market at large experienced a major financial pullback.
Overall, since the start of 2019, SNX’s value has increased by over 200%, with the currency currently trading for $1.33.
Currently one of the market’s top 10 cryptocurrencies, Bitcoin Cash (BCH) is basically a hard fork of Bitcoin.
From a financial perspective, one BCH was trading for $135 during the second week of January. However, by the beginning of April, the currency had soared to over the $300 threshold. The currency reached its annual monetary apex on June 26, when the asset was trading for $479.96. During the third quarter of 2019, BCH’s value remained relatively stable — hovering around the $300 mark — but since the start of November, the currency has been continually slipping in value, with a single coin currently trading just over $195.
All in all, over the course of the last 12 months, the value of the BCH/USD trading pair has risen by over 30%.
Cosmos (ATOM) is a decentralized network comprising of various blockchains that are independent, scalable and interoperable. The platform has gained a lot of attention over the course of 2019, especially since cryptocurrency associated with the network, ATOM, surged dramatically during the month of May. To put things into perspective, it bears mentioning that on Jan. 1, ATOM was trading for a price of $0.001.
As things stand, the currency is selling well over $4.20.
Litecoin (LTC) is a top 10 cryptocurrency that was created by Charlie Lee to serve as a more resource-friendly version of Bitcoin.
LTC was trading for $32 during the first week of January. But by June 22, the altcoin had risen to an impressive price point of $141.73. Since then, LTC’s performance has continued to decline, with the currency trading for an average price of around $43 throughout December.
All in all, the value of the LTC/USD trading pair has increased by around 40% since the start of the year.
Basic Attention Token
BAT started off the year trading at around $0.13. However, by the second half of April, the currency had already scaled up to its annual high of $0.44. Following this period, the top 50 asset continued to slide in value until September, after which it once again began a financial ascent, reaching a relative high of $0.27 on Nov 17. Since the start of December, BAT’s value has remained relatively stable around the $1.70 region.
Over the course of 2019, BAT’s value has increased by around 35%.
Ether (ETH) is a top 10 crypto asset that is widely recognized as being the second most popular digital asset (i.e., after Bitcoin) on the market today. Ethereum developers envisioned the platform as a “world computer” for smart contracts — a digital protocol that helps facilitate, verify and enforce a contract whose terms have been predetermined. Not only that, but the Ethereum ecosystem also allows for the issuance of ERC-20 tokens.
On Jan. 13, Ether was trading for $116. However, over the course of the following six months, the value of the second-biggest cryptocurrency continued to increase, finally scaling up to its annual high of $334.66 on June 26. Following this period of bullish momentum, Ether once again continued to slide before finally settling down around a price range of $150–$180, except for a brief period in September when the currency surged above the $210 mark.
Since late November, Ether has been trading steadily between $130 and $150, thereby showcasing an overall value increase of around 20% since the start of the year.
EOS is a cryptocurrency platform that can be used by developers to devise a number of novel decentralized applications. In this regard, the EOS token is used to facilitate the eponymous system’s native transactions as well as its internal processes. Additionally, the EOS blockchain has been designed to be highly scalable and leaves a lot of room for customization — which is one of the main reasons why the project is so popular in the first place.
In terms of EOS’s financial performance, the digital currency was trading for $2.23 during the second week of January. Between the months of February and May, the asset surged quite dramatically, with the value of a single token reaching a price point of $8.54 on May 31. Over roughly the next five months, the currency’s value continued to float between $3–$3.80. However, since the last week of November, EOS has remained quite stable, currently trading around the $2.55 mark.
Presently, the EOS/USD trading pair has gained around a 10% value since the start of the year.
This Article Originally Appeared In CoinTelegraph
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
Bitcoin Exchanges3 years ago
Download The Binance IOS App
Bitcoin3 years ago
How to Buy and Sell Bitcoin (BTC) with Cash App
Binance3 years ago
How To Buy TRON (TRX) | Quick & Easy Step By Step Guide 2018
Altcoin3 years ago
Buy Electroneum (ETN) Today | Quick & Easy Step By Step Guide 2018
Education3 years ago
How to Buy Cryptocurrency on Robinhood App
Altcoin3 years ago
How To Buy Steem (STEEM) | Step By Step Guide 2018
Altcoin3 years ago
How To Buy Dogecoin (DOGE) | Step By Step Guide 2019
Cryptocurrency3 years ago
MinerGate GUI Miner – Step by Step Walkthrough | 2018