Familiarity with Crypto currency terms is essential for people who intend to invest in the cryptocurrency market. The terms used in this financial market are largely different from other investment markets; This is due both to the novelty of the concept called cryptocurrency and to the sense of natural humor of the people who operate in this market.
The concepts of Crypto currency invented by these people do not exist in the words of other peoples of the world and sometimes seem unusual. Many cryptocurrency terms are only understood and understood by people who have been in the Crypto currency space for a long time; But it does not matter where you are investing in Crypto currencies; Because in this article, we are going to provide you with a complete list of the most common terms of Crypto currencies. be with us.
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Basic terms of Crypto currencies
Crypto Currency (CRYPTOCURRENCY)
One of the main concepts of Crypto currency is cryptocurrency, cryptocurrency, currency code or base code currency. Currency cryptocurrencies or Crypto currencies are virtual currencies that are managed independently of the banking system and government of each country. These Crypto currencies are encrypted to prevent fraud and increase security, and can only be used on the Internet and in the Crypto world. The first successful Crypto currency project for Bitcoin was in 2009. It is interesting to note that similar attempts to design and develop Crypto currency had been made before, but all failed.
SHITCOIN
It is one of the newest concepts of Crypto currency and refers to the code of worthless currency. The value of sheet coins will disappear altogether in the future and will reach zero. The term has emerged in recent years due to the growing number of cryptocurrencies. It is interesting to know that there are currently about 22,000 currency codes, many of which are in the form of shitcoins.
ALTCOIN
ALTCOIN consists of two parts, ALT + COIN . ALT (ALTERNATIVE) means alternative and therefore ALTCOIN means alternative coin or coin. Bitcoin is the first Crypto currency invented by Satoshi. After Bitcoin, many cryptocurrencies such as Atrium, Monroe and Ripple entered the market. Altcoin modification refers to all Crypto currencies invented after bitcoin.
SATOSHI
It is one of the most basic terms in Crypto currencies. Satoshi is the creator of Bitcoin, the world’s first Crypto currency. Today, the smallest fraction of a bitcoin is called a satoshi. In fact, one Satoshi unit is 0.000000001 bitcoins, which is one hundredth of a million BTC .
BIT
Bitcoin is a common unit and one of the sub-units of Bitcoin. 1,000,000 bits equals one bitcoin.
CRYPTOGRAPHY
Cryptography is a mathematical and computer operation for encrypting and decrypting data. Bitcoin uses three different cryptographic methods, including MINING .
TOKEN
Token is a common cryptocurrency term. Some people mistakenly use this term instead of COIN . Each blockchain has its own data entry system. Coins are used to buy and sell goods. While tokens are developed and used in the existing Chinese blockchain, especially atrium. For example, tokens created in the Atrium ERC-20 blockchain platform are called.
BTC and XBT
BTC or XBT both refer to BITCOIN and there is no difference between them.
WHITEPAPER
This term is called white paper in Persian. White paper is actually a document in the form of a PDF file in which information about all the details of a new Crypto currency, the technology in its design is mentioned. In general, WHITEPAPER refers to the problems that developers intend to solve with their currency code.
SATOSHI NAKAMOTO
Satoshi Nakamoto is the nickname of the person or persons who developed Bitcoin. Satoshi is the author of Bitcoin White Paper and the designer of the first blockchain database.
History: On October 31, 2008, an email called “Bitcoin Peer-to-Peer Monetary System” was released by Satoshi in an encrypted email list.
BLOCKCAHIN
One of the main concepts of Crypto currency that we have encountered many times. This word is created by putting the two words BLOCK and CHAIN together. In each block, separate information is recorded and added to the chain of previous blocks. This concept was first used with the formation of Crypto currencies. Blockchain is an information and data recording system that, with encryption, cannot be hacked or manipulated. Blockchain information is shared with all users. If the data and information in the blockchain is publicly available, it is called a PUBLIC BLOCKCAHIN .
Peer to Peer (P2P)
P2P stands for PEER-TO-PEER or peer-to-peer exchange. Buyers and sellers of Crypto currencies communicate directly with each other through the P2P platform.
History: The term was first used in the 1980s; But in 1999 its use reached its peak; This year, NAPSTER made it possible to exchange music between users using a P2P network.
DECENTRALIZATION
One of the most important terms is Crypto currencies and decentralized meaning. You’ve probably heard the term decentralized about Crypto currencies many times, but what does it mean? Decentralization actually means that information and data are not centralized in one organization and exist throughout the network.
As mentioned, in Crypto currency transactions, exchanges are done on a peer-to-peer and decentralized basis; That is, the seller and the buyer are in direct contact with each other and there is no (organizational) intermediary between them; But in government banking systems, money is transferred from account 1 to account 2 through an intermediary called a bank that has access to information on both accounts 1 and 2.
BLOCK
The block is part of the building block of the Chinese bloc. Each block contains information and data related to the performed transactions. After completing each block and its final approval by the miner, the block is closed and added to the previous block chain. In this case, it is not possible to change the information and add or subtract data in these blocks. The first block created by Satoshi is called GENESIS BLOCK.
CONSENSUS ALGORITHMS
This phrase in Persian means consensus algorithms. The methods by which members of a blockchain network agree are called consensus algorithms. One of the main applications of the agreement consensus algorithm is to approve a transaction in a block. Two algorithms, PROOF OF WORK and PROOF OF STAKE, are used in blockchain.
PROOF OF WORK
In Persian it means “proof of doing work” . A bitcoin mining algorithm based on complex mathematical calculations. Computations are performed by computers with high processing power. These calculations confirm the validity of the transactions made in each block. A computer that can perform calculations faster and verify block transactions will receive some bitcoins as a reward.
PROOF OF STAKE
Another term for Crypto currencies is “stock proof” . Another way to maintain security is blockchain. This method is also used as an alternative to PROOF OF WORK. In this way, people can buy part of the network currency code and allocate it to the network for a while; And they receive rewards from the network based on the amount and duration of the blocking of their assets. Ultimately, these people participate in the process of verifying block transactions.
HASH
Hash is a mathematical function. In general, mathematical functions receive inputs and, by modifying them, convert them into separate outputs. The hash function is used in Crypto currency calculations. The hash receives various numbers and letters as input data and converts them to encrypted output. By hash encrypting information, information security is increased and it is used to store data.
HASH RATE
HASH RATE or HASH POWER is one of the concepts of Crypto currency. The hash rate is the measure and unit by which the resolution of the hash function is determined by the miner. The hash rate specifies the number of network attempts to complete the computation.
DOUBLE SPENDING
This phrase means “spending money twice”. Since Crypto currencies are not physical currencies, it is possible to duplicate and spend them twice; But with this security system, it is not possible to copy Crypto currency or spend it twice. With accurate registration of transactions and assets in the blockchain, the probability of DOUBLE SPENDING has reached zero.
Attack 51% (ATTACK 51%)
When the network uses the PROOF OF WORK system, it may be attacked by 51%; But what is the term attack of 51%? 51% attack is done by miners. When an individual or group succeeds in gaining 51% of the network power and achieving the highest HASH RATE , they are able to attack the network.
In fact, an attack means the ability to reverse the transaction, manipulate transactions and delete them. These people can generate coins outside the protocol and steal other coins. If the network is attacked by 51%, the activity and transactions are stopped and the blocks are reviewed and corrected.
Crypto Currency Exchange (CRYPTO EXCHANGE)
With the development of the world of Crypto currencies in recent years, the concepts of Crypto currency have also expanded. Crypto currency exchanges or CRYPTO EXCHANGE are some of these cases, the number of which has increased in recent years around the world. Crypto currency exchanges are online websites where a particular currency code is exchanged for another type of Crypto currency. Exchanges charge a fee for the exchanges made.
HALVING
Halving is derived from the English word HALF meaning half. Halving the bitcoin reward after extracting each 210,000 blocks is called HALVING . This system was developed by Satoshi, the creator of Bitcoin, to prevent inflation, bitcoin depletion, and supply and demand control in general. Rewards are halved every four years. The last Halloween happened in 2020.
BLOCK HEIGHT
Another concept of Crypto currency is blockchain or block height. As mentioned, blockchain consists of a number of blocks in a chain and back. Consider a block in this chain, the size of the previous blocks of that particular block is called the BLOCK HEIGHT of that block.
Satoshi has created the first bitcoin block. The name of this block is Genesis block. Since there is no other block before that, your block of creation is zero.
Fiat money or currency
Each drawer is usually backed by the amount of gold’s assets and reserves; But Fiat money is money that has no backing and its value depends on the amount of supply and demand; Like the US dollar.
History: This currency system was first formed in the last few centuries in China and has been used over time in other parts of the world.
Fork
This is called a fork. Each Crypto currency operates with its own rules and protocols. As long as these protocols are acceptable to all programmers, the blocks in the blockchain will continue to operate; But if for any reason the programmers have a problem with the existing protocol and want to change the term, they will update the block. It is called updating or creating a new block fork.
SOFT FORK
If the changes made to the blocks are superficial and minor, the so-called SOFT FORK is done. This means that the rules of consensus and previous protocols remain unchanged and new rules of consensus consisting of new protocols are added to the previous rules.
HARD FORK
Unlike in the previous case, the previous consensus laws have been completely abandoned and replaced by new laws and protocols (instructions) . The new rules are not compatible with the previous rules. Consider, for example, computer software whose new updates do not run on previous years’ versions, but vice versa.
Hard forks sometimes create new currencies. Bitcoin Cache, for example, is the result of a hard fork in Bitcoin.
Initial Coin Offering (ICO)
INITIAL COIN OFFERING is called ICO . Funding is very important for the implementation of ideas and projects related to Crypto currency and, finally, the launch of start-ups. Some of these projects are funded by Crypto currencies. An event in which a startup startup budget is collected in Crypto currency is called an ICO . In this event, investors invest in the project with Crypto currency and receive blockchain tokens in return.
History: For the first time in 2013, companies used this method of raising capital.
EXIT SCAM
It is a kind of scam that happens by startups in ICO. As mentioned, startups are a place to invest. In some cases, after a while, these companies are completely dissolved and the Crypto currencies invested in these companies are stolen.
History: This term is not specific to the Crypto currency market and has previously been used to refer to businesses that stop sending orders despite receiving new orders from customers.
Solidity programming language
In the Atrium Crypto currency blockchain, there are contracts called smart contracts. Smart contract is actually a special protocol for arranging contracts. In general, Solidarity is the programming language by which Atrium Smart Contracts are written.
BITCOIN MAXIMALISTS
As mentioned, the first Crypto currency designed is Bitcoin. The value of this currency code is higher than other Crypto currencies. This is why some people consider other Crypto currencies to be worthless, which is called bitcoin maximalist or BITCOINER .
Do your own research (DYOR)
DYOR or DO YOU OWN RESEARCH means “do your own research” . The term is generally used and is not specific to the Crypto currency market. The term is used when the questioner is suggested not to trust only what others have to say and to research it before making any decision.
WHEN LAMBO
An interesting word among the terms of Crypto currencies. The word LAMBO in this phrase refers to Lamborghini. Among users of the Crypto currency market, the term WHEN LAMBO refers to the question of when to buy a Lamborghini Crypto currency with the profit from the increase in value.
History: One of the oldest bitcoin investors and HODLERS in the early years of bitcoin introduction has bought and maintained bitcoin at various times. Years later, as the value of bitcoin increased, he sold a number of them and bought a Lamborghini. The term has since gone viral among users.
BTFD
It is one of the terms of Crypto currencies that is commonly used among experienced users. This abbreviated phrase is BUY THE F * CKING DIP. The term is used as a suggestion when the price is at its lowest point and therefore the best time to buy.
CENTRAL LEDGER
The phrase literally means “headquarters.” The office is responsible for maintaining transaction information. The system for recording information about debts, accounts, transactions and many other things is not specific to Crypto currencies and has been used before.
Distributed Ledger
It means “distributed general office”. It is, in fact, a very secure database that is shared jointly across multiple sites and institutions. This database is accessible by several people and allows public control transactions, but it is not possible to delete or change the information recorded in it.
Blockchain explorer
It is one of the terms of Crypto currencies and means blockchain searcher. A search engine is a site or application for searching in blockchains. These browsers are one of the most important tools used by users to provide valuable information about block details, transactions, transaction history of a particular address, input and output addresses, and so on. In fact, the browser of each Crypto currency operates privately; This means that bitcoin transaction information is not available in the Atrium browser.
Stablecoin Crypto currency
STABL COIN or Crypto currency with fixed are cryptocurrencies that despite their fixed value, they are used to reduce market fluctuations and stabilize the price of coins. Unlike other coins that operate independently, stable currencies are usually backed by government currencies, gold, or other Crypto currencies.
For example, one of the stable coins introduced to the market is “Tetr”. Tetra is worth $ 1.
Market value (Market Capitalization)
Capitalization MARKET , market cap or the market value of the cash value of an asset such as Crypto currency is said to be in the market. To get the market cap of any Crypto currency, you need to multiply the total number of tokens and coins mined by the cash price of that coin.
For example, the market value of bitcoin is $ 220 billion.
Customer Recognition Policy (KYC)
The abbreviation KNOW YOUR CUSTOMER means “know your customer” . KYC is a legal requirement to prevent money laundering and financial loss. According to them, customer authentication is essential. KYC is not just about the Crypto currency market, and banks also receive identification information, addresses and contact numbers from their customers.
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نود (NODE)
NODEs are computer systems that are connected to a blockchain network to verify and verify transactions. The information in each of the blocks of a blockchain is stored in nodes.
FISH
Someone is said to have small amounts of Crypto currency thanks to the WHALE mode that ups and downs the market.
Open Source
This term is popular among Persian-speaking users as open source. The developers of a piece of software may not make the information and programming code available to the public and may keep it confidential; But in some cases, the opposite happens and the software programming code is made available to the public at the time of publication. Crypto currencies are similarly open source and completely transparent. In addition to accessing and viewing codes and information related to the structure of Crypto currencies, it is possible to change and edit them.
History: This term is related to programming and is not specific to Crypto currencies, but Satoshi used it as the creator of the first Crypto currency.
Crypto Currency Terms Related to Investment
HODL
Do not be surprised, this phrase is not a misspelling and is actually one of the most interesting terms in Crypto currencies. Hoodle was first used in the case of bitcoin, but today it emphasizes keeping and not selling Crypto currencies amid market fluctuations. This means that we can maintain Crypto currency for a long time, regardless of market conditions and the value of the currency code.
After a while, alongside the term hodl, another concept called hodler emerged among users in the Crypto currency market. Hudler is someone who buys Crypto currency with the intention of long-term investment and does not intend to buy and sell immediately and emotionally in different market conditions.
History: In 2013, a person on the Bitcoin Tak website, the most important platform for bitcoin users, published a post titled I am hodling asking other users to refrain from daily and short-term trading and buy their bitcoins to make more profit. Maintain for long periods of time. He believed that the value of bitcoin would increase in the coming years. The phrase published by this person was a typo, but nevertheless the term became popular among users and became one of the most important concepts of Crypto currency.
Example: Many people enter the Crypto currency market with the intention of making overnight and short-term profitability. If they do not quickly make a profit, they intend to sell. The term reminds these people that they will definitely make more profit if they avoid repetitive trading and keep their currency code for a long time.
Fear of Loss (FOMO)
The term FOMO stands for Fear Of Missing Out . Contrary to the previous term, fomo is not specific to Crypto currencies and is generally said to mean someone who takes exciting and emotional actions for fear of missing out on potential opportunities. In the Crypto currency market, the term is used when the investor is afraid of losing the opportunity to buy.
History: In 2017, bitcoin investors bought for fear of losing the opportunity. That led to the price of Bitcoin rising from $ 7,500 to $ 7,700 in a matter of weeks.
BEAR
Among the various concepts of Crypto currency, BEAR refers to the downturn in the market, which is often used in articles published on market analysis. When the market experiences a downward trend, market investors do not trust market conditions and use the term BEAR.
History: The term has long been used by economists, especially Wall Street, and is also used today by Crypto currency activists.
Cattle (BULL)
The word BULL in English means cow. This term is the opposite of the previous case, BEAR. BULL refers to the uptrend in the market. When marketers use the term, they hope to increase the price of cryptocurrencies and improve the market situation.
Wall (WHALE)
Whale is another term for Crypto currencies, meaning whale. In the cryptocurrency market, WHALE refers to investors (individuals or organizations) who hold large amounts of a particular currency code. In general, the exact amount is not specified, but these people have so much currency code that by buying and selling them, they affect the market situation and the price of the currency code.
Example: Pantera Capital Investment Group is an example of a wall in the cryptocurrency market.
Destroyed (REKT)
REKT The slang of the word WRECKED means destroyed or corrupted. Among the concepts of Crypto currency, REKT is used to describe a very severe financial loss caused by bad investment. In addition, the term is used to describe a sharp decline in market value and the loss of total assets.
History: This term is very common among GAMERs and refers to a player who has been completely destroyed.
BAG-HODLER
One of the most common terms is Crypto currencies and in general financial and investment markets. BAGHODLER is made up of the combination of the two words BAG meaning bag and HODLER (the first term described) meaning holder. A BAGHODLER is someone who owns a worthless stock and irrationally insists on holding it.
History: The term has entered the vocabulary of the people since 1930, at the height of the Great Depression, and then the world of investment. At the time, the term was used to refer to people who filled their bags with potatoes in the food queue.
Fear of fear of falling prices (FUD)
FUD stands for FEAR UNCERTAINTY AND DOUBT and means fear, uncertainty and doubt. FUD is used when news or negative information about a Crypto currency is published in the Crypto and social media space and causes fear and anxiety among Crypto currency users. The person who spreads the most FUD is called a FUDDER.
For example, when an important person in the field of Crypto currencies gives an interview to the media, or by posting on his personal page, he considers the current value of Bitcoin as a bubble. These statements and information, the accuracy of which is not clear, cause FUD among Crypto currency users.
China (CHOYNA)
One of the newest terms is Crypto currencies. The term CHOYNA refers to China and how Trump pronounced CHINA. CHOYNA refers to the Chinese users of the Crypto currency market. China has banned the extraction of various cryptocurrencies. However, according to reports, most bitcoin mining and trading is done by Chinese users.
Crypto Currency Terms Related to Technical Analysis
Peak Price (ATH)
Peak price is one of the most promising cryptocurrency terms and means increasing the price and value of one of the cryptocurrencies of all time. The term is used when the value of one of the Crypto currencies has reached a new record in history.
Top of the line (ATL)
The abbreviation is ALL TIME LOW and the opposite of the previous case is ATH . The term is used when the value of Crypto currency has reached its lowest point in history.
BEAR TRAP
In situations where the decline in stock value is temporary, some investors mistakenly receive signals that the market is continuing to decline, resulting in a so-called trap and loss by selling their stock. In this situation, the so-called investors have fallen into a bear trap.
BULL TRAP
This term is called cow trap in Persian. The term is used in exactly the opposite context of BEAR TRAP . In this case, users are convinced by receiving the wrong signals that the market is returning to the uptrend, and as a result, they are unaware of the downtrend of the market. In this situation, they start buying shares and lose money.
The price has reached its peak (TO THE MOON)
This phrase in the word means “towards the moon” and in Persian means “soaring” . This term is often used as a verb MOONING . The term is used to describe the value of a Crypto currency that is experiencing a sharp uptrend in the market. In addition, TO THE MOON points to the strong belief of some people that the value of Crypto currencies will rise sharply in the near future.
Pump and Dump
It is one of the fraudulent and illegal methods in the stock market. A group of major investors works with one person or another group of large-grain investors to unrealistically and artificially increase the value of a stock or commodity they have already purchased and make a huge profit. It is called the pump value increase. These people then sell specific stocks or commodities to get people’s attention. With the increase in supply, the value of stocks falls sharply and the people who bought it lose. The state of stock devaluation is also called dumping. There is also the possibility of pumps and dump in the Crypto currency market.
Terms related to Crypto currency wallets
WALLET
It is one of the most common cryptocurrency terms and refers to the user’s Crypto wallet. WALLET is a software (APP) that allows the user to store their Crypto currencies and use it to trade. Private and public keys are used in WALLET.
COLD STORAGE
Cold wallet means storing Crypto currencies offline. In this case, it is not possible to access these passwords online and their security will increase. Offline maintenance of Crypto currencies is more expensive than hot or online methods.
HOT WALLET
One of the types of hot wallet Crypto wallets or hot wallets that are available online. Because the site server stores the user’s private keys; This type of wallet is not suitable for long-term storage and storage of all Crypto currency capital and does not have sufficient security. Hot wallet is suitable for people who are constantly trading currency.
HARDWARE WALLET
As mentioned, hardware wallets are one of the cold storage or offline Crypto currencies. These wallets, like a physical safe, are well protected from Crypto passwords and protect private and public keys. The hardware wallet connects to a computer or mobile phone through an interface and provides you with access to your wallet and account balance using proprietary software.
Example: LEDGER is one of the most well-known hardware wallets made in 2014.
Crypto Currency Wallet Address (ADDY)
ADDY is another term for Crypto currencies that refers to the address of a wallet, especially Bitcoin.
Terms related to Crypto currency transactions
CONFIRMATION
CONFITMATION means approval. In cryptocurrency, validations are a measure of the number of blocks elapsed since a new transaction was added to the blockchain. The higher the number of confirmations, the greater the security of the transaction. Confirmations are made by miners.
RECOVERY PHRASE
It is one of the terms of Crypto currencies and means “recovery phrase” . The retrieval phrase consists of 24 words and each user must keep it out of the reach of others. The term 24-word retrieval can be used to transfer passwords from one wallet to another Crypto wallet.
Private key (PRIVATE KEY)
It means “private key” and is one of the three methods of cryptography. The 51-character private key consists of English letters and numbers, which increase the security of Crypto currencies in the user’s wallet and prevent unauthorized access. Keeping the private key is very important because without it the user can not withdraw the currencies in their Crypto wallet.
PUBLIC KEY
The public key consists of several characters of English letters and numbers and, like the private key, plays a role in securing the user’s wallet. The public key is available in various formats such as compressed, uncompressed and WIF . This key is the address of the user’s wallet and is shared with other people to receive the currency password.
SIGNATURE
The word means signature. An encrypted signature performed by each user’s private key is called a SIGNATURE . In fact, when a transaction is made in the blockchain network, it is necessary to prove the ownership of the encrypted signature.
Examples: ELECTRUM, JAXX, MYCELIUM
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Crypto Currency Transaction Identifier (TxID)
Currency password transaction involves the process by which you receive a new currency password or send it to someone else. Each transaction made in Crypto currency transactions has an ID. Each transaction ID is unique and different from other transactions. This ID is used to track and check the status of the transaction. This identifier is known by various names such as TRANSACTION ID, CODETRANSACTION, HASH, TxID or TxHASH.
Example: 1 b3938cbc3f4d9a5218f7286e7e689aa94f3e97e9f0cd04577f15ccd25a5e6b is a transaction identifier in the cryptocurrency space.
TRANSACTION FEES
Another term for Crypto currencies is commissions. In order to perform the transactions and their final approval, it is necessary for the miner to confirm the completed transaction. It is possible to determine the amount of commission when conducting transactions in Crypto currency transactions. In this way, the higher the fee set by the user, the more miners are encouraged to finalize the transaction. As a result, the higher the fee you pay, the higher your transaction priority will be for approval.
Stop-Limit
It is one of the terms of Crypto currencies that we come across in Crypto currency exchanges. STOP LIMIT allows each person to determine the extent of their desired profit and loss in the market. For example, suppose a bitcoin is worth $ 8,000. You specify with STOP LIMIT that if the value of bitcoin falls to $ 7,000, sell your bitcoin; Or vice versa, by specifying a specific price, if the value of bitcoin increases by that amount, you buy bitcoins.
Terms related to the extraction of Crypto currencies
MINING
MINING in Persian means extraction. The process by which transactions are authenticated using computers based on the solution of encrypted mathematical problems is called mining. Finally, after confirming the transaction, a new block is added to the previous blockchain.
People who voluntarily provide their computers and extraction devices to the network to perform mathematical calculations are called miners. These people maintain network security and decentralize the production of new bit units and receive rewards in return. Group extraction is called GROUP MINING.
MINER
It means extractor. Miners are special tools and equipment that with high computing power are able to extract the currency code and actually verify the transactions sent to the network.
Example: BITMAIN ANTMINER S5
History: In the 90’s when spammers were sending a lot of spam messages, a person named ADAM BACK launched the HASH CASH anti-spam system by launching the PROOF OF WORK process. MINING is a term derived from this system.
MINING FARM
In Persian, it is known as extraction farm. MINING is performed by special power hardware (ASIC) that have very high power consumption. Some people put a large number of MINER machines in a shed outside the city and start mining. The location of these devices is called the extraction field. If bitcoin is mined on this farm, it is called BITCOIN FARM .
MINING RIG
The equipment needed to extract the cryptocurrencies is called mining sand or mining sand. The pegs (equipment packs) used in the extraction process may be completely specialized or a personal computer. Of course, in the early years, bitcoin mining was also possible with home computers, but now mining is more difficult than before and requires advanced high-power equipment.
CLOUD MINING
It is a Crypto currency term used when a person without a personal mining equipment pays a monthly fee to a Crypto currency mining company site to be mined instead. The benefit of cloud mining is less than direct mining and there is a possibility of loss; On the other hand, the costs of equipment, maintenance, electricity and space are eliminated.
Example: GENESIS-MINING.COM, founded in 2013, is one of the most trusted sites in this field.
MINING POOL
Money mining means mining pool. The term is used when the miners of a network integrate their mining devices centrally to perform mathematical calculations and increase the chances of extraction. These people have agreed to share the BLOCK REWARD .
Example: The first mining pool was formed in late 2010; And one of the best extraction pools is the POOLIN pool.
Integrated Circuits (ASIC)
ASIC stands for APPLICATION-SPECIFIC INTEGRATED CIRCUIT and means integrated circuits with special applications.
INTEGRATED CIRCUIT or IC means integrated circuits, also called chips, these chips have specific applications and are designed to perform specific tasks. These chips have higher speed and power than other chips. In general, ASICs are special devices whose special chips are used to extract Crypto currency.
Block Reward
As mentioned, the miners approve the transactions of each block and close the block and add it to the chain of previous blocks. These miners receive a reward instead called a BLOCK REWARD . The reward for each extraction is now 12.5 bitcoins.
Faucet
Fast refers to sites where the user is paid Crypto currency for their activities. Some sites charge Crypto currency for every few seconds or minutes, or some sites deposit Crypto currency in exchange for activities such as gaming, clicking on ads, playing on the site, and the user’s account. Of course, the amount is very small and the minimum withdrawal amount is very high.
Conclusion
Crypto currency terms are very diverse. The cryptocurrency market has attracted a lot of fans in recent years. As the value of a number of Crypto currencies increases, this market is a good place for long-term investment. Understanding cryptocurrency terms and concepts of Crypto currency will help you to work in this field with better awareness.
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