Common Cryptocurrency Related Terms

Are you new to Bitcoin and cryptocurrencies or want a quick refresher of terms you may not know (yet)? Check out our quick and dirty list of must-know Bitcoin terms:

• 51% Attack - An attack on a blockchain where a group of attackers gather more than 50% of a network's hashrate. This allows attackers to prevent new transactions from gaining confirmations and potentially double-spend coins. They would not be able to create new coins or alter old blocks.
• Altcoin - Any form of cryptocurrency that is not Bitcoin.
• ASIC - Stands for "application-specific integrated circuit". These are customized for a specific use rather than a general use. An example of one is a Bitcoin mining ASIC used to mine Bitcoins more effectively than a normal computer.
• Bitcoin - A form of digital currency created in 2009 that is created and distributed on a peer-to-peer network. It is decentralized and no single entity controls the creation or flow or it.
• Blockchain - The digital file distributed to everyone participating in a single cryptocurrency network. This is akin to a general ledger and keeps track of every transaction that has ever occurred on the network.
• Block Height - This is the number of blocks connected together in the blockchain
• Confirmation - A transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent.
• Cryptocurrency - A digital currency that uses blockchain technology to allow individuals to transact with one another even if they do not trust one another. 
• Cryptography - The branch of mathematics that deals with ciphers and encryption.
• Difficulty - This is related to mining and how hard it is to verify blocks on the network.
• Double Spend - Trying to send a transaction to two different recipients at the same time.
• DYOR - Do your own research
• Fiat - Government issued money.
• FOMO - Fear of Missing Out
• FUD - Fear, Uncertainty, Doubt
• Halving - Some cryptocurrencies, specifically Bitcoin, decrease the number of bitcoins generated per block by 50% every four years. This is called the halving.
• Hash - A has is a mathematical function that takes a file and produces a code that can be used to identify that same file. A hash is unique to a certain file, and cannot be reversed. Hashing is used to prove a set of data has not be modified.
• Hashrate - The total computing power of the miners on a specific blockchain
• HODL - A misspelling of the world "Hold", some people think it stands for "Hold on for Dear Life"
• Lambo - A Lamborghini, symbolizing something traders are interested in buying.
• Mining - Producing units of cryptocurrency, generally through using complex computations through computer hardware.
• Peer-to-Peer - Cutting out the middleman (banks) and dealing directly with the intended parties.
• Private Key - A string of data that shows you have access to the cryptocurrency in a specific wallet. This is the equivalent of a password.
• Satoshi - Named after the creator of Bitcoin, also indicates the smallest unit of a single bitcoin.
• Whale - An individual or entity that owns a huge amount of any given coiin/