Crypto abbreviations

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Bitcoin Whale: Bitcoin Whale is an early bitcoin investor who bought a large chunk of bitcoin when the value was relatively low. Cryptocurrency: Cryptocurrency means digital currency money that utilizes encryption and cryptography to control the generation of new units of currency as well as secure and verify transactions of that currency. Cryptocurrency exchange A cryptocurrency exchange is a digital trading marketplace where traders can buy and sell bitcoins, ethereum, litecoin and other coins using different fiat currencies.

It is an online trading platform that acts as an intermediary between buyers and sellers of cryptocurrency. Cryptocurrency exchange platforms are similar to stock exchange where buyers and sellers are matched.

Satoshi Some of the more observant among you may realize that this is the first name of the assumed pseudonym Satoshi Nakamoto, the supposed creator of Bitcoin and author of the Bitcoin white paper. But as a word by itself, it means the tiniest amount of Bitcoin that you can possess. This by itself is a mind bogglingly small amount - 0. Although it might seem so minute that it is meaningless, the Satoshi unit does have uses.

Satoshis are used as the denomination on the Bitcoin blockchain before converted to display. Also, they can be used when referring to small amounts of Bitcoin but not 0. For example, you may want to send to 0. Instead of saying 0. DeFi and Dapp These are relatively new additions to the crypto dictionary. DeFi is short for decentralized finance, and Dapp is short for decentralized applications. DeFi aims to enable deeper integration between blockchains and financial services.

Bitcoin was invented with the intention of taking away the middleman — i. But with DeFi, it is now possible for other services that banks offer, such as insurance, loans, or savings accounts to be made available without the middleman through the usage of blockchains with smart contracts, such as Ethereum.

Finance is by no means the limits of Dapps though, with them having a wide range of functions, spanning from social media, to technology, to the arts, and many more. Forking To the surprise of absolutely no-one, this term in relation to crypto has nothing to do with the commonly used piece of cutlery. This could be necessary for a number of reasons, and there are soft forks and hard forks.

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