We want to inform our users so they can become the best traders they can be. That is why we wrote this article explaining all the terms you need to know to understand cryptocurrency.

Max Middelman
Founder @ Coinstack Investment app. Blockchain enthusiast and early investor in Bitcoin, Ethereum and ZCash
Dec 16, 2016

CoinStack Tokens  An Alternative Cryptocurrency To BitCoin – Ripple – Ethereum – LiteCoin

21 Terms to Understand Cryptocurrency

We want to inform our users so they can become the best traders they can be. That is why we wrote this article explaining all the terms you need to know to understand cryptocurrency.
1.

51% Attack
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.


2.

Address
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:
1MhN5qfH1vgx9CLL17i3DK9D2gzrHR7dZF
A wallet address is the public portion of the two encrypted keys necessary for a holder to accept or verify a transaction.

3.

Altcoin
An altcoin is the community accepted name for any coin that isn’t Bitcoin. Altcoins that we’ve previously discussed include Dash and Monero.

4.

ASIC/ASIC Miner

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.

5.

Blockchain
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.

Five From 21 Shown Here 

Sixteen More Revealed In The Link  

Translate »
%d bloggers like this: