8

Need a Crypto Currency Definition? We’ve Got 26+ Checkout The AOT

Crypto currency definition

Ever wondered just what some terms mean in the crypto world? I definitely have so I’ve put together this list. Need a crypto currency definition? We’ve got 26+ Checkout The AOT (The Alphabet of Things). Starting with the top 3 of course namely:-

A is for :-

Altcoin is what every crypto coin that isn’t Bitcoin is called

Crypto Airdrop

AirDrop is when a currency is placed in your wallet, usually free, as a form of attention grabbing and to widen the user database.

ATH stands for All Time High and refers to the highest price any given coin or token has ever achieved. ATL – All Time Low is the opposite of that.

B is for :-

Bitcoin – if you don’t know what it is by now you may be a wee bit lost, dearie, try page 1!

Blockchain is the technology that enables the existence of Bitcoin and other cryptocurrencies (among other things) It is an immutable (cannae be changed) time stamped record of data managed and distributed among a cluster of computers.

Binance is a global cryptocurrency exchange that provides a platform where you can trade over a hundred different cryptocurrencies. Binance Cryptocurrency Exchange

C is for:-

Cashless society which is one where currency is in digital form only, we are already more than halfway there.

Confirmation is a measure of how many blocks have passed since a transaction was added to that coin’s blockchain. The transaction is more secure dependent on the number of confirmations.

Cryptocurrency is a digital asset that works as a medium of exchange that uses strong cryptography (codes) to secure financial transactions, verify the transfer of assets and control the creation of additional units.

D is for :-

Dash is an open source (collaboratively produced, freely shared, transparently published software) cryptocurrency forked from the Bitcoin protocol. It permits transactions that can be untraceable. It is also a DAO run by a subset of its users known as masternodes.

DAO stands for Decentralised Autonomous Organisation

Decentralised is a system which requires multiple parties to make their own decisions independently.

E is for :-

Exchange is a type of business that allows customers to trade not only crypto currencies but also other digital currencies for other assets eg fiat

EOS is a cryptocurrency that powers the blockchain protocol EOS.IO which is a smart contract platform that claims to be able to conduct millions of transactions per second whilst eliminating transaction fees.

Ethereum is another open source crypto released in 2015 by Vitalik Buterin and Gavin Wood.

F is for :-

Fiat money is a currency without intrinsic value which has been established as money, usually by government regulation. Fiat currency doesn’t have use value it only has value as money because a government is maintaining its value or because parties engaging in exchange agree on its value. (according to Wikipedia)

Fork is a software upgrade which brings new technical features to a blockchain. (future Forks article soon come)

FUD stands for Fear, Uncertainty and Doubt a type of disinformation strategy used to influence perception by dissemination of dubious, negative and false information . Commonly deployed by sales, public relations, cults, marketing and propaganda.  In Scotland it means something else entirely and I confess to a Beavis and Butthead moment every time I see it!

Beavis and Butthead sniggering

G is for :-

Gaming there are many definitions for gaming. I’m not a gamer per se but I do play Crypto Idle Miner for the Hora tokens. Tokens/coins seem to have a long history in gaming.

Gemini is a digital currency exchange founded by twin brothers, Cameron and Tyler Winklevoss with its headquarters in New York City, NewYork that I really wanna explore! (Note to self – Passport pronto or you’re not getting in!)

Gox (Mt) is a now defunct cryptocurrency exchange in Tokyo which is still being talked about as late as December last year, interesting! (Might look into that further, watch this space – ok not this space, a space with an article about Mt Gox which I will post in the near future!)

H is for :-

Hash no not hashish! A hash is a function that converts an input of numbers and letters into an encrypted output of a fixed length. Hashes are created using an algorithm and are essential to blockchain management in crypto.

Hodl (also written as HODL) stands for Hold On for Dear Life, an expression previously referring to holding Bitcoin  which is now used to describe holding Altcoins and Tokens as well.

Hot (wallet) is a piece of software that allows cryptocurrency users to send, receive and store their coins and tokens.

I is for :-

ICO stands for Initial Coin Offering (or sometimes Initial Currency Offering) which is a popular type of funding using crypto currencies often used as a source of capital for start ups. Tokens/coins are promoted as future functional units of currency if/when the ICO meets its funding goals and following the successful launch of the project.

IOT stands for the Internet of Things which is described as a concept of a network built with connections between many physical devices such as houses, vehicles etc powered by some form of software. There are an increasing amount of IOT capable devices available and connections between them.

Internet you’re on it dear, please see above definition of Bitcoin for what to do next!

J is for :-

Jesus coin pic

Jesus Coin is the only crypto of the son of God according to icoholder.com – I’m going to look into it this slightly blasphemous coin further!

JoinCoin appears to have an app where you can jog to earn crypto, I also spotted a JoinCoin faucet!

Jibrel (Network) is a fully-regulated, blockchain based private financing and equity management platform, apparently, that I stumbled across when I was looking for a third ‘J’

K is for :-

KuCoin is a popular crypto currency exchange launched in August 2017 and based in Hong Kong, China.

Keepkey is a Bitcoin/crypto currency hardware wallet which has advanced security against physical and virtual theft.

Kraken is another crypto currency exchange based in San Francisco, USA founded in 2011.

L is for :-

Ledger (Distributed) is a consensus of shared, synchronised and replicated digital data which is geographically spread across multiple countries, institutions or sites. It has neither centralised data storage nor a central administrator.

Ledger Nano X and S Valentine's Pack

Ledger (Nano) is a hardware wallet which supports the largest range of crypto assets.

Libra is Facebook’s much hyped but yet to be launched crypto offering.

M is for :-

Market (Cap) is the sum of the total circulating supply times the price of each coin.

Mainnet is the term for when a blockchain protocol is fully deployed and developed which means that crypto currency transactions are being broadcast, verified and recorded on a blockchain.

Mining (crypto currency) is a process in which transactions for crypto currencies are verified and added to the blockchain.

N is for :-

Namecoin is a crypto currency that was originally forked from bitcoin software. It is based on the code of bitcoin and uses the same proof of work algorithm.

Node is a computer that connects to a crypto currency network. It supports the network through relaying and validation of transactions.

Nonce is an abbreviation for ‘number only used once’, which is a number added to a hashed (or encrypted) block in a blockchain that, when rehashed, meets the difficulty level restrictions.

O is for :-

Ox is a decentralised cryptocurrency exchange protocol for trading Ethereum tokens – to find out how it’s different from a regular trading model look out for my Ox article (I will change this to a link when I post the article)

Obfuscation is a technique which is used in crypto currency to hide the script sources from being analysed.

OKEx is a crypto currency exchange based in Malta. It was founded in 2017 and in May 2018 it became the world’s largest crypto exchange by reported turnover.

P is for :

P2P stands for peer to peer (ie person to person or computer to computer) P2P crypto exchange is a platform where a buyer directly pays to the seller.

Potcoin cryptocurrency

Potcoin is a peer to peer crypto currency which exists with the aim of becoming the standard form of payment for the legalised cannabis industry.

Proof of Work/Stake – PoW (proof of work) is the original consensus algorithm used to confirm transactions and produce new blocks to the chain in a blockchain network. PoS (proof of stake) is a verification system where validators must own and support the currency they are verifying.

PTC – Paid To Click websites are a way to earn both fiat and crypto by clicking on ads worth a small amount of currency, check out my how to PTC article for how to do it.

Q is for :-

Q (initiative) – Initiative Q is (according to an article by David Z Morris) all the bad parts of crypto and none of the good ones. Damning words indeed, might investigate further.

Qu Capital is a quantitative investment and research firm based in New York which was acquired last year by Genesis, a worldwide leader in otc digital currency lending and trading.

Qtum sells itself as defining the blockchain economy. It’s white paper had too many big words for this lioness!

R is for :-

Regulation in the financial world varies in different countries for crypto currency eg in the US, the Commodity Futures Trading Commission has regulated virtual currencies as commodities and may continue to do so.

ROI stands for return on investment which is what you hope to receive when putting money into a venture or advertising for instance.

Ripple is the bank’s crypto offering, otherwise known as XRP which is a bit of a crypto marmite (you either love it or you hate it!)

S is for :-

Satoshi (of course!) The mysterious inventor of Bitcoin, whom a few have claimed to be but no one has been proven to be. It is also the name given to smaller increments of Bitcoin which gave rise to the phrase ‘stacking sats’ – see below

Scrypt is an algorithm first used by the crypto currency Litecoin, all forks of Litecoin work on it as well.

Stacking sats is the term commonly used to describe the collection and hodling of Bitcoin.

T is for:-

Token in computer security, a token is a type of encrypted data which allows only an encrypted token that leads back to the original data (but not the data itself) to be sent and stored.

Transaction (fee) is what you are charged by cryptocurrency exchanges for processing your transactions and can vary depending on time taken.

My Trezor and Case

Trezor is a type of hardware wallet used for cold storage which supports hundreds of crypto currencies including Bitcoin. Look out for my in depth Trezor article (that’s mine in the above pic!) with links to purchase. (If you already know enough and just want to purchase already  – calm down and click the red Trezor affiliate link!)

U is for:-

Uphold is a trading platform which claims to trade ‘anything to anything’ – definitely warrants further investigation.

Use case is the practical purpose of a cryptocurrency in the various industries it can be applied to and for what goals eg solving problems like computing power and financial support on a global scale.

Utrust bills itself as a seamless integration which allows e-commerce businesses to accept digital currency.  I will be looking into it for my own online business.

V is for :-

Vechain is a smart contracts and crypto currency platform that focuses on supply chain management. It works by allowing manufacturers to attach sensors eg RFID tags to their products which are then able to record the data directly onto the Vechain blockchain.

VPN stands for Virtual Private Network which is a private network layer that can merge with a public network (ie the internet) and function like a part of it.

Verge is an open source, decentralised crypto (also known as XVG) which offers its users anonymous transactions using the obfuscation technique mentioned above.

W is for :-

WeTrust the company that developed TRST coin have also developed a blockchain based ROSCA system (a self financing system) that instead of the interest going to banks (the traditional ROSCA operators) it’s kept between the group.

My Wirex Card

Wirex is an app and account used for both crypto currencies and traditional financial assets. I have the app and a Wirex card both of which I will be using then reviewing my experiences.  (If you know all you need to and just want one already – calm down, click the red Wirex affiliate link and find out how we’ll both get $10 worth of Bitcoin! How cool is that? PurpleLioness loves me some FREE cash!)

Whale has become the name for a person or company that hodl’s large amounts of digital currencies – the most famous and elusive is Satoshi Nakamoto who is rumoured to own at least 1 million Bitcoin.

X is for:-

XEM is the symbol and crypto currency for NEM, the New Economy Movement blockchain launched in March 2015 by UtopianFuture.

XMR is the symbol for the secure, private, untraceable crypto currency Monero which was launched in April 2014. It is one of the crypto currencies I will be reviewing in full.

XRP is a decentralised native crypto currency developed by Ripple Labs Inc which allows financial institutions (ie banks) to transfer money with negligible fees and wait-time.

Y is for :-

YouTube (censor) I am mentioning them on here because they are apparently censoring crypto related videos. Catch mine if you can on PurpleLioness 83 while they’re hopefully still under the radar! (Give me a minute as I might not have put them on yet!)

YOKE (Yoke Chat) is a crypto currency with its own blockchain that I found while scraping around for a ‘Y’!

YOC is the symbol for YoCoin which is a decentralised peer to peer digital currency that is based on the Scrypt mining algorithm mentioned earlier.

Z is for :-

Ziglu is a new crypto friendly bank founded in 2018 by ex Barclays Exec Mark Hipperson rumoured to be launching in the UK in Q1 2020. We might take a closer look at that!

ZOMONGO is a company that has partnered with NetCents Asset Management System to manage their new reward token MONGOrewards. It launched during Daytona Speed Week last February 2019.

Zerocoin last but not least is a privacy protocol designed as an extension to the bitcoin protocol meant to improve the anonymity of Bitcoin transactions using coin mixing capabilities natively built into the prototype. Rejected by the Bitcoin community – Poramin Insom and team launched a standalone crypto currency implementing the Zerocoin protocol called Zcoin (XZC) in September 2016.

Coin vs Token

Phew, that was a bit of a wild ride! I’ve learned a bit more, my interest has been piqued and I’m going to be diving deeper into a number of the terms I’ve listed here. Maybe I missed something you really wanted to know more about? If so comment below and I’ll see about looking into and adding more crypto currency terms.

Thank you for reading, hope you enjoyed it.

PurpleLioness

8 Comments

  1. Great list of terms within the Crypto world. Years ago all of these terms would be foreign to me, but I’m familiar with most of these terms. Thanks for putting this together though because I even learnt a few new things, and beginners entering the world of Crypto will definitely find this useful!

    • Hiya Nate,

      Thanks for your encouraging comments, I learned as I went and answered some of my own questions which was great. I’ll be elaborating over the coming weeks, I hope you’ll come back and check it out.

      ‘Krs PurpleLioness 

  2. Thank you for this great resource into the multitude of definitions for the entire cryptocurrency universe. I must admit that I am still a little new to this niche and having this crypto guide will help me to better understand. I do not like getting into something when I do not know what everything means. This post will save me and everyone else like me time, so we do not have the search the internet for the answers.

    • Hiya Robert,

      My whole website is about helping others understand what I’m learning in the crypto space so I’m really glad it seems to be doing that! There’s still so much to learn and we all need to know as much as we can about this new technology before it becomes our new normal. Thank you for your interest and kind comments, please come back for updates and more.

      Krs PurpleLioness 

  3. Hey, I enjoy a lot while reading your crypto currency definition.  I guide helped me to know about as many as possible. Now I am little bit familer with crypto world. Blockchain is the technology that enables the existence of Bitcoin and other cryptocurrencies.  I tried ETH. Ethereum is another open source crypto released in 2015 by Vitalik Buterin and Gavin Wood. Really very awesome guide for beginner like me.

    • Hiya Parveen,

      Thank you for your continued interest in my crypto journey, it’s always nice to hear from you. I hope that my experiences are helping you on your own journey. If anything on this list has got your attention and you’d like to know more, especially if I’ve not already said I’ll be looking into it, please come back and tell me, I’d be more than happy to elaborate. I will be going in depth with Alts like ETH over the coming weeks.

      I look forward to hearing about your experiences as my referral on Cointiply too and hope that’s going well – do please contact me either here or there if there’s anything further I can help you with.

      Krs PurpleLioness 

  4.  I have a few Altcoins in Coinbase.  I check values at Coin Gecko. Often I have not understood things written about my altcoins  because I have not known the terms.  This exhaustive list has really helped me.  I also learned the names of a few altcoins for which I had only the abbreviations.

    • Hiya Anastazja 

      I also have Altcoins in Coinbase and I will be reviewing Coinbase and other crypto exchanges/platforms in the future – I’d love for you to come back and see what I’ve learned! I’ve not been on Coin Gecko but I will be checking it out. I mostly look at prices when I’m on Cointiply or ask Alexa about the price of Bitcoin. 

      I’m glad I’ve helped you with some definitions, if there are any I’ve not mentioned that you’d like more info about, pls come back and tell me and I’ll look into it if I’m not already. Thank you for your interest, it is much appreciated.

      Krs PurpleLioness 

Leave a Reply

Your email address will not be published. Required fields are marked *