Cryptocurrency-Questions and Answers Graded A+
Altcoin - ANSWER-any cryptocurrency that isn't Bitcoin
ATH - ANSWER-all time high (refers to the highest value a coin ever had)
Block - ANSWER-a single collention of transaction data on the blockchain
bot - ANSWER-an ai that trades automatica...
Cryptocurrency-Questions and Answers Graded A+
Altcoin - ANSWER-any cryptocurrency that isn't Bitcoin
ATH - ANSWER-all time high (refers to the highest value a coin ever had)
Block - ANSWER-a single collention of transaction data on the blockchain
bot - ANSWER-an ai that trades automatically
Bubble - ANSWER-when a market is extremely overvalued, is followed by a crash
buy order - ANSWER-a request to buy a cryptocurrency on an exchange
coin - ANSWER-a cryptocurrency
Crypto - ANSWER-short for cryptocurrency
Day trading - ANSWER-short term trading that takes place within a single day
Dead cat bounce - ANSWER-a momentary recovery in the falling price of a cryptocurrency followed by a further decline
Exchange - ANSWER-a site where you can buy and sell cryptocurrencies for other cryptocurrencies
Fiat Currency - ANSWER-a currency established as money by government law or regualtion
FUD - ANSWER-Fear, Uncertainty and Doubt : a tactic of decreasing trust in a cryptocurrency in order to drive the value down so that it can be purchased cheaply or to drive people to the competition
Genesis block - ANSWER-the fist block of a blockchain
Hash - ANSWER-a mathematical formula calculated by miners that verifies blocks
Hodl - ANSWER-a misspelling of hold, simply means to not selling a cryptocurrency
ICO - ANSWER-initial coin offering, a kind of pre-sale of a new cryptocurrency
Mining - ANSWER-calculating hashes for blocks, this takes a lot of computing power and it is rewarded with the transaction fees paid and new coins generated
Moon - ANSWER-an extreme raise in the value of a cryptocurrency
P2P - ANSWER-peer to peer, transactions are made between individuals without any interference from a central authority like a bank
Private Key - ANSWER-essentially your signature/password, store it securely Public Key - ANSWER-the address that transactions go to, you can share this publicly
Pump N'Dump - ANSWER-a group buys a lot of a crypto for a low price, then aggressively advertises it in order to drove the price up and then sells for a profit, often frowned upon and most of the time just a scam to get people to buy worthless coins
Satoshi/sat - ANSWER-0.00000001 Bitcoin
Shill - ANSWER-person that promotes a coin with the intent to drive its price up because he already owns some
Shitcoin - ANSWER-a low quality coin
Stop-loss order - ANSWER-a specific price that you set at which you will automatically sell you coins
in order to prevent further losses if the coin is crashing
Technical Analysis/TA - ANSWER-methods used to predict future market direction, often not accurate
Trading Wall - ANSWER-a high interest in either buying or selling a coin
Transaction fee - ANSWER-the miners choose which transactions to put into the blocks, this fee is used to incentivize them to put your transaction in
Wallet - ANSWER-a place where you store your cryptocurrencies, can be online, offline, software, hardware and even printed on paper, you should keep them very secure
Whale - ANSWER-a person with a large sum in cryptos
Buying Digital Currency - ANSWER-Fees are added to the amount entered to arrive Fees are added
to the amount entered to arrive at the total for the order. For example, if you enter $100 USD as the amount of BTC to buy, and the fee is 1.49%, your total will be $101.49. That total will be charged to your payment method and you will receive $100 worth of BTC.- Coinbase
Selling Digital Currency - ANSWER-Coinbase fees are subtracted from the amount entered to arrive at the total. For example, if you enter $100 USD as the amount of BTC to sell, and the fee is 1.49%, your total will be $98.51. $100 Worth of BTC will be removed from your Coinbase account and $98.51 will be credited to the selected payment method. The total amount of the transaction denominated in both the digital currency and your local currency, as well as the fees being charged, will always be displayed to you on the confirmation screen.
Blockchain - ANSWER-A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly
Nodes - ANSWER-each computer on a network
Hash - ANSWER-digital fingerprint
Nounce - ANSWER-correct answer to the math problem Memory pool - ANSWER-holding bin for transactions to be confirmed and added
Miners - ANSWER-people (really computers) who process complex math problems in an attempt to be awarded the right to add a block with new transactions to the chain
NFT (non-fungible token) - ANSWER-a digital only item that is unique and verifiable as one of a kind.
due to the blockchain, it can't be forged
1. every computer could take part of the network
2. every transaction must be confirmed by the entire network
3. every transaction is unique - ANSWER-Can you explain the basics of a blockchain?
multiple parties have to confirm transactions - ANSWER-Can you explain what makes a blockchain so secure?
1. selling directly to consumers
2. collectors would have proof of ownership - ANSWER-What are the possible future uses of the blockchain technology?
Crypto currency - ANSWER-a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Pillar - ANSWER-a person or thing regarded as reliably providing essential support for something.
governance - ANSWER-the way that organizations or countries are managed at the highest level, and the systems for doing this
conceptual - ANSWER-based on ideas or principles
ownership - ANSWER-the fact that you own something
Bitcoin - ANSWER-Type of virtual money or a transaction system.
aspect - ANSWER-one part of a situation, problem, subject
facilitate - ANSWER-to make something possible or easier
bookkeeping - ANSWER-the job or activity of keeping an exact record of the money that has been spent or received by a business or other organization
isolated - ANSWER-not near to other places
middleman - ANSWER-a person who buys goods from the company that has produced them and makes a profit by selling them to a shop or a user
notary - ANSWER-an official who has the legal authority to say that documents are correctly signed or true or to make an oath (= promise) trusted third party - ANSWER-a third person or organization less directly involved in a matter than the main people or organizations that are involved
party - ANSWER-an organization of people with particular political beliefs that competes in elections to try to win positions in local or national government
ledger - ANSWER-a book in which things are regularly recorded, especially business activities and money received or paid
blockchain - ANSWER-a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly
node - ANSWER-a place where things such as lines join, or where a leaf and stem join on a plant
consensus - ANSWER-a generally accepted opinion or decision among a group of people, n this case group of computers
bureaucratic - ANSWER-relating to a system of controlling or managing a country, company, or organization that is operated by a large number of officials
compliance - ANSWER-the act of obeying an order, rule, or request
hoard - ANSWER-to collect large amounts of something and keep it in a safe, often secret, place
innovate - ANSWER-to introduce changes and new ideas
efficient - ANSWER-working or operating quickly and effectively in an organized way
transparent - ANSWER-open and honest, without secrets
drone - ANSWER-an aircraft that does not have a pilot but is controlled by someone on the ground
fiat money - ANSWER-money that has value because the government has ordered that it is an acceptable means to pay debts
cryptocurrency - ANSWER-A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.
blockchain - ANSWER-A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly
bitcoin - ANSWER-the largest cryptocurrency in terms of market cap
ethereum - ANSWER-the second largest cryptocurrency in terms of market cap, famous for smart contract technology
mining - ANSWER-the competitive process of validating a cryptocurrency transaction and adding it to the blockchain in hopes of receiving an amount of cryptocurrency as a reward
proof of work - ANSWER-a cryptocurrency transaction verification process that involves miners competing to be the first to solve a complex math puzzle and receive an amount of cryptocurrency as a reward
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