Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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2 Factor Authentication (2FA)

2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.

Other Important Terms

Wrapped token

This is a copy of any token transferred from one blockchain to another. There are many blockchains in the cryptocurrency industry: Bitcoin, Ethereum, Cosmos, Avalanche, etc. Blockchains are deprived of the opportunity to "understand each other": everyone acts according to their own rules and speaks their own language. Each blockchain has its own Native token - a coin that is used to pay for the commission: for the Bitcoin network, this is bitcoin (BTC) for Ethereum - ETH For Cosmos - Atom For Avalanche - Avax If you want to carry out any actions, for example, send a USDT tokens to the EThereum network to another wallet, the commission will have to be paid in ETH tokens if Avalanche is an AVAX commission, etc. However, if you decide to send your USDT from Ethereum to Avalanche, your USDT will be lost. Why? Because USDT on the Ethereum and USDT network on Avalanche is not the same thing, because we remember that each blockchain lives according to its own rules. And what to do if you urgently need to send your USDT from one network to another? For these purposes, cross -miners were invented - special applications that allow you to translate tokens from “one language to another”, that is, from one blockchain to another. In one network, the token is blocked, and in another - a copy is created that does not lose its original value. For example, if you transfer BTC from the Bitcoin network to Ethereum, it will become WBTC, i.e. wrapped.

Influenser

This is a very famous and authoritative personality in the crypto industry, who is the leader of opinions and affects the minds of many users.

Short

This is a transaction that is carried out in order to earn money to reduce the cost of a cryptocurrency asset. The algorithm of actions is as follows: 1) The trader believes that the price for token x will begin to fall in the near future, so it occupies a certain amount of these tokens on the bail of its own funds and immediately sells tokens X on the exchange 2) then patiently waits until the price for token x falls to a certain mark 3) As soon as this happens, the trader redeems X tokens at a lower price and returns their exchange Profit: The difference between the price of the sale and the purchase price.

ATH

The maximum value of the price for token for the entire period of its existence. Перевод Microsoft

Market Order

Order (application) for quick purchase/sale at the current market price. For example: a market order for sale will correspond to the cheapest limit order for a purchase available in an exchange glass. The warrant will pass throughout the glass until it is closed according to your volume, so do not forget to look at liquidity.

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