Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Profit

This is a profit in various types obtained as a result of investment activities.

Other Important Terms

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

A block explorer is an online service to track blockchain transactions. It usually is a website where you can see all the new blocks that are being created. You can also search for transactions and wallet addresses. The best-known block explorers are blockchain.info for Bitcoin and etherscan.io for Ethereum.

Cold Storage

Cold storage refers to storing cryptocurrency on a place where the private key cannot be accessed via the internet. This can be done on a hardware wallet, paper wallet or software wallet in an offline environment.

Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Pool

1) Mining Pool (Mining Pool) is the association of miners in order to simplify the production of cryptocurrencies. 2) Poole as a common fund. Investors create similar funds, invest their resources (this is not necessarily money, possibly investing their own time) in this fund and on behalf of the fund invest, for example, through tokens. The allocation won is distributed between the participants in the pool in proportion to the invested resources.

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