If you are new to the market you may find it really overwhelming. There is literally a special word for everything. In order to make it easier for you to understand and use these terms, we wrote down an explanation on what each means. Let’s find out.
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51% Attack
This basically means that more than a half of the computing power is used by a single individual or small group. This way they have a total control over the network.
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Address
If you own bitcoins, you probably have an address as well. This works the same as your home address where you can send, store and receive your currency.
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Altcoins
Every other coin that is not Bitcoin is called an altcoin.
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ASIC Miner
The ASIC is a chip that makes mining different coins easy and fast. The chip can only process one task. There are more specific ones that use complex mathematical codes.
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Blockchain
A blockchain is a system that makes fast transactions on a decentralized network. All of the people and computers work together and create one great network that is protected by cryptography. The blockchain consists of blocks which grow when you add new data on them. This is one of the most used terms ever.
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Fork
Forks are created when 51% attacks happen or there is a problem in the program. This can also happen if the team behind a specific cryptocurrency is making great changes to the system.
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Hashrate
Hashrate is the pace at which new blocks are discovered.
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Mining
Mining is an activity where you discover new blocks on the blockchain. For every algorithm solved there is a reward.
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P2P
It means peer-to-peer network.
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PoW
PoW or proof of work is a concept created to prevent malicious attacks. It was also great for avoiding spam emails.
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