Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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51% Attack

A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’, who hold more than 50% of the hashrate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice (double-spend).

Other Important Terms

Food/ FAD

These are manipulations performed by some persons in order to spread obviously false or negative information, which will later cause a decrease in the rating of any project, the emergence of distrust of it or will contribute to the fall of the price of token.

Diamond Hands

This is an investor, with strong hands, who, in spite of everything, holds coins. The term denotes a strong player in the market

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.

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.

Stakeing

This is a way of obtaining passive earnings. This method is based on the Proof-OF-Stake algorithm. Its essence is to keep the tokens on the wallet to obtain the right to participate in the extraction of cryptocurrencies. Tokens are blocked for a certain period of time and are used to ensure the activity of the blockchain. The user receives awards for performing these actions. Steering is a kind of analogue of a bank deposit at a certain percentage.

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