Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Sid Fraza

This is a set of 12–24 words in a certain order that generate private keys for wallets according to various algorithms. This phrase must be stored very reliably and not showed anyone.

Other Important Terms

A beginner, neophyte, a person who has no competencies, skills and experience in the cryptocurrency industry. As a rule, a very naive, lazy and unpromitative, in connection with which it becomes a victim of fraudulent projects in this area.

IGO

A variety of ICO, in which blockchain-game acts as a project

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).

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

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.

Cryptocurrency News

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