Cryptocurrency

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Bitcoin
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Terms in this set (17)
Bitcoin
The largest cryptocurrency in terms of market cap (total market value of its circulating supply)
Blockchain
A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly
Crypto Coin
A cryptocurrency that operates on its own blockchain; coins are used to transact with other users on the blockchain
Crypto Token
A cryptocurrency that uses the blockchain of another established cryptocurrency; it is a type of technology. Tokens can be used to interact with other applications being built.
Cryptocurrency
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds
Cryptocurrency Wallet
A device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions
Digital Exchange
A business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies
Decentralized Finance (DeFi)
Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution
Ethereum
The second largest cryptocurrency in terms of market cap (total market value of its circulating supply). Also famous for smart contract technology
Fiat money
Money that has value because the government has ordered that it is an acceptable means to pay debts
FOMOThe fear of missing out on an opportunity that others seem to be taking advantage ofInvestingAllocating money with the expectation of generating profit over time.MiningThe competitive process of validating a cryptocurrency transaction and adding it to the blockchain in hopes of receiving an amount of cryptocurrency as a rewardProof of StakeA cryptocurrency transaction verification process that involves miners "staking" an amount of crypto they already own in order to participate in validating transactions. Miners lose their stake if they validate an invalid transaction and an amount of cryptocurrency is awarded to the miner who staked the most of their existing crypto and successfully verified the transactionProof of WorkA cryptocurrency transaction verification process that involves miners competing to be the first to solve a complex math puzzle and receive an amount of cryptocurrency as a reward. Requires the use of huge amounts of energySmart ContractA self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of codeSpeculationThe act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain or other major value