Do you speak crypto? Here are some of the crypto terms and phrases you should know to help you enter the world of crypto with confidence
Get familiar, you’ll surely see them again
AKTIO is our multi-utility token
Average Per Year
Decentralized crypto EXchanges (DEXs)
Fear Of Missing Out
“Hold On for Dear Life”
International Bank Account Number
Initial Coin Offering
Single Euro Payment Area
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.
An altcoin is a term to describe any alternative cryptocurrency to Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any crypto with no market value you’ve never heard of.
Bitcoin is the first cryptocurrency, launched on Jan 3, 2009. Today, it is the most valuable crypto, but the price can fluctuate wildly.
A peer-to-peer electronic cash system originated from a fork of the original Bitcoin. Bitcoin Cash helps optimize transactions for those who deem Bitcoin to be too volatile to function as a currency.
In cryptocurrency, blocks are groups of data within a blockchain containing transaction records. Once a block reaches the data limit it can hold, a new block is formed to continue the chain.
A name of digital value stored on a given blockchain or crypto network. Some coin names can be the same as the network, such as Bitcoin or different, like the Stellar blockchain and its coin - Lumen.
A digital and decentralized currency. Cryptocurrency can be used for transactions or to store value.
Decentralized crypto EXchanges (DEXs) are blockchain-based apps that allow direct transactions of crypto assets between traders without financial institutions or banks.
The transfer of control away from a single place to smaller ones. Requiring majority approval rather than from a single authority makes blockchains decentralized.
Decentralized Applications (DApps)
Programs or applications that are designed to run on a blockchain, or a peer-to-peer network, and are often used to execute Decentralized Finance activities. DApps are often created on the Ethereum network.
Decentralized Finance (DeFi)
Financial activities executed through peer-to-peer networks rather than a bank or any financial institution.
Ethereum is a crypto network, and a decentralized software platform developers can use to create new applications and the second most popular crypto after Bitcoin. It has a native token called ether (ETC).
A platform functions as a marketplace to buy and sell cryptocurrency.
An event when the community changes the protocol or rules of the blockchain. The fork splits the chain into two paths - one follows the original rules and the new one to the new direction. (Example: a fork of Bitcoin created Bitcoin Cash).
A fee required paid in ether to execute transactions on the Ethereum platform.
The first block of a cryptocurrency ever mined.
“Hold On for Dear Life” or HODL is a crypto trading strategy term meaning to buy and hold onto cryptocurrency.
A pre-set rule in Bitcoin’s code that reduces the amount of Bitcoin awarded to miners by half every four years.
A unique set of block identification assigned to crypto buyers and sellers.
A crypto wallet that is connected to the internet. Hot wallets give easy access to stored crypto but are more vulnerable to hacks than cold storage wallets.
Initial Coin Offering (ICO) is a fundraising method for a new cryptocurrency project. The concept is similar to Initial Public Offering (IPO), but instead of stocks, ICO offers investors a new crypto token. The akt.io ICO has now come to an end.
ICO: Initial Coin Offering
A fundraising method for a new cryptocurrency project. The concept is similar to Initial Public Offering (IPO), but instead of stocks, ICO offers investors a new crypto token.
The total value of all the coins mined. It is calculated by multiplying the value of one given crypto by the number of coins.
The process of creating new cryptocurrency coins and verifying new transactions.
A computer that connects to a blockchain network.
Non-fungible Tokens (NFTs)
NFT is a digital asset with a unique identification code to identify the ownership and authenticity of an item, such as art. Most NFTs are based on the Ethereum blockchain.
Two users interacting directly without a third party or intermediary.
Similar to a bank account password, a private key is a secret code giving access to your cryptocurrency.
Similar to a bank account number, a public key is the address of your crypto wallet. You can share your public key with others in order to receive money.
The Single Euro Payment Area (SEPA) is a system of transactions created by the European Union (EU) to harmonize transactions between participating countries.
The pseudonymous creator(s) of Bitcoin. Until today, the true identity of Nakomoto is still unknown
A self-executing contract through written code that controls and executes actions according to the agreements contained within.
A cryptocurrency that has its value pegged to another stable asset such as fiat currencies, commodities and other cryptocurrencies. (Example: Tether is pegged to the U.S. dollar)
A unit of value on a blockchain normally offers more functionality on top of transferring value.
A programmer and one of the co-founders of Ethereum.
A place to store your cryptocurrency. Wallets can be “hot” (online, easy access) or cold (offline, less vulnerable to hacking).
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