List of The Most Common Terms Used in The Blockchain Space

Common Terms Used in The Blockchain Space

Here is a detailed list of the most common terms used in the blockchain space.

1. Bear:

Bear is a trader / investor who believes that the price of a certain cryptocurrency will fall. With this extremely pessimistic outlook on prices, the bears want to capitalize on the development of falling prices.

2. Bull:

When there is a steady rise in the price of an asset, an investor who is optimistic that the price of a particular asset will keep rising is known as a bull. A bullish investor buys and holds the assets for the long term, believing they will make a profit in the future.

Traders and the Bitcoin Trader

This term is a casino language. It is a trader with a fat account that can cause massive waves in the price of a cryptocurrency.  Whales try to influence prices in the direction of their preferred direction . These people are also known as bullish whales. However, a cross between a whale and a bear is known as a “bear whale”. A bear whale is a trader who believes prices will fall. Their sell-off can temporarily flatten the market.

4. Fiat currency:

Fiat currency is money that has been declared legal tender by the government and has little or no intrinsic value.

All national currencies in circulation that are issued and managed by the respective central banks are fiat currencies. Fiat money is accepted around the world to buy almost any good or service.

Fiat currency can be offered in the form of paper money, coins, credits, loans, or bonds. The Indian rupee (INR) is an example of fiat money.

5. Mining:

Mining is the computer process used to create, record, and verify information about the digital record, known as the blockchain. Mining creates a hash of a block of transactions that cannot be easily forged, protecting the integrity of the entire block chain without the need for a centralized system.

5. Decentralization

Decentralization means that all true applications of blockchain technology are “permissionless”. Without a central authority to regulate resources, potential participants do not need to obtain the consent of a gatekeeper in order to contribute. So anyone with the means and intentions to create, buy and sell rare digital works of art within a community without knowing a single person who is in the traditional art market.

In theory, blockchains – again decentralized digital ledgers – are immune to these pitfalls. The “decentralized” aspect means that no central authority keeps the records or has the resulting power.

Instead, the ledger is distributed over a network of computers owned and operated by independent companies, each of which has a corresponding ledger that is regularly updated and reviewed in real time. So this is not only relevant for those who are into digital art – it is relevant for everyone in the art market who values ​​secure exchange and privacy. Which basically everyone is.

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