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Thursday, October 19, 2017

Terms in Cryptocurrency World (Part 1)

This is Term in Cryptocurrency World


This is the first cryptocurrency introduced to the public. Satoshi Nakamoto published a whitepaper that explained his concept and mathematics in 2008, and was disseminated the following year. (Nakamoto was originally regarded as a pseudonym for someone or a set of people who created Bitcoin, and until March 2014, their true identity was never known.At that time, in an expose in Newsweek Magazine magazine it was revealed that Satoshi Nakamoto was the original name of the eye-maker this money). Given the fact that he was the first cryptocurrency-and there was no competition for him for more than two years-Bitcoin easily became the most famous, and is still today the most popular. Bitcoin uses the SHA-256 mining algorithm, and is mined by the Proof of work method.

Abbreviation for Bitcoin currency.
51% attack

A condition in which more than half the computing power in a cryptocurrency network is controlled by a single group of miners. With computing power possessed by the group in theory will enable them to become an authority within the network. This means that each client in the network will trust the transaction block that is the result of the group hash process (attacker / attacker).

This condition will give the group control over the network, including the ability to:

Issues transactions that conflict with the property of others.
Stop other people's transactions from being confirmed.
Spend the same coin repeatedly.
Prevent other miners to mine valid blocks.


Collective names for other cryptocurrencies-cryptocurrencies are offered as an alternative to bitcoin. All coins other than bitcoin such as Litecoin, Dogecoin, Feathercoin, Peercoin, Darkcoin, and other coin-coin are altcoin.


The smallest bitcoin fragment available today (0.00000001 BTC).

Satoshi Nakamoto

The name used by the original inventor of the Bitcoin protocol, which withdrew from the project at the end of 2010.


An altcoin produced with a single purpose to raise money for the originator. Scamcoin often uses pump and dump and pre-mining techniques together. (see also the Pump and dump section above)


the short explanation is "Not Paying"

It is the practice of profit making by utilizing the difference of market price. For example you see in BTC-e bitcoin price USD 233 while in Bitstamp USD 237. We can use this price difference to gain profit by buying bitcoin at BTC-e and then sell it in Bitstamp.

ASIC (Application-specific Integration Circuit)

Integrated circuit (IC) is tailored for a specific purpose, and is not intended to perform common tasks. In the world of coin mining, ASIC is a chip designed to perform mining tasks with certain algorithms.

ASIC Miner

A device consisting of ASIC chips, designed to mine coin with certain algorithms. For example ASIC miner for bitcoin, is a device consisting of ASIC chip designed to perform SHA256 hash process to mine new bitcoin. This ASIC miner can also be used to mine other coin-coin based SHA256 algorithms such as Freicoin, Peercoin and others. Another example is an ASIC miner used to mine a coin-coin that uses a Scrypt algorithm such as Litecoin.

This ASIC miner can also be used to mine coin-coin with other Scrypt algorithms such as Dogecoin, Feathercoin and others.

The ASIC miner can be a board that is plugged into a backplane and connected to a computer that becomes its controller via a USB port, or it can be a standalone tool and does not require a full working computer connected to the network via wired or wireless network.


It is a collection of transaction data, which is one of the basic elements of cryptocurrency. When transactions are made, information about each transaction is collected-and when the data collected reaches a predetermined size, the data will be assembled into a block. As soon as a block is created they will be processed by the investor for transaction verification; This process is known as mining / mining.

Block chain

A complete list of blocks that have been mined since the beginning of a certain cryptocurrency is launched. The block chain is designed so that each block contains hashes associated with the previous block. It is designed to make it more resistant to counterfeiting (unauthorized data changes).

Block reward

Rewards given to miners who have successfully performed a hash against a transaction block. This may consist of a mixture of coins and transaction fees, depending on the policy used by the relevant cryptocurrency, and whether all the coins have been successfully mined. Bitcoin when this article was written rewards 25 bitcoins for each block. The block rewards will be cut in half each time a particular block has been successfully mined. In the case of bitcoin, the block's block threshold is every 210,000 blocks.


it stands for "correct me if I wrong" or if it is in my correct indication if it is wrong if my correction is wrong


Another name used as input in a new coin making transaction. When a coin is mined, the coin is not taken from the user or other coin owner, but is generated as a reward for miners. The reward is recorded as a transaction, but instead of another coin user address (which is usually recorded as the source / sender of the coin), any data will be used as input.

Coinbase is also the name of a bitcoin purse service that also offers payment processing services to merchants and acts as an intermediary for Bitcoins purchases from the buying and selling market.


An abbreviation of Central Processing Unit - is the 'brain' of a computer. In its earlier moments, it was used to do hash of bitcoin transactions, but now it is no longer strong enough. However CPU is still sometimes used for altcoin transaction hashes.


A form of currency is based solely on mathematics only. Unlike paper currency, which is printed, cryptocurrency is produced by solving cryptographic math problems.


Altcoin that uses the X11 algorithm.

Depo (Deposit)

The contents of the balance, in the word bitcoin depo is often used if someone is doing an investment


The number that determines how difficult it is to have a hash on a new block. This corresponds to the maximum amount allowed in the numerical portion of a transaction block hash process. The lower the number, the harder it will be to generate a matching hash value. Difficulty varies based on the amount of computing power used by miners in the network of a coin. If large numbers of miners leave a network, then the difficulty number will decrease. But so far, with the rising popularity of certain coins (such as bitcoin) have attracted a lot of computing power into their networks (with the addition of new miners), which means that the level of difficulty always increases.


Place bitcoin to Usd and other coin2


In Indonesian it means faucet ... !! This faucet is a website that provides free bitcoin in certain time .. usually every 5 minutes, 10 minutes, 1 hour DLL depending on the owner of the faucet

Cut lose (sell first)

Usually this action should be taken in trading bitcoin, alt coin other when the market price began to drop drastically in a certain time. Cut lose actions we take in order not to happen greater losses. This action should be taken if the market has not indicated the increase.


Altcoin using Scrypt algorithm.


It stands for Field Programmable Gate Array. An FPGA is a processing chip that can be configured to perform certain functions once it's created. Let's just say he is an empty slate where you can write instructions on it. Because FPGAs can be mass-produced and configured after fabrication, manufacturers benefit from economies of scale, making FPGAs cheaper than ASIC chips. However, FPGA is usually much slower than ASIC.


Alternative versions of an on-going block chain, usually due to a set of miners starting a hash process on a set of transaction blocks that are different from others. This can be caused by malicious, by a group of miners getting too much control over the network (see 51% attack), accidentally, thanks to bugs in the system, or deliberately, when the core development team decides to introduce great new features into new versions of clients . Fork succeeds if it becomes the longest version of the block chain, as defined by the difficulty.


Altcoin which uses SHA-256 algorithm.


Abbreviation for Freicoin currency.


Abbreviations for Feathercoin currency.

Genesis block

The first block in the chain block (block chain).

Gigahashes / sec

The number of hashes that can be done in every second, measured in billions of hashes (thousands of Megahash).


It stands for Graphical Processing Unit. A silicon chip designed specifically for the complex mathematical calculations required to create millions of polygons in modern computer graphics games. They are also suitable for cryptographic calculations required in cryptocurrency mining.


A mathematical process that takes a number of data variables and produces shorter outputs, with a given length. The hashing function has two important characteristics. First, it is mathematically difficult to know what the original input is by looking at its output. Secondly, changing even the smallest part of the input will produce an entirely different output.

Hash rate

The number of hashes that can be done by a miner in a unit of time (usually measured in seconds)


Abbreviation of High Yield Investment Program is an online investment program for more clear please ask on google.

invest (investment)

Brief explanation Investing by expecting interest from investment

Kilohashes / sec

The number of hashes that can be done in every second, measured in thousands of hashes.


Altcoin using Scrypt algorithm.


Abbreviation for Litecoin currency.


1 per thousand bitcoin (0.001 BTC). Also called miliBitcoin

Megahashes / sec

The number of hashes that can be done in seconds, measured in millions of hashes (thousands of Kilohashes).


Mining ... ie mined bitcoin, to do mining we usually required to buy mining tools on a web (cloudmining) there are 2 types of mining that is mining hardware and cloudmining

Money Supply

a condition in which the amount of bitcoin will not be more than 21 million coins.

1 comment:

  1. The economy is heading to the future with blockchain technology, we should
    invest in it. The cryptocurrency it's the future.


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