To pass this unit, please study the 20 vocabulary words below.
any cryptocurrency other than Bitcoin
The majority of early altcoins were just forks of Bitcoin with minor changes to the proof-of-work algorithm.
a public digital ledger of transactions verified by proof algorithms
The Bitcoin blockchain is maintained by a network of specialized computers designed for mining.
a digital asset using secure computer algorithms to secure its transactions, create additional units, and verify transfer
Bitcoin was the first decentralized cryptocurrency to reach public attention.
the name of a blockchain company and network noted for its use of "smart contracts" and a self-named currency
Ethereum is known as the technology behind all ECR-20 compatible tokens and home to many early Initial Coin Offerings.
any currency established by a government without inherent value or scarcity such as the US dollar or EU euro
The value of fiat currency is tied to governmental authority, convenience, and trust in market forces such as supply and demand.
innovation that aims to compete with traditional delivery of financial services
This rise of fintech has had a positive impact for society, including increased competition, a reduction in prices, and wider access to financial services.
fear that one is missing out on "the next big thing"
Fomo is an acronym for "fear of missing out", which is what happened when Bitcoin prices spiked in late 2017.
interchangeable and replaceable
Monero is a fungible cryptocurrency, meaning that every unit can be substituted by another unit without fear of a possibly tainted past.
an offline device designed to safely store a cryptocoin's private keys
Sammy stored his Bitcoin in a hardware wallet to minimize the risk from hacker thieves.
not selling your cryptocurrency no matter how big the temptation is
The term "hodl" is a funny misspelling of 'hold' that eventually became an Internet meme.
ICO (initial coin offering)
an event in which a new cryptocurrency sells advance tokens
ICOs are increasingly held by developers of a new technology in order to raise capital.
the total number of coins or tokens by the present price.
Market cap can be a misleading metric if there are only a few holders of a coin.
being rewarded with cryptocurrency for providing routine bookkeeping and verification services
Cryptocoin mining is not really a reliable way to make substantial money for most people.
the term when a crypto coin's market activity and price go way up in a short amount of time
ZoomCoin has been mooning for the past 24 hours, but it's likely just a "pump and dump scheme" and will fall back to Earth when reality hits.
a printed version of a cryptocoin's private key
The woman did not trust technology so she printed out her paper wallet with 25 Bitcoin on it and put it in her safe.
a coin that focuses on anonymous transactions over other features
Privacy coins like Zcash or Monero use techniques such as "ring signatures" or "zero knowledge proofs" to shield to buyer, the seller, and the amount of a transaction.
pump and dump
a coordinated effort to quickly raise the price of a coin and then sell it
A pump and dump is a coordinated scheme to make money from a failing or stagnant coin.
a common measurement of the worth of altcoins, measuring one hundred millionth of a Bitcoin.
The satoshi value of altcoins may vary, but one Bitcoin is always worth 100,000,000 satoshis.
a slang term for a pointless or worthless cryptocurrency with no future
I laughed so hard when my friend traded $100 worth of Ether for a shitcoin that crashed literally 10 minutes later.
the dark web
the portion of the Web that has been intentionally hidden and is inaccessible through standard web browsers
The dark web first became known as the home of The Silk Road marketplace which sold guns and drugs via mail and took payments in Bitcoin.