The world of digital currencies is full of currencies that are born daily. The introduction of cryptocurrencies, the answer to what digital currency is and a complete familiarity with each of them will give you the knowledge of which currency to choose and which cryptocurrency has the highest risk. Follow articles related to digital currencies at Seven Star Exchange.
digital currency “CRYPTOCURRENCY”:
Cryptocurrency is an encrypted currency, cryptocurrency or cryptocurrency. Digital currency refers to virtual currencies that are managed independently of the banking system and the government of any country. which are encrypted to prevent fraud and increase security and can only be used in the Internet and digital world.
ALTCOIN:
The modification of altcoin refers to all digital currencies invented after Bitcoin. It consists of two parts, alt and coin, which means coin or alternative coin. The modification of altcoin refers to all digital currencies invented after Bitcoin.
“BIT”:
A bit is a common unit and one of the sub-units of bitcoin. One million bits is equal to one bitcoin.
“SATOSHI”:
One of the most basic terms is digital currencies. Satoshi is the name of the creator of Bitcoin, the first digital currency in the world. Today, the smallest unit of Bitcoin is called a Satoshi. In fact, one Satoshi unit is 0.00000001 bitcoins, which is one hundredth of one million bitcoins.
“TOKEN”:
Tokens are developed and used on existing blockchain platforms, especially Ethereum. For example, the tokens created on the Ethereum blockchain platform are called “ERC-20”. Unlike coins, which have their own blockchain, coins are also used to buy and sell goods.
“BLOCKCHAIN”:
Blockchain was created by combining two words “BLOCK” and “CHAIN”. In each block, separate information is recorded and added to the chain of previous blocks. Blockchain is an information and data recording system that cannot be hacked or manipulated with encryption. Blockchain information is shared with all users.
“HASH”:
A hash is a mathematical function. Mathematical functions receive inputs and transform them into separate outputs by performing a series of changes. The hash function is used in digital currency calculations. A hash takes various numbers and letters as input data and converts them into an encrypted output. By encrypting information by hash, the security of information is increased and it is used to store data.
FOMO:
Abbreviation of the phrase “Fear of Missing Out” and means fear of missing out, “fomo” is not specific to digital currencies and is generally said to someone who takes excited and emotional actions with the fear of missing out on possible opportunities.
“BEAR”:
“Bear” refers to downward market conditions and is often true in market analysis. When the market experiences a downward trend, market investors do not trust the market conditions and use the term “BEAR”.
“BULL”:
This term stands in front of the previous one, “BEAR” and “BULL” refers to the upward and upward conditions of the market. Market participants use this term when they hope for an increase in the price of cryptocurrencies and an improvement in the market situation.
“WHALE”:
And it means whale. In the cryptocurrency market, “WHALE” refers to investors (individuals or organizations) who own very large amounts of a particular cryptocurrency. These people have so much cryptocurrencies that by buying and selling them, they affect the market situation and the price of cryptocurrencies.
Fear of “FUD” price drop:
“FUD” stands for “FEAR UNCERTAINTY AND DOUBT” and means fear, uncertainty and doubt. “FUD” is used when negative news or information is published about a digital currency, causing fear and concern among digital currency users.
“ATH” peak price:
A peak price means an increase in the price and value of one of the cryptocurrencies at all times. This term is used when the value of one of the digital currencies has reached a new record in history.
Above the “ATL” line:
It is abbreviated as “ALL TIME LOW” and is the opposite of the word “ATH”. This term is used when the value of digital currency has reached the lowest level in history.
“Pump and Dump”:
The state of increasing the value of the stock is called pump. With the increase in the supply, the value of the stock falls sharply and the people who bought it lose money. The state of stock value reduction is also called dump. Due to the nascent nature of the digital currency market, it is possible to pump and dump even with a tweet by celebrities.
Mining:
The process during which transactions are verified using computers and based on solving cryptographic mathematical problems is called mining. Finally, after confirming the authenticity of the transaction, a new block is added to the chain of previous blocks. People who voluntarily provide their computers and mining devices to the network to perform mathematical calculations are called miners or miners. These people maintain the security of the network and decentralized production of new bit units and receive rewards in return.
“HODL”:
Hodel was first applied to Bitcoin, but today it emphasizes holding and not selling digital currencies during market fluctuations. It means to maintain the digital currency for a long time regardless of the market conditions and the value of the cryptocurrency.
Seven Star Exchange, with a successful background in Southeast Asia in the field of currency exchange and investment, has been able to provide excellent services in the field of digital currency to all its applicants.
