10 Key Terms You Need to Know When Getting into Cryptocurrencies

Blog by Dagcoin

Are you new to the whole cryptocurrency deal? Just like with any professional field, there can be some terms or even slang that can make it all seem rather confusing. Here’s a short list of some of the more common terminology you might encounter.

The basic glossary

  • E-wallet – also known as cryptocurrency wallet. It is a software you can use in your smart device that interacts with blockchains (or in our case, the DAG-chain) enabling to exchange cryptocurrency and check their values.
  • Blockchain – the vast majority of all cryptocurrencies (like the ever-popular Bitcoin and Ethereum) are based on this digital platform. Simply put, it is a public record of all transactions ever made with a given cryptocurrency.
  • DAG-chain – an alternative platform to the blockchain. Used by cryptocurrencies such as Dagcoin and Byteball. Enables faster transactions and cheaper transaction fees.
  • Mining – used by several cryptocurrencies (e.g. Bitcoin) to validate transactions on the blockchain. Validation can earn users more coins.
  • Peer to Peer – also known as P2P. In simple terms, it is network of users that interact with each other, to enable downloading, exchange of information or even cryptocurrency transactions.
  • Altcoin – often used as a term for any cryptocurrency that is not mainstream, often anything that is not Bitcoin.
  • Pump & Dump – a cryptocurrency receiving a lot of attention, leading to a lot of exchange, which leads to an increase in value, often followed by a crash.
  • Node – a computer that maintains a part of the blockchain.
  • Whale – a person or entity who owns a very large amount of cryptocurrency.
  • FIAT currency – a currency that is issued by a government or an institution such as the Euro or the USD.

Cryptocurrencies cryptic no more

Dagcoin seeks to change the cryptocurrency field into something more open and freely accessible to all, meaning less fuss about terminology as well.

If you want to find out more, check out how to get Dagcoins.