Terms that every cryptan should know
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In this post I have collected some popular cryptocurrency market terms and explained their meaning. It will be very useful for newbies.
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Altcoin - a term describing all alternative digital assets to bitcoin (e.g. ETH, SOL, NEAR, etc.).
Shitcoin - a token of dubious origin, which does not benefit people, but only increases the pockets of its owners - fraudsters. Simply put - SCAM.
Networks - Each blockchain has its own network of addresses used for transactions. Each network has its own name: Bitcoin - Blockchain, ETH - Ethereum Request for Comments - 20 (ERC-20), BNB - Binance Smart Chain (BSC), etc.
A Smart Contract is a specific algorithm written in a blockchain. Smart contracts are used for complex transactions, such as issuing tokens or exchanging assets through decentralized applications.
DEX is a decentralized cryptocurrency exchange. A place where swaps (exchanges) of coins are made. On such exchanges, you need to connect your wallet.
Cryptocurrency mining - the process of finding a block in the blockchain of a coin. Miners - people and their mining devices - are rewarded in cryptocurrency for finding a block, that is, mining it.
GEM is the diamond, the project everyone is looking for, expected to have a large number of X's.
Rect - these are situations where a trader suffers significant losses as a result of a bad trade, such as liquidation in a margin trade.
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