Enrich your dictionary with important cryptocurrency terms.
A bear market or bear trend follows from the term BEARISH, which is associated with a pessimistic mood in the markets. In this bearish trend, the value of cryptocurrency or the whole market is expected to decline. The model for this trend is a bear, which is characterized by its bowed head with claws symbolizing a fall in prices.
Bitcoin is the first, oldest and most famous cryptocurrency. It was created in 2009 by someone known under the pseudonym Satoshi Nakamoto. The identity of the creator or creators remains unknown. Bitcoin is considered digital gold and a store of value. It's also the largest and most used cryptocurrency in terms of market capitalization. The number of Bitcoins is limited - only 21 million can be extracted. The last Bitcoin will be mined in 2140. On stock exchanges, Bitcoin is often referred to by the abbreviation BTC and sometimes the designation XBT.
The term Bitcoin CASH defines a cryptocurrency other than Bitcoin. The Bitcoin currency was separated by forks on 1 August 2017, i.e. one database of transactions was divided into two branches. The history of transactions has been stored. So if Bitcoin was credited to our address on the original network, we had the same number of BCHs at the same address on the network.
Under the term 'block', we can imagine a package of data stored in a blockchain network. This data is permanently stored and defined in the blockchain and cannot be edited or changed in the future.
The BLOCK EXPLORER tool searches for online transactions made on the blockchain. With this online tool, after entering a transaction ID you can verify and check what has been moved from one address to another.
This is a reward for people who mine cryptocurrencies and keep the network running with the aim to complete one block. Such people are also called 'miners'.
Blockchain is a decentralized database that contains all transactions of a specific cryptocurrency. Blockchain is a new technology used by most cryptocurrencies, including Bitcoin. In the blockchain network, the entry of individual information is stored in blocks. These blocks are created by miners, and then interconnected according to defined cryptographic rules. Blockchain is also called an 'open ledger' that, thanks to its decentralized nature, no one can manipulate.
On stock exchanges, Bitcoin is often referred to by the abbreviation BTC and sometimes the designation XBT.
A bull market, or even bullish trend, is an optimistic mood in markets compared to the bear market. It's associated with expected growth in the value of cryptocurrencies. The model for this trend is a bull, the upward horns of which symbolize rising stock market prices.