The Ultimate EurekaPro Glossary: Crypto Lingo Starting with B
Bait and Switch – A scheme passing of as a real service, product, and/or website. Thus, in cryptocurrency, they could ask users for private keys along with wallet addresses.
Bitcoin (“BTC”) – The very first cryptocurrency. It was created in 2008 by an individual or group of individuals as Satoshi Nakamoto. It had plans to be a peer-to-peer decentralised electronic cash system.
Bitcoin Cash (“BCH”) – Created in August 2017, Bitcoin Cash is a clone of the Bitcoin blockchain with a bigger block size capacity (from 1 MB to 8 MB) to solve the scaling problem.
Block – A collection of bundled transactional data which will undergo verification. It eventually becomes part of a blockchain.
Blockchain – A decentralized, digital ledger which records cryptocurrency transactions chronologically and publicly. Blocks connect to each other to form a blockchain, creating a permanent and immutable database.
Block Explorer – An online tool to view all the transactions happening on the blockchain. An explorer provides information such as hash rate, coin supply, etc.
Block Height – This refers to the number of blocks connected in the blockchain. For example, Height 0, is the very first block.
Block Reward – A miner who successfully verifies a block receives new coins as an incentive.
Bollinger Band – Margin around a coin’s price that indicates if it has been overbought or oversold.
BTFD – Acronym for ‘Buy the F**king Dip’. An idea to buy a stock or commodity during a price decline.
Burned – A burned cryptocurrency refers to an unspendable coin.
Buy Wall – A Buy Wall happens when a larger limit order is placed to buy a cryptocurrency at a certain value. This prevents the cryptocurrency’s price to fall below that value.