Top 9 Crypto Buzzwords You Need to Know 0 3151

crypto buzzwords

The crypto world is in a constant state of flux. Innovative ICO after innovative ICO appears. Markets rise, markets crash. And as each day goes by, the crazy, hair-raising ride that is cryptocurrency becomes decidedly more interesting. Its abundant vocabulary becomes richer as well, and new crypto buzzwords crop up daily.

To really understand the ins and outs of this complex ecosystem (can anyone fully claim to do that?) you’d need an encyclopedia updating in real time. But, just to get you started, here’s how to hold your own in any cryptocurrency conversation.

These are the top 9 crypto buzzwords you need to know:

Bitcoin BTC 

Well, obviously, Bitcoin tops the list of crypto buzzwords. In fact, the vast majority of people automatically think of Bitcoin when they hear the word ‘cryptocurrency.’ Emerging shortly after the financial crisis, in 2009, you can read more about the ideology behind Bitcoin here. But, know this: If you don’t have this word down pat, you can’t even think about talking crypto.

Ethereum ETH 

The second largest cryptocurrency after Bitcoin, Ethereum in theory is not in competition with the world’s most famous digital currency. Running on its own blockchain, Ethereum supports apps and trade through a system of smart contracts.

Blockchain 

Dabble a little in crypto and it won’t be long before you’re hearing about the technology behind digital money–the blockchain. Actually, generating cryptocurrency is just one use case for blockchain, since the technology can record any information and keep it safe and immutable on its decentralized system.

We’re still discovering just how many uses this new technology has, but it’s widely considered the most disruptive technology since the internet.

Cryptography

This is the technology applied to all transactions in the blockchain. It’s essentially a process of scrambling information, making it unreadable, and allowing transactions to be kept anonymous.

Satoshi

While it sounds like a raw fish dish, Satoshi is actually the smallest fraction of a Bitcoin that you can buy. It’s also the first name of the suspected inventor of Bitcoin, Satoshi Nakamoto, (although this is something he denies).

Market Cap 

This term is used a lot and is a good indicator of how large a cryptocurrency is. You basically take the total supply and multiply it by the price to figure out its dollar value.

Mining

Beyond flashlights and hard caps, mining in the crypto world refers to the computational process of generating cryptocurrency on the blockchain. Each computer in the network uploads its power, and miners are rewarded for their efforts in digital currency.

Hashing

A “hash” is a computer program that basically takes any information and turns it into a set of numbers and letters of a certain length.

Forking 

Soft forks, hard forks, the concept is basically the same. Forking is when there is a split in the digital recordings on the blockchain, usually used to right a wrong, such as the hacking attack on Ether in 2016.

While you may not claim to be an expert after grasping these basic crypto buzzwords, at least you won’t look blank when you hear them thrown about in the office. From mining and hashing to forking and cryptography, little by little you’ll hold your own in the cryptocurrency world.

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Christina is a technology and business communicator who has worked with high profile ICOs and blockchain influencers to break industry news.

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Chinese Crypto Leader Li Xiaolai Suddenly Retires 0 36

One of China’s most prominent Bitcoin investors has announced his retirement from the crypto world. Billionaire Li Xiaolai is the founder of BitFund, a crypto venture capital firm that has fostered a slew of Bitcoin-related startups.

Li’s announcement of his decision to withdraw from cryptospace—and investing otherwise—came unexpectedly via his page on Chinese social media site Weibo.

“From this day on,” his post reads, according to TechNode’s translation, “I, Li Xiaolai, will personally not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it.”

Li is a former school teacher, and claims to be the first person in China to openly trade Bitcoins, rather than hiding behind its famous anonymity. Now, retired from both teaching and investing, he says he’s not sure where to go next. “I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

Li closed his post by expressing that he still maintains a long term optimism about the blockchain.

Li’s Ventures Grew Crypto Capital, Controversey

Through BitFund, Li has incubated a number of blockchain related startups, including an off-chain wallet called Bitfoo, the crypto exchange YUNBI, and HashRatio, a miner manufacturing company. Li organized 2014’s Global Bitcoin Summit in Beijing, back when you could get a BTC for as little as $440, and years before China instated its full ban on cryptocurrencies.

Earlier this year, Li also acted as managing partner of Hangzhou Xiong’An Blockchain Fund, a billion dollar fund backed by the Hangzhou government. Li stepped down after fellow venture capitalist Chen Weizing introduced a series of accusations against him.

Included in the eleven accusations, which Chen broke on social media and messaging platform WeChat, were a supposed debt of 30,000 BTC that Chen says Li failed to pay on time. Li published a point-by-point response to Chen’s accusations, addressing the 30,000 BTC debt by saying “it’s not true… Chen is just muddying the water.”

Though Li called them “defamations,” and Chen did not offer supporting evidence for his allegations, Li said Chen’s antics “brought material and negative impacts on the reputation of Xiong’An Blockchain Fund” and that his resignation would “let the Hangzhou government continue its push for blockchain development.”

Li was the subject of controversy on another occasion when, in a candid conversation he did not know was being recorded, he outed several influential organizations as scams and said that the best way to succeed in blockchain, even if your project is worthless, is to get famous and build consensus.

The State of Crypto in the People’s Republic

All crypto and blockchain related websites are blocked by the Chinese government, and citizens are forbidden from engaging in crypto transactions. The People’s Bank of China released a statement on August 24th warning against ICOs, which they consider to be “illegal fundraising, pyramid schemes, and fraud.”

But the rules have been difficult to enforce, and crypto still enjoys an active user base in China. Beijing Sci-Tech Report, China’s oldest technology publication, is now the first Chinese publication to accept BTC as payment from its subscribers. Chinese crypto channel cnLedger announced in a tweet on September 25th that Ethereum Hotel, China’s first hotel to accept ETH as payment, is open for business in Sichuan Province.

A Crypto Landscape Without a Leader

The sudden exit of Li Xiaolai from the Chinese crypto scene could have caveats, or greater implications. Weibo users expressed their support and gratitude following his announcement, but some also speculated that his choice of words leaves room for Li to continue investing in crypto indirectly, perhaps through funds or corporate entities. Whether that will be the case or not, for many, his resignation marks the loss of a public blockchain leader.

The Block Talk Award Winners Announced 1 1039

Thanks to everyone for submitting your favorite blockchain innovators and influencers. Our editorial team had a great time learning about new projects and individuals that are building a foundation for our future with blockchain technology, and realizing amazing technological feats in the present.

While it was difficult to select just one project or individual in each category, we’re excited to announce the winners of our first inaugural Block Talk Awards.

  • Best ICO Analysis & Commentary – Tatiana Koffman, Various Outlets
  • Most Engaged Community – Rod Turner, Various Outlets
  • Favorite Blockchain Blogger – Rachel Wolfson, Forbes
  • Best Crypto Journalist – Jordan French, The Street
  • Innovative Female Founder – Amber Baldet, Clovyr
  • Best Podcast Host(s) – Joel Comm and Travis Wright, Bad Crypto
  • Favorite Blockchain Event Host – Adryenn Ashley, Loly.io
  • Top Crypto Speaker – Ian Balina, Crypto World Tour
  • Most Innovative Blockchain CEO – Trevor Koverko, Polymath
  • Top Social Entrepreneur – Evan Caron, Swytch

Winners in each category will receive a $1500 media credit on The Block Talk, access to a network of TBT Award honorees, and VIP access to TBT events in 2019.

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