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Author Topic: Crypto currency terms you need to know  (Read 143 times)
Pablo james (OP)
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May 10, 2021, 08:17:03 AM
Last edit: September 11, 2021, 10:07:46 PM by Pablo james
 #1

As you continue your crypto currency journey,it's important for you to get familiar with some of the crypto terms.
(1)Fiat: Government issued currencies i.e Naira,dollar
(2) Block chain: the technology of crypto currency that keeps the system secure and decentralized.
(3) DEFI: Decentralized Finance is an ecosystem that operates independently, free of third parties or exchanges, DEFI involves the use of decentralized exchanges and wallet to trade tokens.
(4)CEFi: centralized finance had always been the standard for trading crypto before DEFI, CEFI involves the use of companies operating exchange platforms like Binance,FTX etc..
6) Tokenomics: This is a combination of token & Economics.it helps understand the supply and demand characteristics of a crypto currency.
7) GAS: A fee for validating a transaction.
(8)NFT: Non fungible Tokens, it enable people to buy and sell collectibles like art, music and trading cards using smart contract. NFTs can work like any other speculative assets where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.

Source: Goggle
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May 10, 2021, 08:33:34 AM
 #2

2) Block chain
Blockchain, not block chain.

7) GAS: A fee for validating a transaction
Transaction fee has no name called, you are specifically talking about ethereum and ethereum tokens which gas is the fee used to send such tokens.

DeFi, CeFi, Gas and NFTs are all in the altcoins category.

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May 10, 2021, 10:01:48 AM
 #3

As you continue your crypto currency journey,it's important for you to get familiar with some of the crypto terms.
(1)Fiat: Government issued currencies i.e Naira,dollar
(2) Block chain: the technology of crypto currency that keeps the system secure and decentralized.
(3) DEFI: Decentralized Finance is an ecosystem that operates independently, free of third parties or exchanges, DEFI involves the use of decentralized exchanges and wallet to trade tokens.
(4)CEFi: centralized finance had always been the standard for trading crypto before DEFI, CEFI involves the use of companies operating exchange platforms like Binance,FTX etc..
6) Tokenomics: This is a combination of token & Economics.it helps understand the supply and demand characteristics of a crypto currency.
7) GAS: A fee for validating a transaction.
(8)NFT: Non fungible Tokens, it enable people to buy and sell collectibles like art, music and trading cards using smart contract. NFTs can work like any other speculative assets where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.

Eight terms you published here is not enough for successful traveling over uncharted territory of crypto. A few months ago I have created  Bitcoin&Crypto vocabulary thread that contains a list with references to sites where one can find out plenty of helpful terms. In addition everyone  can check  his knowledge    by solving soliton's Bitcoin Crosswords
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May 11, 2021, 03:40:48 AM
 #4

2) Block chain
Blockchain, not block chain.
-snip-
Actually, satoshi himself used the term "block chain" but later widely used and accepted by users as "blockchain".
He still used the term in last post: https://bitcointalk.org/index.php?action=profile;u=3;sa=showPosts

IMO, either is acceptable.

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May 11, 2021, 03:57:44 PM
 #5

Actually, satoshi himself used the term "block chain" but later widely used and accepted by users as "blockchain".
That's true, he did. When I went through Satoshi's posts to write My investigation on satoshi, I found numerous examples where he referred to the chain of blocks as "block chain" and not "blockchain". He also used the terms "inpoints" and "outpoints" when talking about "inputs" and "outputs", and that is not something I have seen anyone else do from what I can remember.

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May 11, 2021, 04:23:16 PM
 #6

7) GAS: A fee for validating a transaction
Transaction fee has no name called, you are specifically talking about ethereum and ethereum tokens which gas is the fee used to send such tokens.

DeFi, CeFi, Gas and NFTs are all in the altcoins category.
This is what I was thinking too, afaik gas is terminology exclusive to the ethereum blockchain to mean transaction fees, it's not like we can use to me TX fees on any other blockchain.

2) Block chain
Blockchain, not block chain.
-snip-
Actually, satoshi himself used the term "block chain" but later widely used and accepted by users as "blockchain".
He still used the term in last post: https://bitcointalk.org/index.php?action=profile;u=3;sa=showPosts

IMO, either is acceptable.
I think both are acceptable depending on how it's used but blockchain sounds more appealing and acceptable!

Btw were does "block-chain" find itself in all this?



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Caross
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May 11, 2021, 06:41:08 PM
 #7

Block chain sounds more appealing to me because it sounds unique and peculiar to the only Bitcoin which was the original first user of the now blockchain.
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