Cryptocurrency Explained: Bitcoin to blockchain, 10 words you need to know

Cryptocurrency is the trending chat all over the globe from altcoin to blockchain here is a list of the top 10 words you need to know get chatting about the cryptos:

1. Altcoin: To be put simply, an Altcoin is any cryptocurrency that is not Bitcoin. Bitcoin is the oldest and the biggest cryptocurrency, any digital coin or token that was created after was treated as an "alternative" or Altcoin.

2. Bitcoiner: A Bitcoiner is that friend of yours who cannot stop talking about Bitcoins. Despite the volatility of Bitcoin, a Bitcoiner believes in a future where Bitcoin continues to dominate the cryptocurrency market capitalization.

3. Blockchains: These are a series of individual blocks connected in a chain. Each block contains information about transactions. They also contain a unique identifier to differentiate them from every other block in the chain.

4. Hash: Each block contains a reference to the preceding block, in the form of a hash. This is the key security feature of blockchain technology which makes it virtually impossible to forge the ledger.

5. Crypto Mining: Blocks are created by solving cryptographic problems. The process of solving these problems is known as mining. Mining a block on the blockchain attracts a reward. For example, at the inception of the Bitcoin blockchain, miners solving the cryptographic hashing problem were rewarded with 50 BTC.

6. Decentralised: We hear this quite a lot, "blockchains are decentralized." Instead of being controlled by one central location, the blockchain is stored on the computers of every user of that given blockchain.

7. Buy The Dip: It is the modus operandi for cryptocurrency bulls as it implies that any correction or dip or fall in a cryptocurrency price should mean buying more.

8. Fiat currencies: Fiat currency is the traditional legal tender like the US Dollar, Euro or Rupee, that is issued by central banks.

9. CBDC: Central bank digital currencies or CBDC are fiat currencies that exist in a digital form and are issued by central banks.

10. DeFi: Almost all financial transactions in the real world involve an intermediary of some sort, generally banks. The DeFi or decentralised finance system is based on the idea that the financial system should not be controlled by 'monopolistic' third-party providers.