Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Altcoin

An altcoin is any cryptocurrency or token created after the Bitcoin was developed.

Other Important Terms

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

Bounties are simple tasks of jobs by the team behind a coin. These can be as simple as joining a Telegram channel or by (re)tweeting. It could also be a bit more difficult like a translation job for example. The participants receive rewards in the form of coins in exchange for completing these bounties.

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

Smart Contract

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.

51% Attack

A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’, who hold more than 50% of the hashrate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice (double-spend).

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