Unit 21: Vocabulary
To pass this unit, please study the
vocabulary words below.
any cryptocurrency other than Bitcoin
The majority of early altcoins were just forks of Bitcoin with minor changes to the proof-of-work algorithm.
a decentralised digital ledger of transactions maintained by consensus
The Bitcoin blockchain is maintained by a network of specialized computers designed for mining.
a coded message or secret way of writing
The boy had a difficult time time decoding the cipher in which his father's diary was written.
a group of peers responsible for maintaining a distributed ledger
A blockchain's consensus process is a vital part of its success because it must be fast, reliable, and verifiable by everyone using it.
a digital asset using secure computer algorithms to secure its transactions, create additional units, and verify transfer
Bitcoin was the first decentralized cryptocurrency to reach public attention.
double spend problem
a single financial transaction potentially happening in two places at once
The double spend problem is difficult to solve without a blockchain or trusted third party like a bank.
innovation that aims to compete with traditional delivery of financial services
This rise of fintech has had a positive impact for society, including increased competition, a reduction in prices, and wider access to financial services.
interchangeable and replaceable
Monero is a fungible cryptocurrency, meaning that every unit can be substituted by another unit without fear of a possibly tainted past.
unable to be changed
51 percent attacks can challenge the immutable properties of blockchains by rewriting their history
being rewarded with cryptocurrency for providing routine bookkeeping and verification services
Cryptocoin mining is not really a reliable way to make substantial money for most people.
a printed version of a cryptocoin's private key
The woman did not trust technology so she printed out her paper wallet with 25 Bitcoin on it and put it in her safe.
a coin that focuses on anonymous transactions over other features
Privacy coins like Zcash or Monero use techniques such as "ring signatures" or "zero knowledge proofs" to shield to buyer, the seller, and the amount of a transaction.
a slang term for a pointless or worthless cryptocurrency with no future
I laughed so hard when my friend traded $100 worth of Ether for a shitcoin that crashed literally 10 minutes later.
a cryptocurrency whose sole purpose is to be pegged to a fiat pair like the USD, thus providing a safe place in times of volatility.
There is some debate over whether stablecoins are really backed by fiat and aren't just used to artificall pump other crypto prices.
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