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What Is Mining, Whale, Blockchain: 21 Terms Newbie Crypto Investors Should Know

Cryptocurrency is a highly popular investment, particularly among younger people. But much of the terminology may confuse off-putting beginners. It might be difficult to get started with cryptocurrency if you don’t know what gas is, what HODL stands for, who a whale is, or how Bitcoin is different from blockchain.

Cryptocurrency is more than a different investing choice; it reflects a whole other universe than traditional equities and bonds. Even for experienced traditional investors, understanding the basics takes time due to unfamiliar jargons, developing technology, and keeping up with memes and tweets.

Before investing in cryptocurrency, we advise building an emergency fund, paying off high-interest loans and establishing a standard retirement savings plan. And, as mentioned previously, you should only invest what you are ready to lose in cryptocurrency, with experts recommending that you allocate no more than 5% of your portfolio to these digital assets.

However, another item you should include on your checklist is a basic grasp of what you’re getting into — including how how crypto differs from conventional investing methods, and the many factors that can impact the market value.

Before you begin, like in any investment, it is critical to understand the global asset you are investing in. This is especially true for a speculative — and continuously evolving — asset such as cryptocurrency. It is much easier to do this if you are familiar with the terms often used in this world. Whether you want to acquire cryptocurrencies now or later, knowing the terminology is a smart place to start. To make sure you don’t be left out in the cold, here’s a beginner’s guide to getting started with cryptocurrencies.

Here are some jargons to assist newcomers in grasping the world of cryptocurrency investment.

Mining

This phrase can be a little perplexing at times. It looks like exploding mountains create these coins, but they do not. Mining is the process of creating and distributing new crypto coins. Solving complicated mathematical problems necessitates the use of powerful computers. Users who complete this task get coins as a consequence. They may trade the coins directly with their peers or through internet exchanges.

Of course, most traders do not mine or create new coins. Instead, much like any other asset in your financial portfolio, you may choose to purchase and sell tokens from other individuals.

Whale

Whale accounts are those that possess a huge amount of a coin and have the ability to affect the market on their own. Most well-known and popular cryptocurrencies have a slew of whales that can truly throw their “weight” around.

Indeed, there are prominent websites that follow the activities of whales to increase transparency in the bitcoin market. Many whale accounts are early investors of huge money, and following what they’re doing is a good method to predict how the cryptocurrency market will move.

Blockchain

The bitcoin transaction relies heavily on a peer-to-peer network. Blockchain is a digital database that records each bitcoin transaction. There is no risk of a hacker gaining access and corrupting the information kept on the blockchain because there is no central database and everyone may view the blockchain facts from anywhere.

Gas

It is the charge of completing a bitcoin transaction. The fee covers the expense of paying a “miner (the person who solved the equation and earned a coin)” to search for and receive cryptocurrency on your behalf. Its size is determined by how soon you want the transaction to be completed.

Address

It is the precise location to which bitcoin is transferred. It functions similarly to a bank account but solely contains cryptocurrency. For maximum security, each address, which consists of a string of alphanumeric characters, is used only once to store crypto assets. This address also assists a receiver in proving ownership of the bitcoin that has been delivered to them.

Fiat

This phrase is most commonly used to contrast cryptocurrencies with normal currency (fiat), which is backed and issued by the government. It provides Central banks with a greater influence over the economy. Currencies such as the US dollar and Indian rupee are examples of fiat money.

Altcoin

It is basically anything or any other coin that isn’t Bitcoin. Altcoins can range from the second-most popular coin, Ethereum, to any of the hundreds of coins with extremely little market value. According to experts, you should primarily invest in the larger, more popular cryptocurrencies.

Block

These are the data sets within a blockchain. Blocks on cryptocurrency blockchains are made up of transaction records created when users buy or sell currencies. Each block can only store a certain amount of data. When it hits that limit, it creates a new block to continue the chain.

Cryptocurrency development company

Crypto Wallet

A wallet is where you keep all of your bitcoin currencies. It is encrypted, and if you forget your password, you will lose access to your wallet. Because cryptocurrency is founded on the concept of decentralised distribution. The only way to do so is to hold individuals accountable for their passwords.

Wallets are classified into two types: cold and hot. While a hot wallet is stored online and facilitates online trading, a cold wallet is similar to an offline safe to keep your valuables secure.

Hot Wallet

A bitcoin wallet that is software-based and connected to the Internet. While digital wallets are more convenient for immediately accessing your crypto, they are more vulnerable to hacking and cybersecurity threats than offline wallets, just as data stored on the cloud may be more readily accessed than those kept in a safe at home.

Cold Wallet

This is a safe way to keep your Bitcoin offline. Many cold wallets (also known as hardware wallets) are physical devices that resemble USB drives. This type of wallet can help secure your cryptocurrency from hackers and theft, but it also has its hazards, such as losing it along with your cryptocurrency.

Decentralisation

The distribution of power away from a central location. Blockchains have typically been decentralised rather than a centralised authority since they require the majority permission of all users to function and make changes.

Decentralised Applications

These are the developer-created applications installed on a blockchain to carry out operations without the use of mediators. Decentralised finance operations are frequently carried out with the help of decentralized applications. Ethereum is the primary network that supports decentralised finance activity.

Fork

When its users change the rules of a blockchain, changes to a blockchain’s protocol frequently result in two new paths: one that follows the existing regulations and another that branches off from the prior one (for instance, a Bitcoin fork resulted in Bitcoin Cash).

HODL

Though the word began in 2013 as a user mistake on a Bitcoin forum, it now stands for “Hold On for Dear Life” It refers to a passive investing technique in which investors acquire and hold cryptocurrencies rather than trade them expecting their value to rise.

Market Capitalisation

In the context of cryptocurrencies, the market cap refers to the total value of all coins produced. The market cap of a cryptocurrency may be calculated by multiplying the current number of coins by the current value of the coins.

NFTs

NFTs or Non-fungible Tokens are value units used to represent the ownership of one-of-a-kind digital objects such as art or collectables. NFTs are often stored on the Ethereum blockchain.

Public Key

It is the address of your wallet, comparable to your bank account number. You may provide people or institutions with your public wallet key so they can send you money or withdraw money from your account when you approve it.

Private Key

The encryption code allows you to access your cryptocurrency directly. Your private key, like your bank account password, should never be shared.

Smart Contract

A computational software that automatically enacts the conditions of a contract based on its code. The capacity of the Ethereum network to execute smart contracts is one of its primary value propositions.

Token

A value system on a blockchain generally has a value proposition other than a mere value transfer (like a coin).

Conclusion

Those considering investing in cryptocurrencies should understand that acknowledging industry terms can be advantageous. Would-be traders can enhance their chances of reaching their investing objectives by conducting the appropriate study and understanding this knowledge.

Interested in learning more about cryptocurrency? You can visit AskCrypto, a cryptocurrency forum where you can get more info about all callouts, crypto trading, daily updates for the crypto market and much more.

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An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

Read more about his campaign.

Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

Read more about her campaign.

MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

Read more about her campaign. 

A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

Find out more about the campaign here.

A native of Bhagalpur district – Bihar, Shalini Jha believes in equal rights for all genders and wants to work for a gender-equal and just society. In the past she’s had a year-long association as a community leader with Haiyya: Organise for Action’s Health Over Stigma campaign. She’s pursuing a Master’s in Literature with Ambedkar University, Delhi and as an MHM Fellow with YKA, recently launched ‘Project अल्हड़ (Alharh)’.

She says, “Bihar is ranked the lowest in India’s SDG Index 2019 for India. Hygienic and comfortable menstruation is a basic human right and sustainable development cannot be ensured if menstruators are deprived of their basic rights.” Project अल्हड़ (Alharh) aims to create a robust sensitised community in Bhagalpur to collectively spread awareness, break the taboo, debunk myths and initiate fearless conversations around menstruation. The campaign aims to reach at least 6000 adolescent girls from government and private schools in Baghalpur district in 2020.

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A psychologist and co-founder of a mental health NGO called Customize Cognition, Ritika forayed into the space of menstrual health and hygiene, sexual and reproductive healthcare and rights and gender equality as an MHM Fellow with YKA. She says, “The experience of working on MHM/SRHR and gender equality has been an enriching and eye-opening experience. I have learned what’s beneath the surface of the issue, be it awareness, lack of resources or disregard for trans men, who also menstruate.”

The Transmen-ses campaign aims to tackle the issue of silence and disregard for trans men’s menstruation needs, by mobilising gender sensitive health professionals and gender neutral restrooms in Lucknow.

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A Computer Science engineer by education, Nitisha started her career in the corporate sector, before realising she wanted to work in the development and social justice space. Since then, she has worked with Teach For India and Care India and is from the founding batch of Indian School of Development Management (ISDM), a one of its kind organisation creating leaders for the development sector through its experiential learning post graduate program.

As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

Let’s Talk Period aims to change this by

Find out more about her campaign here.

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A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

Srilekha has also contributed to sustainable livelihood projects and legal aid programs for survivors of sex trafficking. She has been conducting research based programs on maternal health, mental health, gender based violence, sex and sexuality. Her interest lies in conducting workshops for young people on life skills, feminism, gender and sexuality, trauma, resilience and interpersonal relationships.

A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
biodegradable sanitary pad vending machines in all government schools across the state. Her petition on Change.org has already gathered support from over 90000 people and continues to grow.

Bidisha was selected in Change.org’s flagship program ‘She Creates Change’ having run successful online advocacy
campaigns, which were widely recognised. Through the #BleedwithDignity campaign; she organised and celebrated World Menstrual Hygiene Day, 2019 in Guwahati, Assam by hosting a wall mural by collaborating with local organisations. The initiative was widely covered by national and local media, and the mural was later inaugurated by the event’s chief guest Commissioner of Guwahati Municipal Corporation (GMC) Debeswar Malakar, IAS.

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