✍️ Crypto Slang Terms #10: Your Guide to the Cryptoverse 📕
💡 Ready to dive deep into the world of blockchain? Join BSCStation and discover five new blockchain words in Crypto Slang Terms #10!
▶ Genesis block
The first block in the Blockchain, usually hardcoded into the coin's system which is used to bootstrap its network.
👉 Example: BTC block 0, mined on January 3rd 2009 by Satoshi Nakamato
▶ Halving
The process by which Bitcoin mining rewards are reduced by 50% every four years; this is done to create scarcity and control the total supply.
▶ Hard fork
A software update that is not backwards compatible with previous versions of the same cryptocurrency protocol, resulting in the creation of an entirely new branch from block 0.
👉 Example: Bitcoin Hard Fork
▶ Hardware wallet
Also known as cold storage/wallet, it's essentially a USB stick that can be used for offline transactions and keeping your private keys safe.
👉 Example: Ledger Nano X
▶ Hedging
A trade that is made with the purpose of reducing the risk of adverse price movements in another asset. Normally, a hedge consists of taking the opposite position in a related security or in a derivative security based on the asset to be hedged.
💪 As you can see, the number of slang terms related to Blockchain is humongous! However, just with a little patience and a curious heart, you will find what you need to know in the following articles of BSCStation about Crypto Slang Terms!
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