Cryptocurrency: Common Terms Simplified – Part 2

Here is a ready reckoner for the novice of some important term used in Crypto trade. Continuing with the write up on different terms used in cryptocurrency, here a few more.

Coinbase

It is one of the biggest cryptocurrency exchange platform. The exchange went public in April and this is considered as one of the most epoch making event in the history of cryptocurrencies.

Cryptocurrency

All the digital money is made up of coins or tokens and they are all controlled by decentralized ledgers which are controlled by the community spread across the globe. All the cryptocoins or tokens other than Bitcoin and Ethereum are known as Altcoins. The Altcoins could be forks or branches of the main Blockchain platforms of Bitcoin or Ethereum. These Altcoins have come into existence because developers were not happy with the services provided by Bitcoin or Ethereum platform and went onto create their own platforms as a fork from the original Blockchain platform.

Dogecoin, Shiba Inu, and Meme Coins

They are the odd ball among the cryptocoins and are often regarded as meme or joke coins because they were created for fun but soon became popular and are today viewed more seriously than when they came into existence. Doge coin which was created as a meme coin today has a market cap of more than $30 billion and it has surged more than 5,000% so far this year.

Elon Musk

If you mention Dogecoin, how is it possible that you will not mention Elon Musk. He is one of the most vocal  supporters  of Dogecoin and his tweets often sends the values of the canine based meme coin surging.

Ethereum

Open-source blockchain-based software that controls the cryptocurrency Ethereum. It is the number two crypto currency created by Vitalik Buterin. It also has a number of forks and is soon to make a switch over from proof of work to proof of stake. This will considerably reduce the costs of transactions which will also be conducted at a much faster rate.