Unit 25: Vocabulary

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altcoin
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any cryptocurrency other than Bitcoin
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"The majority of early altcoins were just forks of Bitcoin with minor changes to the proof-of-work algorithm."
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blockchain
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a decentralized digital ledger of transactions maintained by consensus
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"The Bitcoin blockchain is maintained by a network of specialized computers designed for mining."
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cipher
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a coded message or secret way of writing
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"The boy had a difficult time decoding the cipher in which his father's diary was written."
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consensus process
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a group of peers responsible for maintaining a distributed ledger
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"A blockchain's consensus process is a vital part of its success because it must be fast, reliable, and verifiable by everyone using it."
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cryptocurrency
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a digital asset using secure computer algorithms to secure its transactions, create additional units, and verify transfer
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"Bitcoin was the first decentralized cryptocurrency to reach public attention."
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dapps (decentralized applications)
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software designed to run on a blockchain without any central owner, server, or controller
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"One can split dapps into three major types: financial transactions, traditional commerce, and “other”, including everything from games to governance."
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double spend problem
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a single financial transaction potentially happening in two places at once
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"The double spend problem is difficult to solve without a blockchain or trusted third party like a bank."
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fiat
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any currency established by a government without inherent value or scarcity such as the US dollar or EU euro
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"The value of fiat currency is tied to governmental authority, convenience, and trust in market forces such as supply and demand."
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fintech
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innovation that aims to compete with traditional delivery of financial services
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"This rise of fintech has had a positive impact for society, including increased competition, a reduction in prices, and wider access to financial services."
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fungible
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interchangeable and replaceable
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"Monero is a fungible cryptocurrency, meaning that every unit can be substituted by another unit without fear of a possibly tainted past."
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lambo (Lamborghini)
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a sports car closely associated with cryptocurrency millionaire memes
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"Some early adopters of cryptocurrency are in love with blockchain technology, but others just want to be seen on Youtube driving a lambo."
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mining
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being rewarded with cryptocurrency for providing routine bookkeeping and verification services
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"Cryptocoin mining is not really a reliable way to make substantial money for most people."
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money laundering
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the illegal process of making criminal income look legitimate
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"Successful criminals need to be experts at money laundering and often make deals with "cash only" businesses or crooked banks to conceal the true source of their income."
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mooning
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the term when a crypto coin's market activity and price go way up in a short amount of time
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"ZoomCoin has been mooning for the past 24 hours, but it's likely just a "pump and dump scheme" and will fall back to earth when reality hits."
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paper wallet
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a printed version of a cryptocoin's private key
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"The woman did not trust technology so she printed out her paper wallet with 25 Bitcoin on it and put it in her safe."
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private key
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a long random string of text used to create your digital signature
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"If someone knows your private key, they can fake your signature and steal your cryptocurrency."
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pump and dump
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a coordinated effort to quickly raise the price of a coin and then sell it
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"A pump and dump is a coordinated scheme to make money from a failing or stagnant coin."
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satoshi
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a common measurement of the worth of altcoins, measuring one hundred millionth of a Bitcoin.
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"The satoshi value of altcoins may vary, but one Bitcoin is always worth 100,000,000 satoshis."
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shitcoin
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a slang term for a pointless or worthless cryptocurrency with no future
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"I laughed when my friend traded $100 worth of Ether for a shitcoin that crashed literally 10 minutes later."
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stable coin
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a cryptocurrency, whose sole purpose is to be pegged to a fiat pair, such as the US Dollar, thus providing a relative stability during times of crypto volatility.
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"There is some debate over whether stablecoins are really backed by fiat and aren't just used to artificially pump other crypto prices."
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the dark web
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a mysterious, and largely hidden portion of the web, that is largely inaccessible through standard browsers and protocols.
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"The dark web first became known as the home of the Silk Road marketplace which sold guns and drugs via mail and took payments in bitcoin."
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