FIAT MONEY, COMMODITY MONEY, DOUBLE SPEND, BFT & CONFIRMATIONS EXPLAINED

Welcome to another edition of my short series “Crypto Jargon”. In these series, I break down the complex terminology we use in reference to cryptocurrencies and blockchain technology.

In this article, I am going to explain the difference between Fiat Currencies and Blockchain-based Currencies. As well as, what is censorship resistance, double spend and Byzantine Fault Tolerance which are terms referring to cryptocurrencies.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:


So, let’s get started with Fiat Money or Fiat Currencies, which is a term used a lot lately, especially in comparison to cryptocurrencies. The term “fiat” derives from Latin which means “let it be done” used in the sense of an order, decree or resolution.
This is not a term that we see used in general conversation when referring to the paper money we use but it is in fact how most of the paper issued currencies are classified as. Fiat money is used to describe those currencies that are government-issued and used as a legal tender but are not backed by any tangible assets or commodities like gold or silver for instance.

There are some currencies that are backed by such commodities and these are known as commodity currencies but the majority of governments today are issuing fiat currencies which is easier since they can print as much as they need without having to own any physical assets to back up the value of these currencies.

The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government. They are mostly backed by taxation and other government means of creating value but should there be a political or economic crisis, these currencies would devaluate enormously, which most recently happened in Turkey, this year it also happened to Venezuela, Argentina, Zimbabwe, Sudan, Iran, and the list goes on and on and on… this happens all the time around the world.

So, this is what fiat money is: currencies printed by a central authority and declared a legal tender and trusted by the citizens purely based on their trust in the government.

In 2008, at the peak of the US and UK financial crisis, Satoshi Nakamoto published the Bitcoin White Paper which was born as a response to the ever-growing danger of further financial collapse and against the control of the central banks. It introduced the idea of a decentralized model for a monetary system through a publicly shared, distributed ledger (in other words the blockchain) where records are being agreed on and shared between all the participants of the network. This new model is more than a currency, it is, in fact, digital data, information, code, etc. Which in many cases, causes confusion as to how can it be called money but in its use cases, it is not too different from the already growing digital payment networks that most of us have been using over the past decade.

Except, if it is encrypted, not controlled by any central authority and thus, it is censorship-resistant, unlike the fiat money which we hold in banks and other government-controlled institutions who are able to freeze or block accounts if they choose to. So, here lies the key difference between fiat money the decentralized model of blockchain-based crypto.

Now let me explain why Bitcoin, in particular, the game-changer is here and what it did right. or different from any other attempt of creating digital currencies before it. And yes, there have been many attempts before, even as early as the 90s, but none were successful.
In one sentence: Bitcoin was the first digital currency to solve the double-spend problem of its predecessors.
So, what does that mean? Double-spend is referring to sending the same transaction to two different recipients and with digital data, it is very easy to just copy and paste the same thing and send it to multiple recipients.

What Bitcoin did, or Satoshi, in this case, is to introduce the data mining process and the blockchain in order to create a consensus on the network about which of the two transactions will be confirmed and be considered valid, which is how double-spending is obstructed. This is what we mean by Byzantine Fault Tolerance (BFT): A method for computing systems to reach consensus through a certain mechanism. The term is taken from a paper named “The Byzantine Generals Problem” published in 1982 by Leslie Lamport, Robert Shostak, and Marshall Pease.

The Byzantine Generals’ Problem can be illustrated as a hypothetical historical situation in the times of the  Byzantine empire which was in the distant past, way before modern telecommunication was invented, where multiple generals and their individual armies situated in various locations out of reach of each-other must communicate the rules and time to carry out a coordinated attack on a city. Communication in those days was shared by messengers who had to travel long distances and could easily be compromised. When some of the armies receive communication that is deceptive the operation ends in a major failure. Such cases were not rare in those days. In the cryptocurrency world, the Byzantine Generals Problem is the situation where network participants issue incorrect information to others about transactions taking place that have not really taken place. This could lead to network failure if it hadn’t been for the Byzantine Fault Tolerance.

As I said, Bitcoin was the first digital currency to successfully resolve this issue by implementing the independent confirmations required for each transaction before it is considered complete. This is why Bitcoin is a perfect example of a Byzantine Fault Tolerant cryptocurrency. Each transaction is confirmed at least by three independent participants of the network, these are the miners, and once a transaction is recorded on a block, each consecutive block is adding more confirmations to it, so the older a transaction is, the less possible it is for it to be tampered with.

All the full nodes have a copy of the complete history of the blockchain with all the transactions, these are not being stored in just one or two databases but on all the hundreds of thousands if not millions of computers worldwide who operate full nodes on the blockchain and this is how decentralization and security of that data is achieved.


If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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GENESIS BLOCK, BLOCK SIZE, BLOCK HEIGHT, BLOCK TIME, BLOCK REWARD, BLOCK TIMESTAMP EXPLAINED

Welcome to Crypto Jargon.
In this article we look at the following terms:

  • BLOCK
  • BLOCK SIZE
  • BLOCK HEIGHT
  • BLOCK TIME
  • BLOCK TIMESTAMP
  • BLOCK REWARD.

So, let’s start with what is a Block.
Simply put, this is a file with digital data, predominantly the most recent transactions of a cryptocurrency. As new blocks are created and processed, they’re interlinked with the previous blocks into what is known as a blockchain.

Block Size as you can easily guess from the name, is the capacity of each of these blocks (aka files) and that will vary from one cryptocurrency to another. For instance, Bitcoin’s block size capacity for the most part of its lifespan has been 1MB which some people do not agree with and they branched off in 2017, creating Bitcoin Cash which now has blocks of 32MB size each.

Block Height refers to the number of blocks connected together in the blockchain. It is the number of blocks between itself and the genesis block. The genesis block has a height of 0… In other words, we can say it’s the block number in the blockchain sequence although the correct term is not number, but Height.

Block Time is literally the time it takes to generate a new block on a blockchain. That is different for every cryptocurrency, for Bitcoin that is every 10 minutes, for Litecoin it is 2.5 minutes, while for Ethereum it varies but it’s usually under 15 seconds.

Block Timestamp is the record of when a block was created and transactions were processed.

And Block reward is basically the “payoff” (reward) given to a miner who has successfully calculated the hash in a data block during the mining process. Block rewards can be a mixture of coins and transaction fees, depending on the policy used by the cryptocurrency in question.

With Bitcoin, that reward is halved every 4 years, it started as being 50 coins per block back in 2008, then in 2012 that was halved to 25 coins per block, in 2016 it became 12.5 and in 2020 it will be halved again, to 6.25 coins per block. This is programmed in the Bitcoin code and it’s intended to create less supply over time, thus reducing the risk of deflation in value. This is how I can tell you that the last full Bitcoin will be mined in 2032 and the last satoshi will be mined in the distant future – the year is 2140.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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Coinexchange shuts down |Bittrex removes 6 coins |Is Libra the future of money & more…|Crypto Corner ep75

Crypto-related news and commentary with OJ Jordan

Links from this episode:

🚩The book “Crypto Jargon A to Z” is the most comprehensive dictionary to date. Over 700 definitions of terms, acronyms and all the crypto slang people use in their market analysis, blogs and media articles related to blockchain technology and cryptocurrencies.
Grab your copy today: http://www.ojjordan.com/cryptojargon

💻Connect with me on social media:

►Instagram: https://www.instagram.com/busyjordy
►Twitter: https://twitter.com/busyjordy
►Facebook: https://www.facebook.com/busyjordy
►Linked In: https://linkedin.com/in/ojjordan

=== ===

Where I buy crypto:

►BitPanda (Europe) http://bit.do/bit-panda
►Cex (Global) http://bit.do/c-io
►Coinmama (Global) http://bit.do/coinma
►Changelly (good for instant coins swaps)(Global) http://bit.do/changelli
►Payeer (Europe, Asia, alternative to paypal) http://bit.do/payeer-join
►Kraken (Global) https://www.kraken.com/
►Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

Atomic Swaps, DEX, OTC, Limit Order, Stop-Loss, Fill-or-Kill, Margin Trading & Wash Trading

Welcome to another edition of my short series “Crypto Jargon”

In this article I will break down the following terms:

  • Wash trading
  • OTC
  • Limit order
  • Fill or Kill order
  • Stop order
  • Margin trading
  • Atomic swaps
  • DEX

I’m going to start with OTC which is an acronym for Over-the-counter, which is a term for Off-Exchange Trading. In other words, trades that occur peer-to-peer (between two parties) rather than using an exchange platform. Orders are not listed on a public order book. Clients can trade with each other via a broker or another third party without anyone else knowing about their transactions. An OTC trade can be done at market value or a different price, negotiated between the two parties involved in the trade.

Limit Order, on the other hand, is an order placed on an exchange, to buy or sell a cryptocurrency when its value reaches a certain price point. That means you decide what price you want the order to be executed at and it can stay open for a long period of time until the price parameters are reached so that it gets fulfilled.
The opposite of this is a “Fill or Kill” order which must be executed immediately or it gets cancelled.

Stop Loss-order (or Stop Order) is designed to limit a trader’s loss. It gets triggered at a certain price point and gets executed if the desired parameters are reached. For instance, if you buy a certain asset or coin at $5 and the price doesn’t go in the direction you expected, you would have a stop loss at $4 or maybe at $4.50. So that if there’s a decline in the value of this asset, you sell at a small loss before it dips by another 20-30% which is not unusual in the crypto market. Setting a stop-loss order for 10% below the price you paid is a common practice and traders often establish a stop-loss order as soon as they make a purchase to protect themselves against bigger losses.

Margin Trading means the act of adding leverage to your trades. When margin trading, you borrow money against your current funds to trade cryptocurrency “on margin” on an exchange. In other words, you are borrowing money to increase your buying power (generally you pay interest on the amount borrowed, but not always). Imagine you work on 10x leverage, that means you own 1 bitcoin but you borrow the rest and now you place buy or sell orders for 10 bitcoins. When you get it right, you make 10 times the money you actually have but if you lose, you now have covered the borrowed amount and pay it out of your own pocket, so it is considered high risk and can be very profitable or a complete disaster and there are very few exchanges that offer margin trading for crypto.

Wash Trading is an illegal form of price manipulation in which a trader simultaneously places sell and buy orders to artificially increase trading volume and thus the asset?s price. In effect, traders are fraudulently buying and selling assets to themselves with the intention to create fake impression of higher demand. Many times this involves automated software, known as bots which place multiple orders simultaneously.

Atomic Swap is a decentralised smart contract technology which enables direct exchange of one cryptocurrency for another without the need of an intermediary. Anonymous by default, these are highly regarded in the crypto community but still not used very much due to lack of liquidity.

Lastly, Dex is short for a Decentralised Exchange is these type of exchanges are still in their infancy but with a lot of attention and great expectations in the crypto community. They are billed to be a big business in the coming years, some of the more well-known ones are Changelly, Bitshares, Barterdex, Altcoin.io, Waves and Binance DEX.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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Brazil https://www.amazon.com.br/dp/B07Y9DT3H6
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HODL, FOLD, BUIDL, TLT, BTD, BTFD, BTDSTP & BTRSTN Explained.

HODL, FOLD, BUIDL, TLT, BTD, BTFD, BTDSTP & BTRSTN Explained.

Here’s another post from my Crypto Jargon series where I break down the complex terms used in the blockchain tech and crypto space. The terms today are related to trading or investing in cryptocurrencies, so you will definitely come across them in your research so let’s begin.

Buy The Dip (BTD) which can also be seen as BTFD which stands for Buy The Fu**ing Dip) is a call for action amongst traders. It is used when a coin has experienced a fall in its value and in certain circumstances this is the opportunity to buy it low with the potential of selling it higher later on to make a decent profit.

This is also what the next acronym stands for: Buy the Dip, Sell The Top (BTDSTP): the top is the high price point and the dip, of course, is the low price point. This is basically the core of trading – buy low, sell high. Sounds easy, right? Well, you’d be surprised how many people get it wrong and end up selling lower than they bought. Which is why I’m releasing a course for beginners where I focus on how to avoid this. Watch out for it, it’s coming soon.

Another very popular expression you will see on crypto forums and social media too is BTRSTN – Buy The Rumour, Sell the News – meaning that one should buy a coin when there are rumors about an upcoming development or new release of importance (such as a new wallet or exchange listing or protocol upgrade), and sell it when the news about it is posted in the mainstream (which usually causes a jump in its value).

HODL/HODLING is probably the most famous and exclusively crypto slang, that made it to the mainstream. It literally means “holding”, in other words, “not selling” In recent days it has been appropriated as an acronym for Hold On for Dear Life but in fact, it was born out of a simple mistake. In 2013 a user on Bitcointalk misspelled “holding” a few times during a drunken rant post about being a bad trader and the term went viral.HODL

The post came at a time of a very bad Bitcoin crash from the then ATH of nearly $1200 all the way down to below $400 levels, a drop of more than 67% and it was the only post that brought a bit of fun to the community during those dark days, so it comes as no surprise that it made an impact and thus, a new slang was born. Today we see it used pretty much everywhere, even making its way recently into the US congress.

Ok, on to the next one – FODL – this is not an actual term. It was used in a show called Fast Money on CNBC where Bitcoin and other cryptocurrencies are often discussed as an attempted antonym to HODL …but it didn’t catch on so it never made it into the crypto space really. It basically means to sell rather than hold.FODL.png

 

Another term that was born in response to HODL is BUIDL and this one has a little more weight to it since it was trademarked by Coinbase.com in 2018. It’s a call to arms for building and contributing to the blockchain ecosystem instead of just passively holding.

The BUIDL movement believes that instead of just accumulating or trading cryptocurrencies, people should start contributing proactively in order to help adoption and push crypto into the mainstream.

And the last acronym in this episode is TLT – which stands for Think Long Term – an investment strategy where one is not looking for the quick profits in a short period of time but is focused on a long-term investment horizon which can be months or years. Since cryptocurrencies are still a very new asset class, many investors are thinking long term and expect huge gains in 5 to 10 years time although, for many of the Alts (alt coins) this cannot be a very safe projection since they can have many hurdles along the way that can render them useless and respectively, worthless. So my personal strategy with the alts is to trade them rather than just hodl. However, Bitcoin is surely the one where you can apply the “think long term” strategy.

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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ALT, ANN, TX, COIN vs TOKEN, AIRDROP & BOUNTY Explained.

In this post I’m going to break down the following terms:

  • ALT(COIN)
  • TOKEN Vs COIN
  • AIRDROP
  • BOUNTY
  • ANN
  • TX.

Starting with ALT which is short for Altcoin, which is short for Alternative coin. This is any cryptocurrency that is not Bitcoin – since Bitcoin was the first cryptocurrency of its kind, any cryptocurrency that is not Bitcoin is seen as an alternative, hence the term Altcoin. There are several thousand Alts at this point which you can see listed on CoinMarketCap.com (this is considered the main database for cryptocurrencies).

Ok, so what is the difference between a COIN and a TOKEN?

A coin is a cryptocurrency (a.k.a digital asset) that has its own blockchain and is independent of other blockchains or platforms.
The key feature of a coin is that of a currency is essentially used as a medium of exchange or even as a store of value such as Bitcoin.

Tokens, on the other hand, are cryptocurrencies that do not have their own native blockchain but are built as smart contracts on another platform like Ethereum, EOS, Tron, NEO, BNB Zilliqa and many more.
Unlike coins, tokens can serve utility functions – such as to give access to services, represent votes within a community or to denote storage capacity on decentralized cloud storage among others.

Moving on to AIRDROP – this is a free distribution of tokens/coins.
Usually happens after a project has completed its ICO and the token has become tradeable on the open market. There are several motivations for carrying out airdrops, from creating awareness and interest, to actually distributing the whole supply of coins/tokens.
A hard fork of a coin can also produce an airdrop of the newly formed coin.
Not sure what a Hard Fork is? Subscribe to this blog so you can catch the forthcoming post where I break down the types of forks and explain what they mean.

A BOUNTY (in cryptocurrency terms) is a reward offered to incentivize certain work, behavior (such as referrals or development) or completing random tasks. For example, a “bug bounty” is given to a person finding a bug on a company’s website or in a company’s product, etc.
Many start-ups offer bounties in the early stages of their development to people who can provide useful services like translating their white paper or websites, marketing campaigns, and other uses.

Ann is short for announcement and usually refers to an announcement of a new ICO, product or service on the forum Bitcointalk which is one of the main platforms for crypto discussion. and TX is basically an abbreviation indicating a Transaction.


If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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Brazil https://www.amazon.com.br/dp/B07Y9DT3H6
Canada https://www.amazon.ca/dp/B07Y9DT3H6
Mexico https://www.amazon.com.mx/dp/B07Y9DT3H6
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Asia-Pacific https://www.amazon.in/dp/B07Y9DT3H6

What is BFA, Keylogging, Phishing, Trojan, DDOS & CryptoJacking?

Welcome to another Crypto Jargon post.  The series where I break down the complex terms that we use in reference to blockchain tech and cryptocurrencies.

Today I look at the terms:

  • BFA
  • Keylogging
  • Phishing
  • Trojan
  • DDOS
  • Cryptojacking

What all of these have in common is that they are all forms of cyber-attacks.
Hacking in one way or another.

So, let’s get started with BFA, which stands for Brute Force Attack.
This is an attack where someone tries to find a code, key or password by using trial-and-error methods.
For instance, if a password is a four-digit code, a Brute Force Attack (in simple terms) would be to try 0000, then 0001, then 0002, then 0003 and so on… But of course Brute Force Attack is carried out by automated software, so they don’t actually take as much effort as you would need if handled manually and can be very dangerous and quite successful, especially with weak passwords.

Speaking of passwords, a word of advice: many crypto-related websites are now allowing you to have a space between words in your password and special characters, so make sure you use these to make your password more complex and never use the same password for two or more websites.

Moving on to Keylogger.
This is a tool designed to capture all keystrokes of a computer, either through a software program or through a hardware device. Often it is used to hack into accounts by recording passwords. This keyboard recording activity is also referred to as keylogging or keystroke logging.

Next one on my list is Phishing.
This is a type of attack in which a malicious website, company or individual presents themselves as trustworthy in an attempt to fool the victim into giving up personal information (like login details, passwords, credit card details, etc).
It is one of the most wide-spread and common cyber-attack techniques and most usually comes in the form of an email, supposedly by a respected company with a request or a warning about a purchase on your account or some other form of alert for you to open a link and check your account activity. Well, that link is most certainly a fraudulent one and if you get fooled into clicking on it, you will most certainly compromise your login details and much more. We’ve all seen those emails about Amazon gift card purchase or iTunes purchase, also Paypal and many other popular services are being imitated in these phishing emails simply because these are services used by the majority of us in the online space.
Always check the sender of the email in case you get tempted to even read these emails. I usually ignore them, but every now and then I’d open an email like that and will see that even though the sender at first glance seems to be Apple or Amazon or whatever else is there, this is not the real sender. It’s just how the email is being masked to fool me into opening it in the first place. But as I scroll over the actual sender, I can see that it’s not a real company email address.

Next is Trojan.
Trojan is a type of malware that is often disguised as legitimate software.
Trojans can be employed by cyber-thieves and hackers trying to gain access to users’ systems.
Users are typically tricked into loading and executing Trojans on their systems.
Once activated, Trojans can enable cyber-criminals to spy on you, steal your sensitive data, and gain backdoor access to your system.
These actions can include: Deleting data, Blocking data, Modifying data, Copying data and all kinds of Disrupting the performance of computers.

Moving on to DDoS attacks – DDOS stands for Distributed Denial of Service and its aim is to crash servers and make websites temporarily disappear until the attack can be traced and halted.
A DDoS attack begins when the attacker rounds up hundreds of “zombie” computers. This is achieved by downloading trojans or viruses onto remote computers without the owner knowing. Once the zombie network is in place, the attacker targets one website, email server or network, and directs all the zombie computers to flood the victim with tasks or requests.

Several cryptocurrency exchanges have been the targets of DDoS attacks, which are often politically or personally motivated. In order to avoid such an infestation, computer owners should download up-to-date security software that searches their systems for malware and spyware.

Malware, by the way, is just a common term for any kind of malicious software.

And lastly, Cryptojacking – which became a “thing” back in 2017 and throughout 2018 it spread out to all kinds of devices, even on mobile phones and tablets.
This term is a combination of two other terms: cryptomining and highjacking and it’s the process of remotely using (hacking into) someone else’s computer without their knowledge or permission, to mine cryptocurrencies.
Monero was often the crypto of choice and the Pirate Bay was one of the first well-known websites that began using this method in order to bring-in additional revenue aside from their numerous pop-ups and annoying banners. I dedicated a separate post to cryptojacking.


If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

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US https://www.amazon.com/dp/B07Y9DT3H6
UK https://www.amazon.co.uk/dp/B07Y9DT3H6
Germany https://www.amazon.de/dp/B07Y9DT3H6
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Australia https://www.amazon.com.au/dp/B07Y9DT3H6
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