welcome to Crypto Jargon.
I am your host OJ Jordan, today we're breaking down the following terms: this episode is sponsored by Leger – maker of the best hardware wallets on the market. Their devices support more
than 1000 different crypto assets so you can safely store all of your
tokens and coins in a robust, cold storage and truly be the owner of your
private keys and have the best protection against hackers. To find out
more about it, check out the description of the video where you will find the
link and my tutorials on the Ledger Nano S / X devices. Now, 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 crypto currency 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 find listed on coinmarketcap.com this is considered the main database for
cryptocurrencies okay so what is the difference between
a coin and a token a coin is basically a cryptocurrency aka 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 and it 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 for instance
Etherium or EOS, TRON, NEO, BINANCE, Zillica 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 amongst other uses as well. Moving on to Airdrop this is a free distribution of tokens or coins. Usually happens after a project has completed its ICO and the token has become tradable on the open market there are several motivations for carrying out airdrops. from creating awareness and interest, to actually distributing the
whole supply of the tokens or coins. 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 these series, so you can catch the coming episode where I break down the types of forks and explain what they actually mean a Bounty (in cryptocurrency
terms) is a reward offered to incentivize certain work 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. 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 basically short for
"Announcement" it's usually referring to an announcement of a new ICO, a product, or a service on the forum "BitcoinTalk" which is one of the main platforms for
crypto discussion. and lastly T X is basically an abbreviation for a
transaction. It stands for transaction. This concludes today's episode of Crypto Jargon, don't forget to share this with someone
who might benefit from watching it. also leave a comment and a "like" and I'll
see you in the next episode.
Enjoying this content? why not grab a copy of my
book crypto jargon A to Z the most thorough dictionary that exists to date. with over 700 definitions of acronyms trading slang, and all the crypto terminology you need. just go to ojjordan.com/cryptojargon and grab your digital copy today. announcing my special summer giveaway: Yes, to celebrate the arrival of summer, I'm doing a special summer giveaway on
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