crypto terms

An orphan block is a correctly or incorrectly formed block that the network ultimately rejected and did not include in the main chain. It does not make it into the blockchain's overall transaction history.

KYC/AML is a set of rules under which exchanges and exchange services are obliged to identify customers and counter money laundering. Usually the procedure includes verifying identity by documents.

The Bitcoin Price Index (BPI) is an averaged indicator of the value of bitcoin, calculated from the data of several major exchanges. It helps to assess the market price without being tied to a single venue.

An output is the part of a Bitcoin transaction that sets the recipient's address and the transfer amount. A single transaction can have several outputs at once: for different recipients and to return change to the sender.

An OTC exchange is a venue where participants make deals directly with one another, without placing orders in the shared order book of a centralized exchange. The format is in demand for large volumes.

A block reward is the payment a miner receives for a successfully created block of transactions added to the blockchain. It consists of new coins and transaction fees.

Volatility is a measure of how much an asset's price varies over a given period. The stronger and more frequent the price swings, the higher the volatility and the associated risk for market participants.

A withdrawal is the operation of transferring money or cryptocurrency from a platform or service to an external wallet, bank card, or user account, based on a request the user submits specifying the details and amount.

Gas is a unit measuring the computing resources needed to perform operations in the Ethereum network. The more complex a transaction, the more gas it consumes and the higher the resulting fee for processing it.

The genesis block is the very first block in a blockchain, from which the network's history begins. It lays the foundation for all subsequent blocks and effectively marks the birth of a cryptocurrency.