Trustless
By CoinGecko | Updated on Mar 03, 2020
A defining aspect of cryptocurrencies is that is it now possible to complete a monetary transaction without need to assume trust in a third party. In traditional finance, a monetary transaction on the internet requires trust in a facilitator such as central banks, commecial banks, agents, or financial service provider without the universal access to audit their ability to faciliate the transaction. Sending money online is more akin to writing a cheque than paying in cash as the issue of decentralization without double spending remains unsolved until the emergence of bitcoin.
When a party makes a transaction with cryptocurrencies, they can verify publically and mathematically that a transaction has been completed. This is in contrast to taking the "transaction completed" notification from a facilitator at face value.
Related Terms
Hey Hey Hey
A term made popular by Carlos Matos who was the spokesperson for the Bitconnect Ponzi. He used it frequently during Bitconnect events to rile up the crowd.
Limit Order / Limit Buy / Limit Sell
Orders placed by traders to buy or sell a cryptocurrency when a certain price is reached
EIP (Ethereum Improvement Proposal)
Refers to improvement proposals for Ethereum, used to introduce features or any updates on the Ethereum network.
Wash Trade
Meaningless back and forth trading between a single party with the aim of inflating trade volume.
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