TERMINOLOGY
API
The Application Programming Interface or API is a method of communication used to give access to a variety of functions from another software, app, or website application. It generally consists of an API Key and an API Secret. Both of these codes are necessary for communication between systems.
When you link Binance and Wealthybot together they speak to each other via API.
SIM TRADER
A Simulating Trader that allows you to use all of your trading specifications in a live market to see how they will perform without using real capital.
DIGITAL LEDGER
A small physical device that allows you to store your cryptocurrency data.
EXCHANGE
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
GAS AND GWEI
Gas and Gwei are terms used for the additional amount requested to transfer Ethereum from one location to another.
Gas and Gwei can be compared to fuel in a car. Gas can be thought of as the amount of gasoline in the fuel tank, while Gwei can be viewed as the price of gas per gallon. These amounts are generally very small. The exact price of the gas is determined by the network’s miners, who can decline to process a transaction if the gas price does not meet their threshold.
PAPER WALLET
A paper wallet is the name given to a method of storing bitcoin and ethereum. It works by having a single private key and bitcoin/ethereum address, usually generated by a website, being printed out onto paper.
This method is deemed unsafe since if the paper is destroyed your funds cannot be recovered.
PUBLIC ADDRESS
When it comes to cryptocurrencies an address is made up of random letters and numbers that become your account number. Addresses represent a destination on the cryptocurrency network that address is assigned to.
TRADING STRATEGY
A coded script of instructions given to a trading bot to perform a specific sequence of instructions. When using Wealthybot there is currently two trading strategies that can be selected.
The Wealthybot trader setting will not buy or sell on the high/low but will attempt to find the medium that is close to these points. This setting will also try to obtain the highest amount of profit before closing the position. These decisions are based on moving averages.
The UpDown setting will sell the position whenever you have reached the exact percentage of profit that you have indicated in your trader. It will not attempt to achieve a higher percentage. The High and Low setting will also make a purchase every 1.5% exchange rate difference. I suggest setting a SIM for both of these trader options to see which one would be more beneficial for your portfolio desire.
USE CASE
A specific situation in which a product or service could potentially be used.
VPN
A virtual private network (VPN) gives you online privacy and anonymity by creating a private network from a public internet connection. VPNs mask your internet protocol (IP) address so your online actions are virtually untraceable. Whatever country is assigned to the IP address issued by your VPN will be the country every site you visit will think you are coming from.
WALLET ADDRESS
A cryptographic address for receiving cryptocurrency funds. The wallet address is like the account number of a checking account used to allow external parties to send you the the associated cryptocurrency.
PRIVATE KEY
A private key is an integral aspect of bitcoin and altcoins, and its security make up helps to protect a user from theft and unauthorized access to funds. Your private key gives anyone with it access to your funds. It should remain protected and secure at all times.
Never confuse your private key for your wallet address.
WEALTHYBOT TRADER
A software implementation that buys and sells Cryptocurrency.
