Definitions
Anti-money Laundering (AML)
AML refers to laws and procedures intended to prevent people from disguising illegally obtained funds as legitimate income. Noones takes AML protocol seriously, and we abide by all laws, regulations, and procedures.
Dispute
A dispute is an argument or disagreement between people or groups. Noones have dispute resolution which is useful when a trade does not go as planned, just when misunderstanding, miscommunication, disagreement or any other controversion between ...
Dashboard
Your Noones Dashboard is your hub for all your cryptocurrency trading needs. It is your personalized tool for accessing all the information you need. User Dashboard contains the following tabs: Partner Program - Check your reward history. Trade ...
Confirmation
Confirmation means that the transaction has been verified by the network and you receive this confirmation when sending out Bitcoin. Once a transaction is confirmed, it cannot be reversed or double spent.
Cryptocurrency
Cryptocurrency or digital currency uses cryptography instead of a central bank to provide security and verify transactions. Bitcoin is the first developed cryptocurrency.
Coin locking
Coin locking/coinlock is when a buyer uses the escrow to hold onto the seller's cryptocurrency without the intention to send payment and complete the trade. This is a common case of cryptocurrency fraud.
Block chain, blockchain
The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term “public ledger” to describe it. The block chain shows every single record of bitcoin transactions in order, dating back to the very first one. The ...
Wallet address
A cryptocurrency wallet address is a combination of letters and numbers specific to a particular cryptocurrency, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or USD Coin (USDC). This address serves as your unique identifier for receiving and ...
Bitcoin (BTC)
Bitcoin is a digital currency in which encryption methods are used to regulate the generation of units and transfer of funds, operating independently of a central bank.
Price Point
A price point is the suggested retail price of a product, and it is determined in a way that competes with prices of other products. A product may be introduced with a specific price point, but the price may be altered depending on current demand and ...
Know Your Customer (KYC)
KYC is a term used to describe how businesses such as Noones, identify and verify their users' identities. KYC is part of AML. For more information on Noones’s KYC protocol visit our page in the Help Center and check our Privacy Notice.
Nigerian Naira Token (NGNT)
NGNT is a stablecoin pegged to the Naira. NGNT can be used as a payment method when buying or selling cryptocurrency on Noones. For more information on how to buy and sell crypto in the Noones marketplace, check out these articles: Buying ...
Power Trader
A Power Trader is a special status given to users in recognition of their impeccable behavior when trading with Noones users. In addition to following Noones’ buying and selling guidelines, Power Traders also have high trading activity. All Power ...
Bitcoin address types
There are three bitcoin address formats currently in use: P2PKH addresses start with the number 1. Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2. P2SH addresses start with the number 3. Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy. Bech32 addresses also ...
Pegged currency
Pegged currency is a digital currency that is directly connected and has equal value as its designated currency, such as USD or EUR. A pegged cryptocurrency is also referred to as a stablecoin. Tether is one of the most popular pegged ...
Tether (USDT)
Tether (USDT) is a stablecoin that is pegged to the American dollar (USD). Noones provides an option to convert your bitcoin to Tether to protect your funds from any market fluctuations. Learn more about our BTC to USDT converter in our Help Center. ...
Margin
Margin is an amount added on top of the cost price to get to the final selling price or the gross profit. It can be calculated in a fiat amount or in a percentage. A margin can be both positive and negative, and a negative margin means that you ...
Trusted/Blocked
Trusting users is a good way to stay connected with buyers/sellers that you've had good experiences with. Their offers will then be prioritized on the offer page. Blocking users is a good way to stay away from buyers/sellers you’ve had bad ...
Wallet
A wallet is a collection of Bitcoin private keys used to spend Bitcoin. Just like with paper currency that is held in your physical wallet, a Bitcoin wallet is a digital wallet where you can store, send, and receive Bitcoin securely. There are many ...
Seller (Vendor)
A seller or vendor is someone who sells cryptocurrency. It's their duty to release crypto from escrow once payments are verified. If the seller or vendor doesn’t release the cryptocurrency, they will remain in escrow.
Transaction ID (TXID)
A Transaction ID or TXID is an identification number for a cryptocurrency transaction, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or USD Coin (USDC). It is an alphanumeric string that uniquely labels each transaction within the respective ...
Terms of Service (ToS)
Terms of Service (ToS) is a contract or agreement made between a company and the product user. If the user does not abide by the ToS agreement while using the product, the user may be inflicted with penalties. Take a look at Noones’s ToS here.
Transaction Fee (Miner's Fee)
Also known as a "miner's fee", a transaction fee is an amount of cryptocurrency that is collected by the miner from each transaction. See the list of our fees in this article.
Trade ID (Trade Hash)
A Trade ID or Trade Hash is a unique identifier of any trade on Noones. The Trade ID makes your trade easily trackable within the Noones platform.
Transaction
A transaction is an entry in the blockchain that describes a transfer of Bitcoin from one address to another. A transaction occurs when data is sent to and from one Bitcoin address to another. Just like when you send money from one person to another ...
Trade Status
Each trade on Noones has a status. There are eight statuses your trade could possibly have: Active funded – a trade has started, and funds have been transferred from the seller’s wallet into trade escrow. Paid – a buyer has marked the trade as paid. ...
Trade instructions
Trade instructions are specific and detailed requirements that appear when a trade begins. These are the requirements that are set when buyers pay sellers. Users should make the trade instructions as detailed as possible to avoid confusion during the ...
Public receipt
A message proving that the traded Bitcoin has been received and the trading or transaction is successful.
Public address
A public bitcoin address is a cryptographic hash of a public key. A public address typically starts with the number “1.” Think of a public address like an email address. It can be published anywhere and bitcoin can be sent to it, just like an email ...
Public key
A string of letters and numbers that is derived from a private key. A public key allows one to receive Bitcoin.
Private Key
A private key is a string of data (letters and numbers) that shows that you have access to Bitcoins in a specific wallet. Think of a private key like a password; private keys should not be shared with others as they allow you to spend Bitcoins from ...
Peer-to-Peer
Peer-to-Peer is a type of network where participants communicate directly with each other rather than through a centralized server. The Bitcoin network is an example of a peer-to-peer network.
Offer Terms
An offer term(s) lists all the requirements and other additional information needed to complete a transaction on Noones. An offer term often includes the buyer’s preferred payment method and a list of actions that the seller needs to complete to make ...
Offer
Offers are trade proposals split into Buy and Sell categories and have options such as currency, exchange rate, and payment methods. Buy offer: This is a trade proposal created by users who are trying to buy cryptocurrency in exchange for a different ...
Mining
Mining is the process of using computer hardware to do mathematical calculations to confirm transactions on the Bitcoin network.
Miner
A computer or group of computers that add new transactions to blocks and verify blocks created by other miners. Miners collect transaction fees and are rewarded with new bitcoins for their services.
Ledger
A physical or electronic log book containing a list of transactions and balances typically involving financial accounts. The Bitcoin blockchain is the first distributed, decentralized, public ledger.
Hot Wallet
A hot wallet is a Bitcoin wallet that is connected to the internet, such as wallets installed on a desktop computer or smartphone.
Hash
A hash is a mathematical function that generates unique identifiers needed to solve blockchain computations and secure the network.
Google authenticator (GA)
Google Authenticator is a mobile application that implements two-step verification services using the time-based one-time password algorithm and HMAC-based one-time password algorithm for authenticating users of mobile applications by Google. ...
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