Want to Speak Crypto?

ATAIX glossary all you need to know.

Description 1

Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.

Description 2

ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!


What is a Coin Auction?

Coin auctions are a process by which investors can bid on and purchase crypto assets. In order to participate in an auction, there is typically a formalized registration system. As part of the registration process, each bidder is issued a bidding card with a unique identifier. This helps keep track of who is bidding on what.

The bidding process begins with the auctioneer calling out a starting price for the lot being sold. Bidders then have an opportunity to raise their cards to indicate that they are interested in buying at that price. The auction continues until the highest bidder accepts the offer from the auctioneer.

Most coin auctions are conducted ascending, but there are also reverse Dutch auctions where the prices start high and gradually decrease until someone accepts the offer.

Once the highest bidder is determined, they are obligated to purchase the asset at that price. The winning bidder also has to pay any transaction costs associated with the sale. In order to receive the asset, the winning bidder must have a digital wallet.

Coin auctions are unique in that the data is recorded on the blockchain, and any change to the data is verified with a secure cryptographic "digital signature." The digital signature changes if any data is changed, allowing everyone to double-check the bid information anytime. This prevents anyone from hacking the auction data and changing the digital signatures, as this malicious effort would be detected and denied instantly by the blockchain network.