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Swing traders change which side of the market they&rsquo;re in based on how the stocks change direction.</p>\n<p>Swing trading is between <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bull/">bulls and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bear/">bears.&nbsp;Generally speaking, stocks will move in one direction for a long period of time not depending on whether it&rsquo;s a bull or bear market. This means that implementing a long-term strategy can bring the most success.&nbsp;</p>\n<p>When it comes to the crypto sector, swing traders utilize countertrend techniques. Price reversals allow them to maximize their gains close to the trading range&rsquo;s edge.&nbsp;</p>\n<p><strong>Support and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-resistance-line-level/">resistance levels</strong> are what swing traders should have a full grasp on as they <strong>can be the deciding factor of success</strong>. 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Sybil attacks take place by weakening an online network by creating numerous IDs, accounts, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes.&nbsp;

/n

Sybil attack is not that difficult because it is similar to creating replica accounts on social media. However, it can also be like managing several nodes on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain system, which is a bit more difficult. The main purpose of both of these methods is to hold power and influence a network.</p>\n<p>Creating a large number of identities on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer networks</strong></a> might ultimately consolidate power over the network. This&nbsp;is the opposite of an eclipse attack, in which a hacker <strong>compromises only one node</strong> by controlling its activities.</p>\n<p>Sybil attacks, on the other hand, employ a large number of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes to modify data delivered or collected over a network. Given the particular dependence and interconnection of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized systems</strong></a>, this can be extremely successful.</p>\n<p>Sybil attacks intend to centralize authority <strong>in decentralized networks</strong> such as:</p>\n<ul>\n<li>Blockchain technology, which is especially vulnerable to these attacks since operations are frequently automated.</li>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">DAOs, which are typically tiny groups of engineers and developers.</li>\n</ul>\n<p>Besides that, a malicious user in a blockchain system might also seek to destabilize the network's power structure by obtaining <strong>as many node IDs as possible</strong>.</p>","level":"easy","meta_title":"What is Sybil Attack? Definition & Meaning | Crypto Wiki","meta_description":"Sybil Attack meaning: Sybil Attack - is a form of hacking that happens when an online network is weakened by creating numerous IDs.","meta_keywords":null,"language":"en","created_at":"2022-03-31T13:27:58.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-sybil-attack"},"currentChapter":"S","currentSection":"what-is-symbol","chapterTitle":"S","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-symbol","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Crypto Terms: Letter S

What is Symbol?

Symbol MEANING:
Symbol - is a shortened term for a crypto asset, token, or currency used in trade.
Easy
1 minute

Let's find out Symbol meaning, definition in crypto, what is Symbol, and all other detailed facts.

For trading purposes, a symbol is a shortened name for a crypto asset, token, or coin. One of the primary functions of a symbol is to let traders identify between currencies and convert them into BTC, BCH, and BSC. When assets are shown on a fast-moving display, such symbols help to guarantee that data is immediately comprehended.

For instance, Bitcoin's symbol is BTC, whereas Ether's is ETH. Then there's Dogecoin (DOGE) and Binance Coin (BNB). Furthermore, symbols can be used on the stock market for the largest and most popular public firms, such as Apple, which becomes APPL, and Facebook, which becomes FB.

Because of the infinite number of hard forks, Bitcoin, Bitcoin SV, and Bitcoin Cash are only a handful of the cryptocurrencies with the word "Bitcoin" in their names. Furthermore, there is no specific amount of characters that should be in a symbol - it generally varies. Some may have only one character, while others may have four or even more.

Why are Symbols Necessary?

To put it simply, symbols let investors identify between digital assets with identical names.