Cryptocurrency terms you need to know – Bitvalex
Getting into the crypto space can be intimidating as it is, private keys and ICO choices, then the cryptocurrency terms add onto the pressure. But they don’t have to, you no longer have to question blockchain tweets or influencers lingo, below you will find a basic list of words the community has adapted. From drunk texts to tradition words reinvented, these are where these words come from and how they are used.
ICO:
Initial coin offering. A cryptocurrency project that offers their token to investors before being listed on an exchange to gather funding for development and marketing.
Altcoin:
Alternative coin. This refers to any token or cryptocurrency that is not Bitcoin; Ethereum is an altcoin.
Blockchain:
The technology behind cryptocurrency. A digital ledger storing transaction information in blocks which are saved on an uneditable chain. Blocks do not hold user identification but rather information on the transaction, making it transparent.
Private key:
Wallet password. A sequence of letters and numbers which gives access to a user’s cryptocurrency wallet/ address.
Public key:
Wallet ID. The public ID of a wallet, users can use this to send money to other users or check out how much crypto they have.
Bear/Bearish:
Negative on crypto. This can either refer to a person who has a negative sentiment on cryptocurrency or when the market has a negative price movement.
Bull/Bullish:
Positive on crypto. This can either refer to a person who has a positive sentiment on cryptocurrency or when the market has a positive price movement.
Whale:
Wealthy in crypto. A person who owns a large amount of cryptocurrency, they can generally impact the market with a sale or purchase.
Fiat:
Government-issued currency. Fiat refers to any national currency that is issued by a government such as USD or EUR.
ATH:
All Time High. When a crypto token reaches its highest exchange value.
BTD:
Buy The Dip. An optimistic outlook on using a price dip to acquire the token for a lesser value.
DApp:
Decentralized Application. An application built on the basis of blockchain’s information storage system and other factors.
POS:
Proof Of Stake. A mining system which requires users to stake currency into a pool and receive a reward for the amount mined.
POW:
Proof Of Work. A mining process which requires computers to solve complex mathematical problems in exchange for crypto.
FUD:
Fear, Uncertainty, Doubt. A term referring to negative speech around crypto designed to impact a person’s confidence in the blockchain technology.
Bart/Barting:
A market movement. A volatile market which resembles Simpsons character Bart’s hair cut and sometimes head.
Moon/Mooning:
A market movement. When the market value increases incredibly.
Dip/Dipping:
A market movement. A downtrend in the crypto markets.
Bounty:
A crypto reward system. Users are rewarded for sharing social media posts about a blockchain project.
Airdrop:
A blockchain awarding system. The process of distributing tokens to a user’s wallet, this is usually done as random awards to investors or if a token forks.
Now that we’ve covered the basic cryptocurrency terms, we can take a look at an iconic word in the world of crypto.
HODL on, there’s more.
Read the full story here.
Published at Wed, 10 Jul 2019 09:43:50 +0000
