Common Cryptocurrency Terms.
The crypto market is expanding, and you’d like to be a part of it. Certain words, such as ‘coin,’ ‘hodl,’ or ‘token,’ may take on entirely new meanings when used in this context. How are you expected to know what phrases are in the realm of digital currency?
You’d want to learn the terms related to cryptocurrency. In this post, you will get to understand some common cryptocurrency terms.
Address: Every wallet has an address, which is similar to a bank account number. Distinct cryptocurrencies require different addresses. You will lose cryptocurrency if you send the wrong crypto to the wrong address.
Airdrop: When a cryptocurrency project distributes tokens to users for free.
Altcoins: Altcoins are cryptocurrencies that emerged following the popularity of Bitcoin. The term comes from the fact that these coins are alternative cryptocurrencies.
ATH: All-time high. This indicates that an asset has reached its highest price ever.
Blockchain: This is a digital ledger where all transactions are recorded and are the basis of cryptocurrencies.
DYOR: Do your own research; simply implies researching to obtain more insight or understanding about a cryptocurrency to determine whether it is worth investing in or not.
Fiat: According to Merriam-Webster, fiat money is money (such as paper cash) that is not convertible into coins or specie of equal worth.
Exchange: A cryptocurrency trading platform such as CoinMetro, Bittrex, or Binance.
FOMO: Fear of missing out; The word refers to the worry and fear of losing out on a potentially lucrative investment or trade opportunity.
FUD: Fear, Uncertainty, Doubt. FUD in cryptocurrency is a psychological tactic designed to create uncertainty and fear, causing the price of a specific coin to fall.
Hash Rate: The hash rate is the rate at which a cryptocurrency miner works.
HODL: You may hear individuals say “buy and hodl” instead of “buy and hold” and wonder what it means. It is simply a typo for “hold”; you acquire an asset and expect that it will yield a profit in the long run.
Bullish And Bearish.
Bullish: A bull market occurs when the price of an asset rises or is on an upward trend. This frequently lasts for a long time, usually several months or years.
Bearish: This indicates that the market is declining.
JOMO: Joy of missing out; It is used to show your joy when you lose out on something because it was lame; in this example, an opportunity in the crypto sector.
TO THE MOON: When someone uses a rocket emoji or says “To the Moon,” it signifies that the individual believes the price of a cryptocurrency is about to skyrocket.
SHITCOIN: In general, the word shitcoin refers to a coin that someone dislikes. Because of its uncertain definition, the phrase can refer to nearly any coin or token that is neither Bitcoin nor Ethereum.
TOKEN: A token is anything that may be developed on another platform, such as Ethereum, and it plays a role in the company that issues its business operations and transactions. Not to be confused with a coin like Bitcoin, which is simply a coin or means of payment. A token has a broader range of applications.
Finally, cryptocurrency is one of the most fluid financial industries in the world, and it often appears that new terms and slogans are being introduced every day, making it impossible to cover them all at once. However, more insights can be obtained from platforms such as Quora and Reddit, amongst others.