The Ultimate Cryptocurrency Terminology Guideguides
If you’re new to the cryptocurrency world, then there’s a big chance that you don’t quite know all the lingo and terminology. From buzzwords like HODL to more technical terms such as Fiat, it’s best to know what they all mean so that you can properly participate in cryptocurrency conversation. Here’s the definition of each term, plus an example of the lingo being used in a sentence.
Here are the most popular terms heard when talking about cryptocurrency trading:
HODL – Hold on for Dear Life. Refers to holding onto an investment, even in the bleakest of hours.
Person 1: “I bought Bitcoin at $20,000 but now its worth $11,000! What do I do?”
Person 2: “Just HODL man, just HODL.”
“He’s just trying to spread FUD, I don’t think he really likes that coin.”
FOMO – Fear of Missing Out. The feeling whenever you see a coin’s value soaring, and are afraid to miss out on the gains.
“She got massive FOMO when she saw that Bitcoin’s price was nearing $19,000.”
ICO – Initial Coin Offering. Refers to when a coin is put on the market for consumers to buy.
“My buddy’s coin is about to have its ICO, you should look into it.
Pump and Dump – Refers to the action of boosting the price of a coin through the spread of false or misleading information, and is then followed by large-scale selling to
make a profit when the price reaches a high.
“Don’t listen to the fake news, they’re just trying to Pump and Dump.”
Altcoin –Term that refers to a coin that is different than Bitcoin.
“2018 is the year of the Altcoins.”
Moon – Term refers to the price of a coin reaching extreme high’s.
“I reached my moon, I can finally retire at 35.”
“He’s got bearish opinions when it comes to Altcoins, but not when it comes to Bitcoin.”
Whale – Refers to an investor that owns massive amounts of coins, that could offset the price by selling.
“The Bitcoin whales are not going to enjoy the dip.”
ATH – All Time High. A term used when a coin reaches its highest ever price.
“I can’t believe I bought at the All Time High. Now I feel like an idiot.”
Shill – Refers to someone who advertises a coin through infatuated information, probably because they are investors of that coin.
“Don’t listen to her, she’s a Bitcoin Cash shill.
BlockChain – Refers to the technology used an open ledger that displays records of transactions.
“Once your Litecoin transaction goes through it’s recorded on the blockchain.”
FIAT – Refers to physical paper currency that is regulated and centralized.
“You can exchange fiat for Bitcoin at Bitcoin Depot’s ATMs.”
BTFD! – Buy the F*cking Dip. Refers to when the market dips, which then encourages many traders to buy coins at a lower price.
Person 1: “Bitcoin went down to $10K! What do I do?”
Person 2: “Keep calm and Buy The F*cking Dip.”
Fork – Refers to when a blockchain splits into two separate chains, usually associated with software or algorithm changes.
“Bitcoin Cash came from the Bitcoin fork.”
Mining – Refers to the process of attaining cryptocurrency by solving cryptographic algorithms.
“I set up my computer to mine Bitcoin, but I might need more processing power.
Whitepaper – A document released by crypto startups that highlights the strengths and purpose of the platform.
Person 1: “Should I invest in Ethereum?”
Person 2: “I would read the whitepaper of any coin before investing.”
Market Cap – Refers to the overall value of a cryptocurrency. It is found by multiplying current supply of coins by the market value of a coin.
“I don’t look at the price of a coin, I look at it’s market cap.”
Satoshi – The smallest fraction of Bitcoin that can be used in transactions, which is .00000001 BTC
Person 1: “Ethereum is worth 10,000,000 Satoshis.”
Person 2: “Holy cow, that’s a lot of money!”
Person 1: “No really, just .1 Bitcoin.”
March 15, 2018