This article defines some of the most commonly used terms in cryptocurrency.
The cryptocurrency glossary pdf is a list of terms that are commonly used when talking about cryptocurrencies.
A Glossary of Cryptocurrency Terms
Are you ready to join the crypto revolution but are baffled by the many crypto jargons, idioms, and terminologies?
If that’s the case, you’ve come to the correct spot.
In this article, I’ll go over and clarify some of the most common terminology connected with cryptocurrencies that you should be aware of.
When I initially began, I felt overwhelmed and perplexed by the cryptospace’s inside jokes and terminology, as any newcomer would.
It wasn’t until I spent some time studying these new terminology that I was able to comprehend what others were saying, how the technology works, and fully engage in crypto conversations.
If you’re new to the crypto world, it’s critical that you understand the words blockchain and cryptocurrency.
I’ve put up a glossary of Bitcoin and cryptocurrency terminology to help you decipher the jargon and remain informed.
It may be used to describe any cryptocurrency that isn’t Bitcoin. Because Bitcoin was the first cryptocurrency, any currencies produced after it are called Bitcoin alternatives. On Coinmarketcap, there are over 2000 cryptocurrencies listed as of this writing. Ethereum, Ripple, and Litecoin are some of the most popular cryptocurrencies.
The term “all-time high” is abbreviated as ATH. It’s a term that’s used to describe the value of cryptocurrencies. The ATH of Bitcoin, for example, is $20,000.
Bitcoin with a capital “B” refers to the whole Bitcoin ecosystem, including the protocol, payment system, software, and technology.
The monetary unit bitcoin (with a lowercase “b”) is utilized.
- dApp/ dApp/ dApp/ dApp/ dApp/ dApp/
Abbreviations for decentralized applications that are often used. It refers to a peer-to-peer program that operates over a decentralized network. Because the software is built on a distributed ledger, no one has control over it.
The Ethereum blockchain hosts the majority of the DApps on the market.
Here’s a list of ten incredible decentralized applications you won’t want to miss!
- Satoshi / Sats / Sats / Sats / Sats
The lowest unit of Bitcoin recorded on the blockchain is a Satoshi.
Each bitcoin (BTC) may be divided to the eighth decimal point. A Satoshi unit is equal to 0.00000001 bitcoin.
A cryptocurrency exchange is a website that lets you buy, sell, and exchange cryptocurrencies like Bitcoin, ether, and ripple for other digital currencies or conventional fiat currencies like dollars, pounds, and yens.
Here’s a rundown of some of the most reputable bitcoin exchanges.
It is conventional paper money that is managed, regulated, and recognized as legal tender by banks and central governments. USD, EUR, and GBP, for example, are all fiat currencies.
It is an acronym for “fear of missing out.” FOMO refers to the fear of missing out on a lucrative investment opportunity when the price of a cryptocurrency is rising.
It’s a common error made by newcomers who rush into crypto hoping to become wealthy fast.
“Fear, Uncertainty, and Doubt” is what it stands for. It’s a term that’s frequently used to describe when investors lose faith in the cryptocurrency market. It may be based on facts, hearsay, or gut instincts.
If you’ve been in crypto for a while, you’ve undoubtedly heard about the Bitcoin split.
A fork is a term that describes a change in the rules of a blockchain system or coin.
Because engineers are continuously improving and updating the protocol, a fork will occur if there is an unresolved dispute regarding future improvements.
Hard forks and soft forks are the two major kinds of forks.
- Fork in the Road
A hard fork is a change to a protocol that renders it incompatible with the new chain. As a consequence of the permanent split from the original chain, two distinct and competing blockchains will exist (new vs old).
A hard fork is, for example, the split between Bitcoin and Bitcoin Cash.
- Fork (Soft)
A soft fork is a blockchain upgrade in which both the new and old chains are compatible. This implies that the cryptocurrency follows its own set of rules and functions in a reversible way.
Hold on for dear life is an abbreviation meaning “hold on for dear life.”
Someone misread the term “hold” in an early Bitcoin letter, and readers mistook it for an acronym for “hold on for dear life.”
It’s now become a meme, implying that, despite severe price volatility, you should keep your bitcoin investment and disregard the emotions.
As a result, I can call myself a long-term HODLER!
The term “Initial Coin Offering” stands for “Initial Coin Offering.” ICO is a new method for businesses to generate money by producing and selling their own digital tokens to the general public, similar to an IPO.
The process of generating new bitcoin units is known as mining.
During the Bitcoin mining process, for example, computer hardware is utilized to solve mathematical problems that allow the network to check, confirm, and then aggregate transactions into blocks.
Miners are those who carry out mining operations using computers or by renting mining equipment. For their contribution to the network, they are rewarded with coins.
- The Moon/Mooning
People will claim that a digital currency’s price is heading to the moon when its value increases dramatically.
It’s the abbreviation for market capitalization. When it comes to evaluating a coin, it’s a crucial statistic. Since 2009, Bitcoin, the father of cryptocurrencies, has had the most market capitalization.
Peer to peer communication. Two or more users may connect directly to each other via the internet using the P2P network, without the requirement for a central server.
- Secret key:
A private key is a very big and secret number of alphanumeric characters (letters and digits) that enables you to transfer and spend Bitcoins.
- Key that is available to the public
A public key is a collection of numbers and letters that is mathematically deduced from your private key. You may openly accept money from other Bitcoin users if you have a public key.
- dumping and pumping:
This is a method in which a group of individuals buys a coin at the same time, generating demand in the cryptocurrency market. They will “dump” and sell the currency once its value has increased.
The majority of them communicate via Telegram-like applications. Be wary of such large-scale purchasing and selling schemes.
- holder for the bag:
You’re a bag holder if you’re still holding a cryptocurrency after a pump and dump collapse.
A crypto currency with no intrinsic value or use. Despite the fact that shitcoins have no possible use or value, many individuals continue to purchase them in order to inflate the price and then sell them for a large profit later.
Some shitcoins lose their inherent worth as a result of bad project management.
To transfer, receive, and store bitcoin and altcoins, you’ll need a wallet, just as with conventional paper money. Desktop wallets, mobile wallets, hardware wallets, and paper wallets are among the numerous kinds of bitcoin wallets available.
The following is a list of the many kinds of Bitcoin/crypto wallets.
- Wallet made of hardware
When it comes to storing your crypto assets for the long term, a hardware wallet is usually the most safe choice.
It’s a physical device that securely keeps your public and private keys.
However, only purchase a brand-new hardware wallet from the official shop.
Trezor and Ledger Nano S are two reputable hardware wallets that we suggest.
Whale is a phrase used in bitcoin to denote someone who possesses a large quantity of cryptocurrency. As a result, a whale has the ability to influence the market.
The majority of whales are early adopters who were able to purchase a significant quantity of Bitcoin and altcoins at a cheap price.
Unlike the whale, the minnow is a newcomer who only has a little quantity of bitcoin and is readily influenced by market fluctuations.
A white paper is a publication that explains in full the goal, issue, and solution of a currency or blockchain initiative.
Satoshi Nakamoto (#30)
Bitcoin’s inventor, whose identity is still a mystery.
Learning this language may be very helpful for people who want to become engaged with cryptocurrencies.
As the crypto industry evolves, you’ll come across more new terminology, phrases, and even hilarious words in the near future.
On ThinkMaverick, I’ll keep this list up to date with new terminology.
Are there any crypto terminology or jargons that I didn’t cover in this article? Please share your thoughts in the comments section below.
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Crypto terms bullish is a term that refers to the price of cryptocurrency. The term can be used in different contexts, but it usually means the price will increase. Reference: crypto terms bullish.
Frequently Asked Questions
Which crypto will boom in 2021?
Bitcoin is the most popular and widely used cryptocurrency, so it will be difficult to find a crypto that does not have some relation to bitcoin.
What are the terms used in crypto trading?
The terms used in crypto trading are Bitcoin, Ethereum, and other cryptocurrencies.
What are the 4 types of Cryptocurrency?
There are 4 types of cryptocurrencies, which include:
- crypto acronyms
- cryptocurrency keywords list
- crypto nicknames
- crypto terms fomo
- crypto mining terminology