A beginner’s guide to crypto terminologies
If you are new to the crypto space you will agree with me that it takes a lot of time to understand the terms being used. From FUD to Rekt, it can even get more confusing.
I collated a list of the most popular terms to help you understand the language of cryptocurrency.
- Altcoins: refers to cryptocurrencies other than bitcoin. E.g Ripple, Litecoin, Ethereum.
- FOMO: stands for fear of missing out. It describes the state of an investor who is confused on whether to buy a token who’s already bullish(price is going up) or to ignore it. It happens when market prices are rising fast.
- FUD: stands for “fear,uncertainty and doubt. It is the negative feeling people spread about a cryptocurrency.
- DYOR: means do your own research. It’s advice given to everyone in the space. It encourages them to do their own research before buying a coin and not rely on what others are saying.
- Moon: is a term used when a token is moving to the upward side. For example: I believe in the next 3 months dogecoin is going to the moon.
6. Rug pull: refers to a type of scam in the industry. It occurs when a team promotes a new project and disappears with all of the money made from the project.
7. Rekt: formed from the word “wrecked”. Getting rekt in the crypto space means to have a big loss.
8. Whales: are groups of people who hold the biggest amount of crypto. They have the power to move the market the way they want due to the large sum of crypto in their bag. People who hold 1000 BTC and more are considered crypto whales.
9. BTFD: “buy the f*cking dip”- when people are rushing to buy a coin that is currently at a low price with hope that it will increase in price.
10. Fork: it’s when a community makes changes on the blockchain protocol or its set of rules.
11. Gas: is the fee required to make a transaction on ethereum blockchain. Gas fees are not constant,they are determined by supply and demand.
12. Hodl: it means you are choosing to hold a particular crypto with no plans of selling. This word was formed through a trader’s typo on bitcoin talk forum in 2013.
13. Shilling: is an illicit promotion of cryptocurrencies to inflate its value and make profit.
14. DAO: stands for decentralized autonomous organisation. It’s the decentralized form of a company. A community governed by the agreement of its members.
15. ATH: means all time high. It’s the highest price a coin has reached.
16. Shitcoin: is used to describe a coin with no potential value.
17. Airdrop: is a marketing strategy that gives out free coins/tokens to people for completing given tasks. Airdrops are a profitable way to make money with little or no capital.
18. Market cap: it’s the total number of coins in supply multiplied by the price.
19. Memecoin: it’s a cryptocurrency based on a meme. Dogecoin,Shiba Inu are good examples.You can make quick profit off meme coins.
20. White list: it’s a list of approved participants that are given access to presale.
Learning crypto language would help you communicate better with investors and have an understanding of what’s going on.
I am sure you got value from this article. Send to a newbie in the crypto space and drop a clap.