30 Common Terms You Should Know In The Crypto World

Newbies or freshers in the crypto world often come across these terms/slangs which puts them off or limit their ability to grasp the information been passed across. It’s like being in the bathroom with lather all over you without a running tap. You instantly feel helpless and neglected.

Anyways, let’s help some fellas get their tap running. Shall we?!

Satoshi

The smallest unit of bitcoin available, named after the creator Satoshi Nakamoto. One bitcoin contains 100,000,000 (100 million) satoshi’s. One satoshi is equivalent to 0.00000001BTC.

Maximum supply of a coin

This is a fixed amount that a coin can be ever mined or produced. For instance, the maximum supply of bitcoin is 21,000,000 BTC

Circulating supply

This is the total amount of a coin that has been mined and is existing.

MarketCap

Market Capitalization. It’s calculated by multiplying the Price of a coin by the Circulating Supply of that same coin. Market Cap = Price X Circulating Supply.

Volume

Volume is how much in total value has been traded in a specific duration usually 24hour period. Depending on where you’re looking that could be all the exchanges it is on or just the one you are currently on. Volume is important as it shows how active the coin is. If the volume is low it means not many people are interested in buying or selling it. If it is high it could mean that the coin is very active so it will be easy to buy and sell.

Altcoins

An altcoin comprises of two words: “alt” and “coin”. It refers to any digital cryptocurrency similar to Bitcoin. The term is said to stand for “alternative to Bitcoin” and is used to describe any cryptocurrency that is not Bitcoin or is an alternative to Bitcoin. Ethereum, Litecoin, Dash, Ripple, etc. are all altcoins.

Bear/Bearish

Negative price movement.

DOWNWARD TREND, BEARISH, NEGATIVE PRICE MOVEMENT

DOWNWARD TREND (BEARISH)

Blockchain

This is a general ledger, keeping track of all the transactions that happen within the network. Everyone can look at the blockchain to see what transactions have happened on the network.

BTFD

Buy the Fucking Dip (an indication to buy a coin when it has dumped so hard).

Bull/Bullish

Positive price movement.

UPWARD TREND, POSITIVE PRICE MOVEMENT, BULLISH

UPWARD TREND (BULLISH)

Dip

This is the continued downward movement of a crypto coin’s price.

DIP, LOWER LOW, CONTINUOUS DOWNWARD MOVEMENT, SINK, BEARISH

DIP

Dump

To Sell off a coin.

DYOR

Do Your Own Research.

FA

Fundamental Analysis. Basically using the news and press to determine the direction of price movement of a crypto coin.

Fiat

Fiat is used by the crypto community to describe whatever currency you use. For example, Canadian dollars, USD dollars, etc. When you cash out your crypto coins, fiat is the currency you receive once you’re ready to sell and get cash (whether it be NGN, USD, CAD, AUD, etc.)

FOMO

Fear of Missing Out (A coin is pumping and you get the feeling it’s going to pump more, so you buy high).

Fork

Forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network.

FUD

Fear, Uncertainty & Doubt.

HODL

Hold/Hold a position. Don’t sell. HODL is not an acronym in the real sense. It was a random misspelling during a drunken rant from a bitcoiner in 2013 which became sensationalized among the community no more than 3 minutes after it was posted on a well-known forum.

ICO

Initial coin offering is otherwise known as IPO (Initial Public Offering).

Long

Margin bull position.

Moon

Continuous upward movement of price.

Node

A node is essentially a computer connected to the network. A node supports the network through validation and relaying of transactions.

Pump

This is the upward price movement of a crypto coin against another or a fiat, e.g NEO/BTC, NEO/USD, etc.

Pump and Dump

Pump and Dump (P&D) is a form of crypto manipulation that involves artificially inflating the price of an owned coin through false and misleading positive statements, in order to sell the cheaply purchased coin at a higher price.

Shitcoin

A coin with no potential value or use.

Short

Margin bear position.

Swing

Zigzag price movement (Upwards and downwards). It’s mostly used to signify a long-term trade.

SWING, ELLIOT WAVE, PRICE MOVEMENT, LONG TERM TRADING

SWING

TA

Technical Analysis. This is basically analyzing the market based on the charts using different indicators, EA (expert adviser), robot/bot, etc.

Whale

Very Wealthy trader/Market Mover. A whale is someone who is a “big player” and invests a lot of money. If they own enough of one coin, they could theoretically alter the price of a coin in their favor.

Conclusion

Every system has codes and terminologies and having them abreast will enhance your ability to communicate, blend and understand every message. Majority of this terminologies are used when trading, so if you intend trading I strongly suggest you have them at your fingertips.

 

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