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?!
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
This is the total amount of a coin that has been mined and is existing.
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 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.
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.
Negative price movement.
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.
Buy the Fucking Dip (an indication to buy a coin when it has dumped so hard).
Positive price movement.
This is the continued downward movement of a crypto coin’s price.
To Sell off a coin.
Do Your Own Research.
Fundamental Analysis. Basically using the news and press to determine the direction of price movement of a crypto coin.
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.)
Fear of Missing Out (A coin is pumping and you get the feeling it’s going to pump more, so you buy high).
Forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network.
Fear, Uncertainty & Doubt.
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.
Initial coin offering is otherwise known as IPO (Initial Public Offering).
Margin bull position.
Continuous upward movement of price.
A node is essentially a computer connected to the network. A node supports the network through validation and relaying of transactions.
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.
A coin with no potential value or use.
Margin bear position.
Zigzag price movement (Upwards and downwards). It’s mostly used to signify a long-term trade.
Technical Analysis. This is basically analyzing the market based on the charts using different indicators, EA (expert adviser), robot/bot, etc.
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.
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.