Common Terms in Cryptocurrency

watch Fiat-

government issued currency,   i.e. dollar, won, peso

enter Cryptocurrency-

general term for digital (virtual) currency. Bitcoin being the first decentralized currency.  When we say "cryptos", it means all digital currency.

A) Altcoins or coins -  These are the alternatives to Bitcoin.          They  are sometimes a fork to the Bitcoin blockchain with changes to give them different features such as faster processing times.

 

 

buy house cipro Exchange-

Websites where you trade crypto-currencies.  Coinbase, Binance, and Bittrex are some of the more popular ones.

Satoshis-  (Sats)

a unit of measurement of bitcoin and all cryptocurrency-   XRP is at 14828 sats which is a a little over $2 and LIFE is at 20 sats which is less than 1 cent.

Altcoin-

Any cryptocurrency besides Bitcoin or Ethereum.

childrens benadryl buy Whale-

Someone who controls the market by using his bitcoin/money to control the market.  Whales typically own 1000 bitcoin to 10000 bitcoin.   MILLIONS OF DOLLARS!!

 

Bullish-

Prices going up!!   Horns going up!!

Bearish-

Prices going down.   Bearing down on you!!

ATH- (all time high)

The all time high price of the coin.

ICO (initial coin offering)-

crowdfunding to launch a new coin

Shilling/pumping-

Advertising or spamming for a cryptocurrency so that it pumps (goes up up up)

FOMO-

Fear of missing out.  You'll hear this used alot!

FUD-

Fear, uncertainty, and doubt.  Rumours or negativity spread by someone to drive the price of a coin down.  Sometimes used by the offender to buy low.

Pump and Dump-

an alt coin going to the Moon in price and then a sudden drop.  There are some pump and dump groups that purposefully do this to make a lot of money.

Bag Holders-

After a pump and dump, someone holding the coin after everyone else dumped.   Sometimes just someone who is holding a coin after a loss of value.

Market Cap-

calculated by multiplying the total supply of coins by the current price of the coin.   Market cap is used to see how much the coin is worth.

my favorite term  "TO THE MOON!!!" -

means a coin is going up up up!

HODL-

a crypto term that is a funny way to say HOLD.  Hold your coins and dont trade them.  Just hold them even when there is FUD or the price goes low

 

More terms to come

As I go, we will add more terms and if you have some other term you've seen that would be helpful to noobs, please let email us them at bitcoinoobs@gmail.com.

Thanks!

Gene