As the world is tending to the Era of cryptocurrencies, a knowledge of terminologies and meanings in the crypto space is paramount.
Tori4africa compiled some common terminologies used in the crypto space in other to acquaint our readers.
They include :
1. WALLET – This is an online store(you can call it crypto bank) where you store your cryptocurrencies.
2. EXCHANGE – This is an online arena where you can harness coins, buy, trade and sell them.
3. ADDRESS – are numbers and alphabet which you can use to receive or send tokens(you can call it crypto bank account number).
4. ALTCOIN – This is any coin that is not Bitcoin.
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5. TOKEN – simply means coin
6. STABLE COIN – a coin that is linked to the value of something like the dollar which makes it’s price not to fluctuate
7. GAS FEE- a fee you pay for Cypto transactions(ie buying or selling).
8. REKT – simply means wrecked. When you lose all your money, going bankrupt due to trading.
9. MOON – when the price of a coin has a massive increase(to the moon).
10. HODL – Simply means HOLD or Store. meaning to buy a coin and store it for profit making.
11. P2P – Peer to Peer enables transaction between two beings without a middleman
12. FOMO – Fear Of Missing Out is when you are wordous that if you don’t buy a coin when others are, you may regret later.
13. BULLISH – when a coin is moving in a positive direction. Just like earlier discussed moon.
14. BEARISH – movement in a negative direction. Downward(price reduction).
15. TAKE PROFIT – selling or swapping, or converting or withdrawing part of or all of your money on a particular coin after making profit.
16. STOP LOSS – Setting a point where you want to take out your money,in case a trade goes against you.
17. TARGET – determining how much profit you want to make on a particular trade.
18. FARMING – donating your coins for a particular period of time while you receive rewards for doing so.
19. AIRDROP – a campaign strategy on a new coin to attain vogue.
20. ALL TIME HIGH(ATH) – when a coin gets to a new High price for the first time.
21. ALL TIME LOW – New low price for the first time.
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22. BAG – if you hold (hodl) a huge amount or numbers of a coin, you have a bag of it.
23. DIP – when a coin price is moving downward, reducing in price. Professionally a good time to buy.
24. DApp – A computer program that utilizes a blockchain for data storage, runs autonomously, is not controlled or operated from a single entity, is open source and has its use incentivized by the reward of fees or tokens.
25. DUMP – selling all you have of a particular coin.
26. ESCROW – a middleman in a transaction.
27. FIAT – government owned currencies that are in cryptocurrency. Example USD, Euro, NGN.
28. FUNDAMENTAL ANALYSIS – This simply means to do a research on a coin by mostly news.
29. LIQUIDITY – The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price.
30. WHALE – A term used to describe extremely wealthy investors or traders who have enough funds to manipulate the market.
31. DO YOUR OWN RESEARCH(DYOR) – Means you should make your personal findings about a coin,whether through fundamentals or technicals.
With the above Latest Cryptocurrency Terminologies, you will no longer be a novice in the crypto space.
Hope it was helpful!!!
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