ABC of Cryptocurrency Slangs Explained
Cryptocurrency slangs have become the new language of the internet. Cryptocurrency investors use the following slangs when they want to discuss digital currencies, and these terms might sound gibberish to a newbie. I was once in this situation and I’ve put together this list for you to understand cryptocurrency better. The list is always going to be updated with time.
Altcoin: Alternative currencies. Because bitcoin is the first cryptocurrency, other cryptocurrencies after bitcoin are referred to as alternates to bitcoin, the cryptocurrency.
Blockchain: A decentralized technology that records cryptocurrency transactions
Cryptocurrency: Decentralized digital currency.
Fiat currency: Our conventional currency like Naira, USD, EURO, etc. In other words, money that has been declared by a government to be acceptable to be used for making transaction.
FOMO: This is a short form for ‘Fear of Missing Out’. This is a feeling that most people have when they see a coin doing very well on the charts and they sell off their other investment because they do not want to miss out on the coin.
FUD: Short for ‘Fear, Uncertainty, and Doubt’
HODL: Hold On For Dear Life – This term originated from a typo in a bitcoin forum post, where the person who made the typo meant to write ‘hold’ as in “We ol shal hodl” However it is now a term that is used in cryptocurrency communities about holding on to your investments and not selling off because of a dip in the market. A hodler is a person who holds onto their cryptocurrency.
ICO: Initial Coin Offering – This is the unchecked means of raising funds for blockchain startups. These startups offer investors a token of their future cryptocoin, in exchange for cryptocurrencies like bitcoin and ethereum so that they can be able to fund their project
Nocoiner: A person who has no cryptocurrency and who hates on other cryptocurrency hodlers because they missed out on bitcoin when the price was low.
Private Key: A secret key that one uses to access his or her cryptocurrencies.
Public Key: A code that lets a cryptocurrency user receive cryptocurrencies in their cryptocurrency wallet.
Satoshi Nakamoto: A Pseudonym for the person who created bitcoin. Nobody knows who this person is, or if they are a group of people, and why this person has chosen to remain anonymous.
Wallet: A secure digital wallet used for sending, receiving, and storing cryptocurrencies.
Author’s Notes: This list will always be updated. Please drop a note in the comment section with the term you’re searching for, and I will update the post.
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