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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