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Explaining most common cryptocurrency terms for newbies as easy as possible

Explaining most common cryptocurrency terms for newbies as easy as possible

All Cryptocurrencies

by COINS NEWS 33 Views

These are the most terms you will hear around here so let me explain them to you.

  • Address : This is were you send/receive coins.
  • Altcoin : Anything that isn't a Bitcoin .
  • ATH : All time high of a coins price in USD.
  • BearRun : When the market crash soo hard you sleep with a heartache.
  • Blocks : No not those in Minecraft, these blocks are records of everything that happens like transactions etc.
  • Blockchain : Its a chain of lots of blocks all records that ever happened are stored here.
  • Bullrun : When market go high in the sky.
  • DCA : Dollar-cost averaging (DCA) is an investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of volatility on the overall purchase.
  • Cryptocurrency : You already know otherwise why are you on this subreddit.
  • Decentralized : No central authority, no more bosses.
  • Fiat : Real life money minted by governments.
  • Exchange : Where people buy high and sell low like Binance.
  • FOMO : Fear of missing out, slang used when someone wanna do what everyone is doing.
  • Fork : When the developers of a coin change its protocol/rules.
  • Fee : A small amount of a coin you pay when making a transaction .
  • Gas : Same as fee but way higher, used when talking about eth smart contracts.
  • HODL : Hold on for dear life, a slang used when you hold a coin cause you believe in it.
  • KYC : Know you customer, some services require this from you so make sure your id have a nice selfie.
  • Long : Betting that a coin will rise in value.
  • Market cap : Total market Value.
  • Mining : Miners get rewarded for using their PCs or asic miners to mine new blocks on the blockchain.
  • Mnemonic Phrase : is a 12/24 words that holds all your assets, keep it safe.
  • Mooning : Used when you think a specific coin will increase a lot in value and you say to the moon.
  • POW : Proof of work, new blocks are generated by the miners and the network verifies it.
  • POS : Proof of stake, new blocks are mined according to how many coins you got, the more the better the rewards.
  • Private key : Every coin has a private key, who owns this key can access the coins, so keep it safe.
  • Pump and Dump : A term used when a group of whales hype up a coin to trick noobs into buying it then they sell once it hits a nice high.
  • Rekt : When a trader loses alot of money on trading.
  • ROI : Return on investment, when you buy a coin and hope to get profit from it.
  • Short : Betting that a coin will drop in value.
  • Stablecoin : Coins that are pegged to the USD.
  • Swap : When you instantly swap any 2 coins based on market value.
  • Token : They are created on existing blockchains like Eth, an eth address can hold unlimited amount of tokens.
  • Whale : Is someone with a high amounts of a coin.

probably missed some terms.

submitted by /u/El-Mohamad21
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