Crypto Dictionary: All The Terms You Need to Know + More Updates!
With how fast the cryptocurrency industry is growing, plus with various emerging technologies, unfamiliar acronyms, and keeping up with the news, even learning the basic knowledge about this industry can be pretty tricky.
All these new terms floating around can be intimidating to beginner investors. And as with other investments, it’s important to research your assets and know all the terms and features to minimize confusion and avoid fraud.
Here are some popular terms and phrases that every crypto enthusiast should know:
Address
Like a house address, coins are identified on the blockchain by unique addresses. Every time a transaction is confirmed, the value of the wallet is updated based on the address.
Altcoin
A combination of the word ‘alternative’ and ‘coin’, altcoin refers to any coin that is not Bitcoin. It can be Ethereum, for example, the world’s second most popular coin, and other coins circulating the market.
Bitcoin
Bitcoin (BTC) is the most popular, and also most valuable, crypto coin.
Block
A group of data within a blockchain, made up of transactions records of buying and selling coins. Blocks are constantly multiplying as the information stored increases.
Blockchain
A blockchain is a distributed database that stores information in a digital format. It maintains a secure and decentralized record of transactions in the cryptocurrency system. A blockchain is comprised of many blocks building upon one another.
Bearish
Bearish is a term describing that the price of a crypto asset is decreasing or falling in value.
Bullish
On the other hand, bullish is a term that indicates a crypto asset is experiencing a price increase.
Cold Wallet/Cold Storage
A way to mitigate system crash or theft, a cold wallet is a method of securing your cryptocurrency completely offline in physical devices that look similar to a USB drive.
FUD
FUD (Fear, Uncertainty and Doubt) is an investment strategy to spread a pessimistic mindset and negative feelings about a certain coin, decreasing its price. Then, they will buy it at that low price.
Gas
A gas price is the fee investors have to pay every time they make a transaction on the blockchain.
HODL
Stands for “Hold On for Dear Life”, referring to a passive investment strategy where investors “hold on” to their coins instead of trading them.
Hot Wallet
If a cold wallet is offline, a hot wallet is a software wallet connected to the Internet where you keep your crypto assets.
Initial Coin Offering (ICO)
A way that funds are raised for a new cryptocurrency project, similar to crowdfunding.
Market Cap
Short for market capitalization, it refers to the total value of a specific cryptocurrency, calculated by multiplying a coin’s current price by the circulating supply.
Mining
The process in which new cryptocurrency coins are created and the log of transactions between users is maintained.
Non-Fungible Tokens (NFTs)
Digital assets that represent real-world objects like arts, collectibles, game items, etc. They are traded online using cryptocurrency and are encoded with the same software as many cryptos. NFTs are mostly held on the Ethereum blockchain.
Pump and Dump
A strategy by investors to manipulate the market price. First, they pump the price by hyping a certain coin so the price increase, then they dump it by selling all their coins which cause the price to drop again.
Staking
Staking is a process that investors do to earn passive income by depositing their tokens that are available in the staking pool. Later, they will get dividends according to the APR (annual percentage rate) and APY (annual percentage year) that have been determined.
Tokens
A token is a digital asset and a denomination of a cryptocurrency used for economic and investment purposes. While coins are native to their own blockchains, crypto tokens are built on another cryptocurrency’s blockchain. $VCG is a token operated in the Binance Smart Chain blockchain. Learn more about $VCG here: https://token.vcgamers.com/
To the Moon
A term used when the price of a cryptocurrency spikes high.
Whale
A term referring to someone who owns a significant amount of cryptocurrency.
Whitelist
A whitelist is a list of approved participants or partners that are given exclusive access to join an initial coin offering (ICO) or a presale.
Speaking of whitelist, we launched a flashbid on RansVerse ILO (Initial Land Offering) on 11 May 2022, auctioning a free cluster plot in RansVerse.
Those who join can enter our Whitelist. Investors need to stake a minimum of 500 $VCG for 1 month to get 1 raffle ticket.
The more they stake, the more raffle tickets they will get. The winner was announced on 19 May 2022 and won 1 CLUSTER Land.
This CLUSTER will be located next to mega-celebrity and RansVerse’s owner Raffi Ahmad’s residence. 10 winners will then be added to the whitelist and can buy single/cluster land a few days before the ILO starts.
References
Hayes, A. (2022, March 5). Blockchain explained. Investopedia. https://www.investopedia.com/terms/b/blockchain.asp
Haar, R. (2022, May 3). Cryptocurrency Terms to Know Before You Invest: A Beginner’s Guide. Next Advisor. https://time.com/nextadvisor/investing/cryptocurrency/crypto-terms-you-should-know-before-investing
Paxful Team. (2022, March 24). What do HODL, FUD, FOMO, and Other Bitcoin Slang Mean?. Paxful. https://paxful.com/university/cryptocurrency-slangs-for-beginners
