While walking the walk and talking the talk might not be the best long term plan for educating yourself on cryptocurrency, it can definitely help you scrape by as a beginner. Before you can roll with the pros, you have to be able to decipher their sentences. Skraps brings you all the must-know cryptocurrency terms and acronyms. Talk like a pro, trade like a pro, invest like a pro.
Things to Know
Altcoin: Any coin that isn’t Bitcoin. Bitcoin earned the reputation as the first successful cryptocurrency coin, which means anything that comes after it is an alternative to its success.
ATH: An acronym standing for ‘All Time High’ with a transparent meaning. Any coin that surpasses previous records has achieved its ATH.
Bearish: A crypto term meaning the crypto market is going down. For example, if a price of an Altcoin is going down, you would say that it is bearish.
Blockchain: Home to all cryptocurrencies, a blockchain is a secure ledger that houses all of transactions codes from cryptocurrency actions.
Bullish: In contrast to bearish, bullish is referred to when the market is high. If Bitcoin prices were higher than previously recorded, the Bitcoin market would be considered bullish.
Fiat: An ode to traditional currency, fiat includes currencies like USD or the Euro. In Skraps, you can round up spare fiat change to invest in cryptocurrencies.
FOMO: A term to describe the popularity contest among cryptocurrencies. FOMO stands for Fear of Missing Out, and relates to people doing something because they see others doing it and don’t want to miss out.
HODL: Originally derived from a typo, HODL has its own meaning in the crypto world. Hold On for Dear Life refers to not trading with ever spike in the market; many people find success in holding onto a coin through both low and high markets.
ICO: Initial Coin Offerings are the first introductions of many cryptocurrency projects. New coins are introduced through ICOs and allow people to buy into early-stage coins which in return could offer great profits or greater losses. Two weeks ago, we wrote about the importance of researching ICOs before becoming involved.
Mining: A more technical term among the cryptocurrency world, mining refers to the sourcing and processing of crypto transactions. This typically requires a great amount of computer power, as well as a good foundation of crypto knowledge.
Private Key: When becoming involved in cryptocurrency, you will have a crypto wallet. With digital wallets come extra safety measures like private keys, which act as a password on your wallet. This password should be kept private at any and all costs. When setting up a crypto wallet, be sure to identify your key.
Satoshi: The smallest unit of a Bitcoin, and is commonly the unit of Bitcoin traded today.
Token: In variation to a crypto coin, a token is a more centralized form of cryptocurrency. Tokens are typically used on internal platforms among the business that creates them.
Wallet: Not much different from the one that sits in your pocket or purse, a crypto wallet houses all of your cryptocurrencies. Choosing the right wallet for you should be a matter of security and features among the platform. Also be sure to choose secure wallets, and remember to identify your private key when creating a new wallet.
You have 14 new terms to impress friends, family, and followers with. Maybe all those cryptocurrency chats make a little more sense now. Skraps’ mission is to bring the world of cryptocurrency to everyone, from beginners to experts. We don’t just want users, we want to help educate users and get them excited to be a part of the cryptocurrency movement. Talk like a pro, invest like a pro.
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