If you are new to the world of crypto then some of their terminology might seem a bit weird at first but in this blog, lets try and get everyone on the same page. After reading this, you will know why an ATH is good or bad depending on if you have it or not and maybe even wait for a crypto to be a little bearish. Let’s get started.
Address:
If you have seen someone talking about sending coins to your address or someone owning one, then that basically means their crypto address. Its where you send coins from and receive coins to. Its also where you keep your currency.
ALTCoin:
We know what a bitcoin is. Altcoin is every other cryptocurrency that is not a bitcoin. I guess that is the power of the first mover advantage. You are either a bitcoin or you are not.
ATH:
ATH is an acronym for “All Time High”. If a crypto is ATH, then it’s definitely going well.
Bearish:
This term is used for when the price of a cryptocurrency is expected to decrease.
Block:
Data for these transactions that cannot be altered goes on to blocks. These blocks are records of every crypto transaction.
Blockchain:
Blockchain is the system that builds those block records in a decentralized network that keeps all information private and secure.
Bullish:
Opposite of bearish or when the price of cryptocurrency is expected to increase.
Crypto:
Shortened version of cryptocurrency because its cooler this way and it encases one of the most widely talked about topics these days.
Decentralized:
The opposite of centralized and states that no one authority has the power to control the system. Everyone has an equal stake in it and that is what makes blockchain so different than traditional systems.
Exchange:
A place where you can buy sell and trade cryptocurrency.
FIAT:
This is the shortened version of physical money that governments regulate.
Halving:
Halving is the act of reducing the rewards you get for mining after a certain number of blocks. Its something that miners fear but is a huge deal in the crypto market.
HODL:
Acronym for Holding on for dear life. No one wants to let go of their crypto when they know that its value will increase. It’s a very popular word amongst all traders.
ICO:
Acronym for Initial coin offering. When a crypto company puts its coins for sale to get a distinct value.
Market cap:
The total value of a cryptocurrency in the market.
Mining:
Basically, it’s the process of how new crypto coins are made. (More details on this can be found on Tyslin Updates blog).
Mooning:
When the value of a coin skyrockets insanely.
Pump and Dump:
This is a process when a cryptocurrency gets super hyped up and its value moons but then it crashes leaving holders going towards a loss.
Smart Contract:
A set of conditions coded right into the blockchain that both parties agree to when using that blockchain, similar to a binding legal contract in the physical world. Its exactly like a contract, only smarter.
Wallet:
A place to store all your cryptocurrency in. All your coins in digital form whether on hardware, cloud or app.
