02-11-2021, 05:57 PM
Explaining most common cryptocurrency terms for newbies as easy as possible
<!-- SC_OFF --><div class="md"><p>These are the most terms you will hear around here so let me explain them to you.</p> <ul> <li>Address : This is were you send/receive coins.</li> <li>Altcoin : Anything that isn't a Bitcoin .</li> <li>ATH : All time high of a coins price in USD.</li> <li>BearRun : When the market crash soo hard you sleep with a heartache.</li> <li>Blocks : No not those in Minecraft, these blocks are records of everything that happens like transactions etc.</li> <li>Blockchain : Its a chain of lots of blocks all records that ever happened are stored here.</li> <li>Bullrun : When market go high in the sky.</li> <li>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.</li> <li>Cryptocurrency : You already know otherwise why are you on this subreddit.</li> <li>Decentralized : No central authority, no more bosses.</li> <li>Fiat : Real life money minted by governments.</li> <li>Exchange : Where people buy high and sell low like Binance.</li> <li>FOMO : Fear of missing out, slang used when someone wanna do what everyone is doing.</li> <li>Fork : When the developers of a coin change its protocol/rules.</li> <li>Fee : A small amount of a coin you pay when making a transaction .</li> <li>Gas : Same as fee but way higher, used when talking about eth smart contracts.</li> <li>HODL : Hold on for dear life, a slang used when you hold a coin cause you believe in it.</li> <li>KYC : Know you customer, some services require this from you so make sure your id have a nice selfie.</li> <li>Long : Betting that a coin will rise in value.</li> <li>Market cap : Total market Value.</li> <li>Mining : Miners get rewarded for using their PCs or asic miners to mine new blocks on the blockchain.</li> <li>Mnemonic Phrase : is a 12/24 words that holds all your assets, keep it safe.</li> <li>Mooning : Used when you think a specific coin will increase a lot in value and you say to the moon.</li> <li>POW : Proof of work, new blocks are generated by the miners and the network verifies it.</li> <li>POS : Proof of stake, new blocks are mined according to how many coins you got, the more the better the rewards.</li> <li>Private key : Every coin has a private key, who owns this key can access the coins, so keep it safe.</li> <li>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. </li> <li>Rekt : When a trader loses alot of money on trading.<br/></li> <li>ROI : Return on investment, when you buy a coin and hope to get profit from it.</li> <li>Short : Betting that a coin will drop in value.</li> <li>Stablecoin : Coins that are pegged to the USD.</li> <li>Swap : When you instantly swap any 2 coins based on market value.</li> <li>Token : They are created on existing blockchains like Eth, an eth address can hold unlimited amount of tokens.</li> <li>Whale : Is someone with a high amounts of a coin.</li> </ul> <p>probably missed some terms.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/El-Mohamad21"> /u/El-Mohamad21 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lhjhnd/explaining_most_common_cryptocurrency_terms_for/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lhjhnd/explaining_most_common_cryptocurrency_terms_for/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>These are the most terms you will hear around here so let me explain them to you.</p> <ul> <li>Address : This is were you send/receive coins.</li> <li>Altcoin : Anything that isn't a Bitcoin .</li> <li>ATH : All time high of a coins price in USD.</li> <li>BearRun : When the market crash soo hard you sleep with a heartache.</li> <li>Blocks : No not those in Minecraft, these blocks are records of everything that happens like transactions etc.</li> <li>Blockchain : Its a chain of lots of blocks all records that ever happened are stored here.</li> <li>Bullrun : When market go high in the sky.</li> <li>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.</li> <li>Cryptocurrency : You already know otherwise why are you on this subreddit.</li> <li>Decentralized : No central authority, no more bosses.</li> <li>Fiat : Real life money minted by governments.</li> <li>Exchange : Where people buy high and sell low like Binance.</li> <li>FOMO : Fear of missing out, slang used when someone wanna do what everyone is doing.</li> <li>Fork : When the developers of a coin change its protocol/rules.</li> <li>Fee : A small amount of a coin you pay when making a transaction .</li> <li>Gas : Same as fee but way higher, used when talking about eth smart contracts.</li> <li>HODL : Hold on for dear life, a slang used when you hold a coin cause you believe in it.</li> <li>KYC : Know you customer, some services require this from you so make sure your id have a nice selfie.</li> <li>Long : Betting that a coin will rise in value.</li> <li>Market cap : Total market Value.</li> <li>Mining : Miners get rewarded for using their PCs or asic miners to mine new blocks on the blockchain.</li> <li>Mnemonic Phrase : is a 12/24 words that holds all your assets, keep it safe.</li> <li>Mooning : Used when you think a specific coin will increase a lot in value and you say to the moon.</li> <li>POW : Proof of work, new blocks are generated by the miners and the network verifies it.</li> <li>POS : Proof of stake, new blocks are mined according to how many coins you got, the more the better the rewards.</li> <li>Private key : Every coin has a private key, who owns this key can access the coins, so keep it safe.</li> <li>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. </li> <li>Rekt : When a trader loses alot of money on trading.<br/></li> <li>ROI : Return on investment, when you buy a coin and hope to get profit from it.</li> <li>Short : Betting that a coin will drop in value.</li> <li>Stablecoin : Coins that are pegged to the USD.</li> <li>Swap : When you instantly swap any 2 coins based on market value.</li> <li>Token : They are created on existing blockchains like Eth, an eth address can hold unlimited amount of tokens.</li> <li>Whale : Is someone with a high amounts of a coin.</li> </ul> <p>probably missed some terms.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/El-Mohamad21"> /u/El-Mohamad21 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lhjhnd/explaining_most_common_cryptocurrency_terms_for/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lhjhnd/explaining_most_common_cryptocurrency_terms_for/">[comments]</a></span>Kind Regards R