Getting into crypto sometimes feels like entering a group of friends who’ve known each other forever. It has its own vocabulary, jokes, and mixed meanings. No need to feel marginalized anymore! Here is a list of important crypto jargon for you to refer to if you ever need some terminology assistance!
Crypto slang A-Z:
- Address: A cryptographic code that indicates a place where crypto can be sent to and from
- All-Time High (ATH): The highest value crypto has ever reached in history.
- All-TIme Low (ATL): The lowest value crypto has ever reached in history.
- Altcoin: Also known as ‘alternative coin’ which refers to any cryptocurrency that is not Bitcoin.
- Bear Market: When market prices plummet below 20% from the last high.
- Block: A file containing information about a transaction on (and within) a blockchain.
- Blockchain: An essentially impenetrable distributed ledger system made up of blocks containing information about transactions. The railway for cryptocurrencies.
- Bull Market: When market prices increase dramatically.
- Bull Run: When market prices continue to grow for an extended period of time.
- Cold Wallet: An offline digital wallet that does not run on the internet.
- Decentralized Applications (DApps): An app that runs on a decentralized network incapable of failing.
- Decentralized Finance (DeFi): An alternative form of finance free from centralized dictations.
- Exchange: A platform to trade fiat currencies for cryptocurrencies or visa versa. It also works to buy crypto with another crypto.
- Fear Of Missing Out (FOMO): A term used when someone doesn’t want to miss out on the actions of the crypto market.
- Fiat: Traditional currency like the US Dollar or Euro for example.
- Fork: Chain splits allow two versions of the blockchain to mirror each other.
- Gas: Originally used for the Ethereum network is now a common term used to describe the transaction requirements used to run a network. The ‘gas fee’ refers to transaction costs.
- Genesis Block: The first block in a blockchain.
- Hash: An encrypted code to secure and identify a block in the blockchain created by an impenetrable hashing algorithm.
- HODL: Refers to holding an amount of crypto for an extended period of time despite value fluctuations.
- Hot Wallet: An online crypto wallet that runs on the internet.
- Initial Coin Offering (ICO): A crowdfunding event to raise capital for early-stage crypto endeavors.
- Joy Of Missing Out (JOMO): The opposite of FOMO. This acronym is used when someone doesn’t mind sitting out on some actions of the crypto market.
- Know Your Customer (KYC): Checks that crypto exchanges and trading platforms complete to verify the identity of their customers.
- Ledger: A record of financial transactions that cannot be modified. The only change that can be made is adding new transactions.
- Liquidation: The conversion of a cryptocurrency to cash.
- Market Capitalization: The total capitalization of a cryptos price.
- Metaverse: A digital alternative reality known for oftentimes functioning with cryptocurrencies and tokens.
- Mining: A process of verifying and adding blocks to a blockchain.
- Node: Single basic unit of blockchain infrastructure used to store data.
- Non-Fungible Token (NFT): Tokens that do not possess the property of fungibility meaning it is a one-of-a-kind unit.
- Open Source: Belief in the sharing of free and open information in pursuit of a greater good.
- Peer-To-Peer Network: Decentralized interactions between peers and parties in a distributed network working together to verify actions.
- Proof Of Work: Blockchain security system used to validate transactions and create new blocks.
- QR Code: A one-of-a-kind computer-generated code made of shapes used to make and/or verify transactions.
- REKT: Short for ‘wrecked’ meaning a bad crypto trade
- Smart Contract: A blockchain add-on used to verify actions on a blockchain without the need of a third party.
- Stablecoin: A cryptocurrency pegged to an asset or fiat currency allowing it to face very little risk of value fluctuation and also serve as a tool to exit and reenter the crypto market.
- Token: A digital unit designed for utility purposes pegged to a larger cryptosystem.
- Unbanked: A portion of a community or person that does not have a bank account.
- Volatility: A statistical measurement of fluctuations of a market index.
- Wallet: A place where people can store, receive, and send crypto.
- Zero Confirmation: An unconfirmed transaction that has not been verified and/or added to the blockchain.
Now that we’ve covered some essential crypto jargon, it’s time to participate confidently in the crypto community! Exchange views with someone! Join discussion platforms! Read more! Whatever floats your boat. But one thing is for sure… no more FOMO!