25 Crypto Terms to Help You Get Started
If you’re new to the world of cryptocurrency, the vast amount of jargon can be pretty overwhelming. Here’s a list of 25 terms to help you get started on your journey:
1. Bitcoin – The first and most well-known cryptocurrency, created in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto.
3. Cryptocurrency – A digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units.
4. Fiat currency – Traditional, government-issued currency, such as the US dollar or Euro.
5. Altcoin – Any cryptocurrency other than Bitcoin, such as Ethereum, Solana, or Polygon.
6. Token – A digital asset that can be used to represent various forms of value on a blockchain platform, such as Ether on Ethereum or Augur on Ethereum.
7. NFT- We know the definition Non-Fungible Token doesn’t really explain it all that well, so we’ve done a full post here.
8. Mining – The process by which new Bitcoin or other cryptocurrency units are created, typically involving solving complex mathematical puzzles.
9. Wallet – A digital storage space for cryptocurrencies, typically with its own unique address that allows users to send or receive coins. Metamask and Rainbow are examples.
10. Exchange – A platform where cryptocurrencies can be bought, sold, or traded. Coinbase and Gemini.
11. Bearish – Expecting prices to fall.
12. Bullish – Expecting prices to rise.
13. Circulating supply – The number of units of a cryptocurrency that are currently in circulation.
14. Maximum supply – The maximum number of units of a cryptocurrency that will ever be created, typically set in the code when the currency is first created.
15. Decentralized – Having no central authority or control, such as with Bitcoin or other cryptocurrencies.
16. Centralized – Having a central authority or control, such as with fiat currencies or traditional investments.
17. Whitepaper- A document that outlines the goals and technical details of a cryptocurrency or blockchain project.
18. Pump and dump – A type of market manipulation where investors buy up a lot of a certain asset to artificially inflate the price, then sell it off at a profit when gullible investors jump on the bandwagon.
19. Whales – Large investors with enough capital to move markets, typically associated with pump and dump schemes.
20. GM- Good Morning!
21. HODL – A misspelling of “hold” that has become popular among cryptocurrency investors, meaning to hold an asset for a long-term investment instead of selling it. It has become an abbreviation for “hold for dear life”
22. TL;DR – Too Long Didn’t Read.
23. Shill – Shil began as a term to promote a crypto coin, but now can be used to describe promoting anything – an NFT project, a whitepaper, an idea, etc.
24. BTD- Buy the dip
25. DYOR- Do Your Own Research
By understanding these terms, you’ll be better equipped to understand news and discussions about cryptocurrency. However, remember that the market is constantly evolving, so don’t be afraid to DYOR and learn new terms as you go.