With expressions like "HODL", "FOMO", "DAO", "ATH", "LP" we can sometimes sound alien to people who aren't into cryptospace.Are you new to crypto and want to join in the conversation? Let's start from the AABBREVATIONEXPLANATIONAirdropIt's not C17 dropping a Humvee onto you. It's a giveaway for holders of certain crypto or for founders. In short: free coins!Altcoin / AltsAn altcoin is any coin that’s not Bitcoin (however nowadays Eth is not quite considered an altcoin anymore).AMMAutomated Market Maker. A kind of decentralized exchange platform (or DEX).ATHAll time high aka the highest price of an asset. Also known as, the time when we decide to buy.ATLAll time low aka the lowest price of an asset so far. Also known as, the time when we feel like it's really time to sell.BearBear market is a declining market.BullBull market is a rising market.Buy the dipWhen crypto dips, it's a good time to buy. Hence, buy the dip and have some tasty nachos read in case of drama.BlockGroups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins.BlockchainA digital form of record keeping, and the underlying technology behind cryptocurrencies.BSCBinance smart chain network (BNB)BRRRRRUsually combined with another word such as printers, crypto and such. I suspect it's onomatopoeia for whirring. Usage "government is gonna put another billion dollars in. PRINTERS GO BRRRRR".CoinA representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin.Cold WalletA secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive.DAOA decentralized autonomous organization (or DAO) is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government.DecentralizationThe principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority such as a national bank.Decentralized Finance / DeFiFinancial activities conducted without the involvement of an intermediary such as bank or CEX.Decentralized Applications / DAppsApplications designed by developers and deployed on a blockchain to carry out actions without intermediaries.Digital GoldExperts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value.DYORDo your own research. Usually that means looking at the logos and deciding which one looks cooler.ERC20Ethereum networkFIATFiat makes great cars but not money. FIAT is a currency without intrinsic value established as money by government regulation. $,€,￥are all FIAT. Sometimes also called "shitcoins"FlippeningNot to be mistaken for "fappening"! It's an act of Ethereum overtaking Bitcoin in mcap or other metric.FOMOFear of missing out. Its when you see LUNA go to 95$ and you buy in because you dont want to miss out the opportunity. Can be very dangerous.Fork / Hard fork and Soft forkFork is when a cryptocurrency platform's existing code is changed. A hard fork is when nodes of the newest version of a blockchain no longer accept the older version of the blockchain. With a soft fork, only one blockchain will remain valid as users adopt the update. Think of it as an upgrade of network.FUDFear, uncertainty, doubt. It's what makes this place fun!GasA fee that developers have to pay for transactions. You may hear things such as "omfg these fees are killing me" and "I need to take a loan to move my 0.001 ETH".GWEIGwei is denomination of ETH which the gas is paid in. 1 GWEI equals to 0.000000001 ETH.Genesis BlockThe first block of a crypto. Here's our little cryptocurrency investorIt's what they call us at family dinners.HODL“Hold On for Dear Life” that was started to get popular by a meme post in 2013.HalvingA feature written into Bitcoin’s code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved.Hot WalletA software-based cryptocurrency wallet connected to the Internet.InfluencerScumbagInitial Coin Offering (ICO)A way that funds are raised for a new cryptocurrency project. Popular in 2017 and a legendary for some big disappointments.KYCKnow your customer. It's what most exchanges have been pushing lately. Usually it means submitting your photos, documents and address.LamboLamborghini .Usually used in conjunction with when. "When Lambo" in translations means " when will my coin go high enough for me to become rich?".LPLiquidity Provider (LP). A liquidity provider is a user who funds a liquidity pool with crypto assets she owns to facilitate trading on the platform and earn passive income on her deposit.MainnetMainnet is the released functional blockchain. (see testnet)Market Capitalization / MCAPCryptocurrency market capitalization refers to the total value of all the coins. Also one of the many reasons why SHIB will not go to 1$.MintMinting is how a file, usually a NFT, is recorded to a blockchain.(To the) moonGoing up like heckMoonsWhat makes this place go aroundMCIBYCFCMom can I borrow your card for crypto. I have never said line that before. IM A GROWN MAN DAMN IT!NocoinerPeople who don't believe in cryptocurrency or dislike it.NodeA computer that connects to a blockchain network.P2PPeer to peer. In crypto this is mostly used in payments where two users transfer funds without an intermediary.Public Key Your wallet’s address, which is similar to your bank account number.Private Key / Private seedThe encrypted code that allows direct access to your cryptocurrency. This is the key to your money.Pump&DumpDon't worry, it's not "jerking off while shitting". It's artificially inflating the price of crypto in order to sell at a higher price.PoWProof of Work involves solving cryptographic equations using computing power. Bitcoin is based on PoW protocol.PoSProof of Stake uses digital coins for the right to validate new block transactions. Polkadot is one of many PoS protocol based cryptos.REKTShort for "getting wrecked". Usually "I got so REKT by buying ICP at ATH"Rug PullSQUID investors most hated word. Rug pull is where crypto developer(s) abandon a project and run away with the money.Satoshi NakamotoThe big daddy. The OG. The founder of Bitcoin.SatsSatoshis, or SATs, are a fraction of a Bitcoin. 1 BTC = 100.000.000 SATs. Keep stacking em!ShitcoinIn 2021 one of the most discussed things here were shitcoins. Shitcoins are cryptocurrencies which have no use apart from hype or other thin air stuff. Sometimes shitcoins can evolve into meme coins. Synonym with FIAT (see FIAT)ShillingIt's not an ex-Austrian currency. It's a person hyping coins or shitcoins for their own benefit. Avoid.Smart ContractAn algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts. StablecoinA stablecoin pegs its value to some other non-digital currency or commodity. It's usually what you buy other crypto with.TestnetThe testnet is the testing “Sandbox” blockchain.TokenA unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin). Usually tokens are what we lose money on.WalletPlace to store cryptoWhaleNot your mom but someone who owns a big portion of coins. Usually the word is used in respect like "omg look at that whale moving 200BTC"Yield FarmingYield farming involves staking, or locking up, your cryptocurrency in exchange for interest or more crypto.I hope this helps you guys fill more at home here and to understand what we are rambling about. If you enjoyed my post, let me know. If you want me to add something, also let me know. If you hated it..do let me know <3Take care and have a great holiday time!---------------------------------------------------------------Sources of (most content.)Time.com , UsaToday , Altcoinbuzz.io , Weteachblockchain.org , AlexandriaCMC
Submitted December 23, 2021 at 04:10AM
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