We prepared a list of cryptocurrency slang words with explanations.
Here they are for you:
Bitcoin wallet is a software program which allows you to store, send, receive Bitcoins and control your BTC balance. Bitcoin, or in other words – digital wallet, keeps not bitcoins, but a private key (password) for the public key (address) which every Bitcoin has. The address is simply used as an email, or bank account number with an individual 25–36 long digital combination of symbols, for instance: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
Read more in our FAQ: TRASTRA Bitcoin wallet
A short name for “alternative coin” that relates to all coins besides Bitcoin.
The process of purchasing and selling coins on different exchanges to earn the difference in spread.
Application Specific Integrated Circuit (ASIC)
ASIC, in simple terms, is a computer chip that permits computer to perform only one specific function. It is used by miners who want their computers do only mining.
All-Time High – the highest historical price of a specific coin.
Means a trader who made an investment (bought) at the time when a coin had a high price, didn’t sell it and left with worthless coins.
Bitcoin Improvement Proposals. A list of proposals that members of the bitcoin community have proposed to improve bitcoin.
A database that contains different types of decentralized and non-controlled data, encrypted to blocks.
Abbreviation for Bitcoin.
“Buy The Fucking Dip”. The best time to buy coins is the time when others selling them because of fear.
Related: 15 YouTube channels about crypto
Buy the rumor, sell the news
Buy cryptocurrency if you hear a good news about it, do not wait too long.
It is the approximation of the number of coins that are circulating in the market and in the general public’s hands.
This wallet contains the whole blockchain and allows not only storing, sending and receiving coins, but also programming activities.
A decentralized application written in the blockchain.
“Distributed Denial of Service”. An attempt of fraudsters to spoil the regular traffic of server, service or network (in crypto sphere it is usually about exchanges) by paralyzing all the infrastructure with stream of Internet traffic.
A network-wide model or rule that regulates the quantity of computation that is required to find a proof-of-work.
A rule according to that all the computation in the network will find blocks every 10 minutes.
A network-wide re-calculation of the difficulty which happens every 2106 blocks and holds the hashing power of the previous 2106 blocks.
Locking of data that can be unlocked only with a private key.
In crypto is also called coinexchange. A place where buyers and sellers can exchange their coins with other digital and fiat money.
All transactions in the blockchain include fees for their processing.
Fill or Kill
A limited price order that must be executed immediately in the trading crowd, if not so executed it will be cancelled.
Fear Of Missing Out. In crypto world, the fear of missing the best moment for investing in or selling a coin.
Fear Of Losing Everything. The fear of losing all money invested in digital coins after the price drop on market.
Fear, Uncertainty, and Doubt. In crypto world, spreading the fear about a certain coin, time, investment etc.
The first block in the blockchain.
An encryption that can no longer be incompleted.
Misspelled word “hold” by GameKyuubi on bitcointalk.org on December 18, 2013. HODL means hold on for dear life or have a long-term investment in certain cryptocurrency.
Initial Coin Offering. A crowd sale that extends the opportunity to buy crypto from a new blockchain project.
Read more: ICO in simple terms.
Lamborghini, which is a part of a crypto joke among crypto owners, means you reach then you have as much crypto as the price of the Lamborghini.
To be long on coin in trading terms means buying with the hope to sell at a higher price in the future.
The way to realize the value of certain cryptocurrency on market.
Device (and usually a person) validating the blockchain transactions.
The reward that a miner receives for the computing power he delivers to control the nodes in blockchain.
A word that means an extreme rise of a coin.
The adress of your crypto wallet.
The password to your wallet.
Proof of Stake
Method of blockchain verification by a wallet with a certain amount of coins.
Proof of Work
A method where blockchain transactions are verified with a computing power.
Pump and Dump
The inflation of the price by fraud investors or traders in order to sell the cheaply purchased coins at a high price.
The smallest part of a bitcoin. 1 Satoshi = 0.00000001 ฿.
The process of endorsing of the coin in public by traders.
The time when the coin is free for the community, usually to ensure early distribution and to have more people paying attention to it.
In simple terms, a transfer of bitcoins from one address to another.
A huge investors/traders who have a big amount of coins and usually influence the market.
We know that these are not all the terms and believe there will be more of them in the future.
In crypto we trust.
Stay tuned with TRASTRA.
TRASTRA Community Manager
Social Media Marketing Manager and Junior Marketing Specialist with 2 years’ experience in community management.