If you are new to crypto, then read what is blockchain and cryptocurrency all about.
You have probably heard some unique crypto terms surrounding the blockchain and cryptocurrency. If you are confused, then let me explain some of the terms. Forget the internet, blockchain and cryptocurrency might be the best technology you have come accross.
1) Altcoin AKA Alts
To me, any coin that is not Bitcoin (BTC), Ethereum and LiteCoin are all considered Alts.
It is used to describe whatever currencies (i.e. US dollar and Euro) you are using right now. When you cash out or convert your crypto coins, fiat is the currency term to use.
HODL stands for Hold On for Dear Life. It’s not HOLD but both have the same meaning, which is to hang on to your crypto coins and not sell it for a longer period of time, usually long-term.
4) Pump & Dump (P&D)
P&D is a form of crypto manipulation that involves inflating the price through false and misleading positive news.
The smallest unit of BTC, named after the creator Satoshi Nakamoto
A whale is someone who is rich enough (usually more than 200 BTC) to alter the price of a coin in their favor
Its purpose is to store your crypto coins. When you create a wallet, you will be given an address to do transaction. Note that different coins have different address and it’s important to transfer to same coin’s address to prevent losses.
A Fork is an alternate version of the blockchain.
It acts as a general ledger, keeping track of all the transaction happening within the network. Everyone can look at the blockchain.
A block is part of the blockchain. It acts as a page in the blockchain and contain a transaction data. When a transaction is made, it gets added to the block. Once the block height has been reached, it will then be mined to confirm it’s legitimacy.
Fear Of Missing Out. You see that big pretty green candle and jump in because you think it will go higher.
Fear, Uncertainty and Doubt. News that spread FUD will likely to cause price of a crypto coin to go down.
All Time High. The highest historical price level reached, it’s measured from when the instrument first starts trading and updates whenever the last record high is exceeded.
Take Profit. Traders use this order which will specify the exact rate from the current price point and to close out their position for a profit.
Transaction ID. Once you’ve sent a payment from your wallet to an external address, that transfer’s details (amount sent, sending/receiving address and the date of transfer) can be found on the blockchain. This information is then publicly available and will be given its own transaction ID called TXID.
The recipient may request TXID from you, usually to confirm you have sent the payment successfully.