The Cryptocurrency Industry has a language all in it’s own. From words you have never heard before to abbreviations to sayings, having an understanding of their meaning will be valuable knowledge to have as you enter into the community.

 

Cryptocurrency Glossary

Wallet – A digital place to store your cryptocurrency. Wallets can be printed on paper, computer desktop, mobile and browser based

DYOR – Do Your Own Research

DD – Due Dilligence

LTC – Litecoin

BTC – Bitcoin

ETH – Ethereum

2FA – Two Factor Authentication

Fiat – Traditional currencies such as USD, Euro, Yen, etc. that are not backed by a physical commodity

Altcoin – Cryptocurrencies other than Bitcoin. There are thousands of different coins out there, all with their own individual purpose. Ethereum, Litecoin, Dash, & Monero are all examples of Altcoins

Address – A wallet account address, similar to a bank account number. Each cryptocurrency will have their own unique type of address

HODL – From a drunken BitcoinTalk.org post where poster mis-spelled “I AM HODLING!”

Blockchain – The digital public ledger

Block – A batch of transactions saved on the Blockchain

Bear/Bearish – Market Downtrend

Bull/Bullish – Market Uptrend

Private Key – The key to a wallet contents. Never share your private key. Possessor of Private Key has all access to your wallet

Public Key – The public address to which you can send/receive cryptocurrency

FOMO – Fear Of Missing Out

FUD – Fear, Uncertainty, Doubt

ICO – Initial Coin Offering

Pump & Dump – The hyping of a coin to produce a fast rise in price, at which the coins are dumped.

Whale – An investor with large holdings of cryptocurrency that can make waves in the market

Exchange – A place to exchange coins

Mining – Use of computers to maintain the Blockchain network

Hash Rate – Computing Power

KYC – Know Your Customer. This is an acronym, but also a bank regulation (mostly US) to verify identity of their customers

Node – Any computer / device that is connected to the network that helps to maintain the Blockchain ledger

Satoshi – The smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC. One hundredth of a millionth BTC

Satoshi Nakamoto – The unknown creator of Bitcoin

POW – Proof of Work

POS – Proof of Stake

Whitepaper – Technical paper for a cryptocurrency project that describes problem, purpose & development

Decentralized – Information spread across a network versus locally on a central computer/server

Distributed Ledger – Constantly updated public ledger updated instantaneously across the network

Token – ERC20 tokens processed on the Ethereum network