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Beginner Guide Common Crypto Terms and Abbreviations

Discussion in 'Beginner's Bootcamp' started by xyzzy, Jul 17, 2017.

  1. xyzzy

    xyzzy Master of None Staff Member Super Admin

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    Alright folks, with every niche group there are bound to be some unique jargon and terminology that develops. Crypto is no exception. This thread will act as a comprehensive (and ever growing) list of all the terms, memes, and abbreviations that cryptonites use regularly.

    You may have encountered some of these already and wondered "Uhh... what?". This handy dandy cheat sheet should reduce those situations. If you come across new lingo that's not included in this list, feel free to add to it.

    Glossary of Terms
    Altcoin – a cryptocurrency that acts as an alternative to Bitcoin.

    Bagholding – when you hold onto a cryptocurrency that continues to decrease in value until it becomes worthless.

    Bearish – characterized by falling market price.

    Blockchain – the public, decentralized ledger in a cryptocurrency network that records all transactions of that cryptocurrency.

    Breakout – when market price moves passed a predefined support or resistance level.

    Bullish – characterized by rising market price.

    Buy Wall – a huge buy order that prevents market price from going down until that entire buy order is complete.

    Buying Pressure – occurs when the majority of traders are buying, indicating that the majority think the market price will increase.

    Circulating Supply – the number of coins that are circulating in the market and available for spending or trading.

    Commodity Money – a currency whose value comes from the commodity from which it is made.

    Cryptography – the study and practice of secret communication.

    Cryptocurrency – digital currencies that utilize encryption and cryptography to control the generation of new units of currency as well as secure and verify transactions of that currency.

    Double-spending – the risk that digital currency can be spent twice (or more).

    Dump – when a person or group sell a bunch of coins at a market value, driving the price of the coins down.

    Fiat Money – a currency established by government regulation.

    Hard Wallet – a physical offline storage device that stores cryptocurrencies.

    HODL – a meme that emerged from the Bitcoin Talk forum. It has permeated crypto terminology since. HODL is just a typo for “Hold”.

    Initial Coin Offering – a crowdfunded release of a new cryptocurrency.

    Market Capitalization – the total dollar market value of a coin’s circulating supply.

    Mining – the process of verifying and adding transactions to the blockchain.

    Peer-to-Peer Network – a network of computers that share files and resources.

    Proof-of-work – a measure to prevent denial of service attacks and achieve distributed consensus on a cryptocurrency blockchain by requiring some type of work from a service requestor.

    Proof-of-stake – a measure to prevent denial of service attacks and achieve distributed consensus on a cryptocurrency blockchain by requiring ownership of a certain amount of cryptocurrency.

    Pump – when a person or group with lots of money buy a bunch of coins at market value, driving the price of the coins up.

    Resistance Level – a price point in which upward price movement is resisted due to market conditions.

    Satoshi/Sats (unit) – the smallest unit of Bitcoin recorded on the blockchain, named in honor of the creator of Bitcoin, Satoshi Nakamoto. (1 satoshi = 0.00000001 BTC)

    Sell Wall – a huge sell order that prevents the market price from going up until that entire sell order is complete.

    Selling Pressure – occurs when the majority of traders are selling, indicating that the majority think the market price will decrease.

    Shill – someone who over hypes a cryptocurrency that is usually a scam.

    Soft Wallet – software used to store cryptocurrencies either on PC, mobile devices, or online.

    Support Level – a price point in which downward price movement is resisted due to market conditions.

    The Flippening – the moment that Ethereum surpasses Bitcoin in total market cap.

    Trading Volume – the total amount of crypto that was traded during a certain period of time.

    Whale – people (or a group) that have enough capital – usually in the millions – to make huge orders that can manipulate the market to a degree.

    Glossary of Abbreviations
    ATH – All Time High

    DOS – Denial of Service

    FOMO – Fear Of Missing Out

    FUD – Fear, Uncertainty, and Doubt

    ICO – Initial Coin Offering

    POS – Proof-Of-Stake

    POW – Proof-Of-Work

    UAHF - User Activated Hard Fork

    UASF - User Activated Soft Fork

    -----

    Any of these definitions still confusing? Do they require more clarity? Are there important terms that were missed? Let me know your thoughts!
     
    Last edited: Jul 24, 2017
    Alex.mnr13, JackS, Jelley and 6 others like this.
  2. NewMoney

    NewMoney Contributor

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    Thanks for this, there was a few I was not familiar with ;)
     
    xyzzy likes this.
  3. pumperNick

    pumperNick Contributor

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    dude thanks so much, this really helps, its annoying having to always google these words
     
    IQover9000 likes this.
  4. Charlie

    Charlie Contributor

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    good stuff! Can you add these to the glossary?

    SATS
    FIB
    SHILLS
    BAGHOLDING
    HEDGE
    UASF
    UAHF
    BUBBLE
    CORRECTION
    ATH
    BLOODBATH
    PND
    WHALE
     
  5. IQover9000

    IQover9000 Scholar Premium Member

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    "Okay Google" or "Hey Siri" sometimes work. ;)
     
    Cordillerabit likes this.
  6. DavidCoins

    DavidCoins Contributor

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    Thanks bro, this is good stuff!
     
  7. Douglas

    Douglas Contributor

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    dude thanks so much, this really helps, its annoying having to always google these words
     
  8. cryptospec

    cryptospec Beginner

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    This really helps, thanks
     
  9. Cordillerabit

    Cordillerabit Contributor

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    now i know very informative info thanks
     
  10. shaipouf19

    shaipouf19 Beginner

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    thank for this info, it helps a lot specially with a noob like me :)
     
    Cordillerabit likes this.
  11. javerzky

    javerzky Beginner

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    im a little bit lazy to search some of these crypto terms but i am very thankful that now i know the meaning of those words.
    i really appreciate in making this threads for every member that's not really familiar in those term
    thanks a lot sir
     
  12. bertrandsocrates

    bertrandsocrates Contributor

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    Thanks for this, Einstein. How about we create our online dictionary and figure out how to make huge profit from that? This is the era of digital economy. What for are the percentages under your credits?
     
  13. CryptoRyuzaki

    CryptoRyuzaki Scholar

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    Thanks for the explanations! I have seen some of these terms without any idea on what it means and now I understand :)
     
    xyzzy likes this.
  14. Jessica Amero

    Jessica Amero Contributor

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    Are you going to post any memes soon? and thanks a lot for this list!
     
  15. Abril Keys

    Abril Keys Contributor

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    A lot of them I'm not familiar with, but I'm learning a lot with this kind of post. Thanks
     
  16. Taylor Johns

    Taylor Johns Beginner

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    I find this very useful too
     
  17. CryptoICOs

    CryptoICOs Contributor

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    "HODL" is all time best.
     
  18. diemphuc

    diemphuc Contributor

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    Thanks
     
  19. diemphuc

    diemphuc Contributor

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    ????
     
  20. XIntel

    XIntel Contributor

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    I saw in other channels that the definition of HODL also means "HOLD ON for DEAR LIFE!"
     
    connie_doc and JackS like this.

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