The dynamic world of cryptos can be quite intimidating to understand. Add to that certain gibberish phrases and abbreviations, and you are bound to find yourself in a deep soup with no means of rescue. In such a scenario, it is best to keep yourself well-braced with the latest industrial jargons to maintain your lead in crypto space.
KryptoMoney.com, being a website dedicated to Blockchain Technology and Cryptocurrencies here by explains our readers about the various terms in Blockchain and Crypto World.
Altcoin: Abbreviation for “Alternative coin”. Crypto currencies other than Bitcoin are collectively called Altcoin.
Autonomous Decentralized Organization : Program which seals in a blockchain the governance of an organization. Contains several smart contracts that interacts among them.
Bitcoin (BTC): World’s First Decentralized peer-to-peer cryptp currency developed in 2008 and introduced as an open source software in 2009 by an unidentified developer or group of developers using the pseudonym Satoshi Nakamoto.
Blockchain: The blockchain is a technology for the storage and transmission of information at minimal cost, secure, transparent, and operating without a central body of control.
By extension, a blockchain (literally a “chain of Blocks”) means a secure database and distributed (because shared by its various users), containing a set of transactions which everyone can check the validity. A blockchain can thus be assimilated to a large accounting book public, anonymous and cannot be counterfeited.
Blockchain is the technology behind Bitcoins and most of the Crypto Currencies.
Colored corners: Set of methods or protocols to create, represent and manage real assets on the blockchain Bitcoin.
Cryptocurrency: Person-to-Person Electronic money, based on the principles of cryptography to validate transactions and the generation of the currency itself.
Devcon of Ethereum: Abbreviation for “Developers Conference”, an annual event consists of several days of meetings and conferences around the blockchain of Ethereum.
Ether: Cryptocurrency or digital tokens of Ethereum Blockchain network.
Ethereum: Decentralized Platform , based on a blockchain, allowing its network of users to create smart contracts. The blockchain of Ethereum works with the currency “Ether”. Unlike the blockchain of bitcoin, focused on the monetary aspect, the blockchain of Ethereum has a vocation to accommodate very diverse programs
Fiat Money: “Classic Currency”, whose value is given by the Act or the government regulation (e.g Euro, Dollar, etc).
ICO: Short for Initial Coin Offering , a process by which early age crypto currency startups raises funds in order for further development of the crypto currency.
Microtransaction: Transaction of a few cents. In a circuit “Classic”, via a bank for example, the microtransactions are too costly to achieve (fees are indeed higher than the amount of the transactions). The blockchain provides a solution to this problem.
Mining: Use of the computing power in order to process and validate transactions, generate more tokens, secure the network and to allow all the users of the system to remain synchronized.
Mining Pool: A Group of minors who performs the task of mining as a group and distributes the reward in the group and not individuals.
Minor: Persons (individuals or companies) that connect on the network with one or several machines equipped to perform the mining process.
Multisig: A method of securing a demanding portfolio the signatures of several keys to unlock funds.
Node: A computer/server connected to the network and using a program relaying the transactions.
Private key: Key allowing the user to a blockchain to initiate a transaction by signing cryptographical messages. It must not be shared with anyone.
Proof of stake (POS): Method used to achieve the consensus in a distributed blockchain network . It is the inverse of the concept of proof of the work, the proof of stake does not request the users to use their computing power to compete with each other to solve any mathematical puzzle, but rather to prove the ownership of a certain amount of crypto-currency stake in the network.
Proof of work (POW): “Evidence of work” or “Evidence of calculation”. It is the cryptographic processing enabling the validation of the blocks of transactions. Perform this treatment requires the calculation time. In general, a single computer on the network succeeds in about ten minutes. The difficulty is regularly adapted to maintain this interval.
Public key: Key used to address on a blockchain. It is known to all and it allows a sender to designate a recipient.
Some More Technical Crypto Jargons
Crypto Lingos To Keep You Ahead In The World Of Virtual Tokens
- FOMO – It refers to the fear of missing out or the opportunity cost of a particular investment decision.
- BEAR – Borrowed from the Wall Street honchos, this term refers to an investor or trader believing in the downward sloping price curve of a particular crypto or the entire market with the hope of earning profit from the same.
- ATH – All time high indicates that the price of a particular token has broken all records to reach the highest price ever achieved.
- BAGHOLDER – A trader or investor who presently has to face negative consequences for holding on to a particular crypto for a substantially long span of time.
- WHALE – Borrowed from the world of gambling, this term is used to indicate bullish traders having a fat account. Bullish whale is another term which is used for the Whale investors expecting the market to rise in days to come.
- BEARWHALE – This indicates a trader operating a fat account and hoping for the price of cryptos to skyrocket.
- TO THE MOON – The upper momentum experienced in the crypto market followed by climbing up price.
- REKT – This wrongly spelled term for “wrecked” refers to an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
- FUD – Fear, uncertainty and doubt refers to investors having second thoughts about the situation.
- ADDY – Crypto key or public address for example, “Kindly tell me your ADDY.”
- ALTCOIN – Crypto apart from Bitcoin.
- CHOYNA – This is the deliberately distorted pronunciation of China which is one of the biggest players in crypto space dominating all trading and mining activities.
- DILDO – Long red or green candles.
- ASHDRAKED – A scenario when someone ends up losing all his money.
- DUMPING = Downward price movement
- BTFD – Buy the fucking dip indicates at purchasing a coin even when it has been dumped in a grave manner.
- JOMO = Joy Of Missing Out
- DUMP = To Sell off a coin
- FA = Fundamental Analysis
- MCAP = Market Capitalization
- DYOR = Do Your Own Research
- OTC = Over The Counter
- LONG = Margin bull position
- SHITCOIN = A coin having zero potential value or use
- PUMP = Upward price movement
- SWING = Zig zag price movement (Upwards and downwards)
- SHORT = Margin bear position
- TA = Technical Analysis
- REVERSE INDICATOR – This refers to an investor or trader who cannot predict price movements properly.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology, Cryptocurrencies and upcoming ICO’s.
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.