Common words and slangs used in Cryptocurrency and Forex

There are some common words and slangs used in Cryptocurrency and Forex. Below, are these words explained in English for easy understanding.

1. WALLET: This is an online wallet(you can call it purse) where you store your coins. Example is Trust wallet.

   

2. EXCHANGE: This is an online platform where you can buy, trade and sell coins. Example are Binance and Luno

3. ADDRESS: Wallet Address are numbers and alphabet(alphanumeric) which you can use to receive or send tokens.( It works like your account number).

5. ALTCOIN: This is any coin that is not Bitcoin. Example are Etherum, XRP etc.
6. TOKEN: It is a Cryptocurrency that is functioning under the supervision of a coin’s blockchain. An asset that runs on a coins blockchain. E.g SAFEMOON is a token cause it runs on BEP20 (Binance coin blockchain)

   

6. GAS: A fee you pay for transaction or execution of smart contracts.

   

7. REKT: It simply means wrecked. When you lose all your money or most of your money while trading. In forex, it is called “Blow”

8. MOON: when the price of a coin has a positive movement.

9. HODL:  drunken spelling of HOLD meaning to buy a coin and hold it to make profit. You can read more here

10. P2P: Peer to Peer enables transaction between two entities without a middleman ( read more here: here

11. FOMO:  Fear Of Missing Out is when you are worried if you don’t buy a coin when others are, you may regret later.

12. BULLISH:  This is when a coin is moving in a positive direction- Upward. Just like moon.

    

13. BEARISH: It means movement in a negative direction. Downward.

14. TAKE PROFIT: It means selling or swapping, or converting or withdrawing part of or all of your money on a particular coin after making profit.

15. STOP LOSS – It is a point where you want to take out your money to a stable coin after losing part of money.

16. TARGET: This means deciding how much profit you want to make on a particular trade.

17. FARMING: It means staking your coins for a particular period of time while you receive rewards for doing so. Read more on Cryptocurrency and Robot

    

18. AIRDROP: It is a campaign strategy on a new coin to gain popularity.

19. ALL TIME HIGH: This is when a coin gets to a new price for the first time.

    

20. ALL TIME LOW: This is  when a coin goes low price for the first time.

21. BAG:  If you hold a huge amount or numbers of a coin, you have a bag of it.

22. DIP:  This is when a coin price is moving downward. Good time to buy.

23. DApp: A computer program that utilizes a blockchain for data storage. it runs autonomously and it is not controlled or operated from a single entity, is open source and has its use incentivized by the reward of fees or tokens. This tool is often used to buy coins on trust wallet)

24. DUMP: This means selling all you have of a particular coin.

25. ESCROW:  This is a middleman in a transaction.

26. FIAT:  These are Government owned currencies that are in cryptocurrency. Example USD, Euro, NGN.

27. FUNDAMENTAL ANALYSIS: This simply means to do a research/Analysis on a coin using news or findings from your research.

    

28.TECHNICAL Analysis: This simply means to do an analysis on a coin using charts.

29. LIQUIDITY: The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price.

    

30. WHALE: A term used to describe extremely wealthy investors or traders who have enough funds to manipulate the market.

31. COIN: A coin is an assets that runs her own blockchain. Eg Ether(ERC20 Is the blockchain) Binance coin(BEP20,BEP2 is the blockchain)

32. MARKET CAP:  this is the total worth of a coin,it’s measured by the present amount of a coin multiplied by its total supply

33. TOTAL SUPPLY: This is a coin’s total amount. It’s a record that shows how many pieces of a coin was created. For example, BTC has 21million pieces in total supply.

34. CIRCULATING/AVAILABLE SUPPLY- This is the amount of the coin that is accessible at the time. For example, UK could mint One million pieces of 100 Pound notes, and circulate 500 thousand pieces and leave 500 thousand. This means that is the total supply of the pounds note is one million but 500 Thousand is in circulation.

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