For those interested in specific terminology as it relates to the cryptospace:
Addresses: -Every cryptocurrency coin has a unique address that identifies where it sits on the blockchain. It’s this address, this location, at which the coin’s ownership data is stored and where any changes are registered when it is traded. These addresses differ in appearance between cryptocurrencies but are usually a string of more than 30 characters.
Altcoins: -Alternative cryptocurrencies to Bitcoin. Examples: Ethereum, Litecoin, Cardano, Dogecoin etc. ATH: The highest price ever achieved by a cryptocurrency up that day. ASIC Miner: -An application-specific integrated circuit machine designed specifically for mining cryptocurrencies.
Bag Holder: -Someone still holding an altcoin after a pump and dump crash.
Bearish: -A feeling based on some factors that the the price of a crypto will decrease.
Bear Trap: -This is a trick played by a group of traders aimed at manipulating the price of a cryptocurrency. The bear trap is set by this group all selling their cryptocurrency at the same time, which bluffs the market into thinking there is a drop incoming. As a result, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets, which are now at a lower price. The overall price then rebounds, allowing them to make a profit.
Bit: -A sub-unit of bitcoin. 1 bitcoin (BTC) = 1,000,000 bits. You can always buy and sell less than one bitcoin.
Bitcoin: -When the B is capitalized, it represents the overarching concept of Bitcoin: The technology, the community, the protocol, and the software.
bitcoin: -When the b is not capitalized, it is describing the unit of currency.
XBT and BTC: -Common abbreviations for bitcoin. There is no difference between these two abbreviations.
Bitcoin wallet: -(Hardware, Software, Mobile wallet): A physical or software object where you have a combination of public and private key stored. Here you can find a list of best hardware wallets.
Blockchain: -A universal public ledger of bitcoin transactions till date.
BTFD: -Acronym for “Buy The F$%king Dip” Block: -A group of bundled-up transactions which miners choose to verify.
Block Reward: -It is a reward in the form of native cryptocurrency given to miners for solving a computationally difficult problem. Bitcoin miners now get 12.5 BTC for solving each problem for adding blocks to the blockchain.
Block Height: -It is the number of blocks mined after the genesis block.
Bullish: -A feeling based on some factors that the price of a crypto will increase.
Cryptography: -A branch of mathematics and computer science that is behind the invention of cryptocurrencies.
Cold storage: -A kind of storage where you keep Bitcoin private keys offline.
Confirmation: -When a Bitcoin transaction takes place, the blockchain confirms the transaction’s validity. The confirmation is done by “miners” every 10 minutes when a block is mined. It is always advised that you wait for at least 6 confirmations to avoid double spending.
dApp: -Shorthand for “decentralized application” .
Deflation: -When the demand for a particular cryptocurrency decreases, bringing down the price of its economy.
Double Spend: -This occurs when someone tries to send a cryptocurrency to two different wallets or locations at the same time.
Dumping: -When a lot of people dump at once, causing a sharp downward movement in a cryptocurrency’s price.
ERC: -Stands for “Ethereum request for comments” and is a summation of proposed improvements to the Ethereum system.
ERC-20: -The standard to which each Ethereum token complies. It defines the way that each token behaves so that transactions are predictable. Other cryptocurrencies also use the ERC-20 standard, piggybacking on the Ethereum network in the process.
Faucet: -A service or website that pay you in cryptocurrencies in exchange for playing games or doing certain tasks.
Fiat: -Refers to money recognized as legal tender by governments, such as the US dollar, British pound, Euro and Australian dollar.
FOMO: -Fear of missing out. A feeling in which you want to get onboard a skyrocketing price rally.
FUD: -Fear, Uncertainty and Doubt related to the market.
FUDster: -A person who spreads FUD based on facts or gut feelings.
Gas Price: -The amount you are willing to pay for a transaction on the Ethereum network. If you want miners to process your transaction fast, then you should offer a higher price. Gas prices are usually denominated in
Gwei: -The denomination used in defining the cost of gas. Set a gas price of 20,000 Gwei, for example.
Hard Fork: -A software update or an update on the blockchain protocol that is not backward compatible.
Hash: -A digital fingerprint of a fixed size produced by a hashing algorithm by processing data of any arbitrary size (numbers, alphabets, media files). A unit of measure on the Bitcoin network.
Hash Rate: -Measurement of performance that reveals how many hashes per second your computer is capable of producing. Each hash is an attempt to find a block by creating a unique block candidate and testing it against the network.
Halving: -It is the 50% reduction in block reward after a certain number of blocks are mined. In Bitcoin, the halving happens after every 210,000 blocks. Hardware wallet: -A hardware device which stores public and private keys of Bitcoin.
HODL: -It is a meme term which is basically means hold or Hold on for dear life. It means to hold onto the cryptocurrency that you have invested and ignore the sentiments.
ICO: -Initial Coin Offering of new crypto coins or tokens offered to the general public in return for their fixed priced investments. It is a new way of decentralized crowdfunding.
KYC: -Acronym for “know your customer”, which refers to a financial institution’s obligation to verify the identity of a customer in line with AML laws.
Leverage: -A loan of sorts offered by a broker on an exchange during margin trading.
Liquidity: -The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price.
Limit Order (Limit Buy/Limit Sell): -Buy/Sell orders placed by traders to buy or sell a crypto-currency when the price meets their target amount.
Long: -When you intend to take a large amount of cryptocurrency and stockpile it with the anticipation that it will grow in value, you are going long (or taking a long position).
MAD: -mutually assured destruction. Or when two or more countries measure d***'s and we all pay the price for their shortcomings (pun intended) by way of fire!
MACD: -Acronym for “Moving Average Convergence Divergence”. Margin
Trading: -A risky strategy used by experienced traders where they risk their existing coins to magnify the intensity of their trades. This allows them to buy more than they can afford using leverage provided by an exchange.
Mining: -The process of computer hardware doing mathematical calculations for the Bitcoin network to confirm transactions and increase security. Users who use their computers and/or rent resources for mining are called miners.
Node: -Any computer that is connected to a blockchain’s network is referred to as a node.
Paper Wallet: -Storing your wallet code (your private key) on a physical document makes it a paper wallet. It’s also sometimes referred to as cold storage.
P2P: -It means peer to peer or person to person. On a network or in person.
Public Key/Bitcoin address: -This is another alphanumeric address/number which is derived from private keys and is used to publicly receive bitcoins.
Public blockchain: -A blockchain that can be accessed by anyone through a full node on their computer.
Protocols: -The set of rules that defines how data is exchanged across a network.
Proof of Authority (PoA): -A private key that gives the holder the right to create the blocks in a private blockchain. It can be held by a single entity or a set number of entities. This is an alternative to the proof-of-work model, instead of getting multiple random nodes to approve a transaction, a group of specific nodes are given the authority to approve.
Proof Of Work: -A decentralized consensus mechanism that is done by mining algorithms by spending computational power.
Proof Of Stake: -A decentralized consensus mechanism in which your existing stake in currency is used to mine or forge blocks to reach the consensus.
Pump & Dump: -Massive buying and selling of cryptocurrencies when the price is to one’s benefit.
Private Key: -A private key is a secret, alphanumeric password/number used to spend/send your bitcoins to another Bitcoin address.
Recovery phrase/seed keyword: -Random 12, 18, 24 words that are used to derive numerous pairs of private and public keys. Using these seeds, you can restore your wallet in any other supported seed key wallet.
REKT: -Shorthand slang for “wrecked” and a term used to describe a bad loss in a trade.
RSI: -Acronym for “Relative Strength Index”.
Satoshi: -A Satoshi is the smallest unit of Bitcoin. It is named after Satoshi Nakamoto, the creator of Bitcoin. Each BTC is divisible until the 1/10^8 part. A unit of Satoshi is equal to 0.00000001 bitcoin.
Satoshi Nakamoto: -The individual, or group of individuals – it has never been confirmed – who created bitcoin.
Sharding: -Sharding is a way of splitting up the full blockchain history so each full node doesn’t need the whole copy of it. It’s considered a scaling solution for blockchains because as they grow larger, it begins to slow the network performance if every node is required to carry the full blockchain.
Shit Coin: -No points for guessing this one. It’s a term used to describe a cryptocurrency not expected to have a positive future.
Soft Fork: -A software update or an update on the blockchain protocol that is backward compatible.
Smart Contracts: -When a contract is written in computer code, as opposed to traditional legal language, it is deemed a smart contract. This programmed contract is set up to execute and carry itself out automatically under specified conditions. When a smart contract is on the blockchain, both parties can check its programming before agreeing to it, and then let it do its thing, confident that it cannot be tampered with or changed. It lets two parties agree to complex terms without needing to trust each other and without needing to involve any third parties. This functionality is the defining feature of the Ethereum blockchain.
TA: -Acronym for “technical analysis”.
Transaction fees: -Transferring Bitcoin isn't free, Bitcoin transaction incentives that the miners receive for mining block via bitcoins, which is actually a small fee that the bitcoin users pay in order to complete BTC transactions.
Token: -The “coin” of a cryptocurrency is a token. Effectively, it’s the digital code defining each fraction, which can be owned, bought and sold.
To The Moon or mooning: -Refers to price moving to astronomical heights.
Whitepaper: -A report which articulates the problem and solution that the blockchain project/cryptocurrency is trying to solve.
Whale: -It refers to an entity or a person who holds an absurd amount of particular cryptocurrency and has the potential to manipulate the market.
UTXO: -Acronym for “unspent transaction output”.
+51% Attack: -If more than half the computer power on a network is run by a single person or a single group of people, then a 51% attack is in operation. This means this entity has full control of the network and can negatively affect a cryptocurrency by halting mining, stopping or changing transactions, and reusing coins.