Everything You Need To Know About CryptoCurrency: For Beginners
ADDY:
Short for your Public Key Address.
What's your addy?
ADOPTION:
Adoption is when people or institutional investors start using said crypto. Mass adoption is when this happens on a large scale.
In the Crypto Space this term is used in many ways.
We just need more adoption
This is when hodlers of coin are hoping more people or institutions will buy the crypto they have so It can finally start mooning which will result in Lambo.
We haven't even hit mass adoption yet
This statement can be used in two ways. Either while spreading FUD, or during a bull run to tell you it's going to moon even more when everyone adopts its.
AIRDROPS
When the developers of a crypto give free coins to all their holders as a bonus, or during forks.
Airdrop scheduled tomorrow at 1pm!
ALTS
Short for altcoins.
I love ALTS!
ALTCOINS
Any crypto that isn't Bitcoin.
So many altcoins, I don't know which one to pick from
ATH
Short for "All Time High". When the crypto or total market cap of all cryptos combined reaches the highest value it ever has.
Bitcoin just reached a new ATH! 🚀
BAGS
Your crypto holdings, usually used to refer to the one's that are down in value, or haven't reached the desired price you want to sell them at.
Not giving up yet, I've been holding these bags for years!
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BAG HOLDER:
Anyone who has bags, but usually reserved for someone holding many bags.
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SHILL BOTS:
Bots that are used to spread FOMO so the bot developer or user of the Bot can dump his crypto at its Max price.
Signs you're seeing a bot…
I just dumped everything into ETH
Buy buy buy now
You can find these all over twitter. When you start seeing similar tweets everywhere, its usually a sign a whale will start dumping.
Natural shills will be more or less…
Eth reached an ATH again! Wow
New updates tomorrow from the dev team!🚀🚀
Xcoin will probably double before the end of the week
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BTC:
Short for Bitcoin
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ETH:
Short for ethereum
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LTC:
Short off Litecoin
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BTFD:
Buy the FK'ing Dip
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Bull MARKET:
Everything is going up.
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BEAR MARKET:
Market is Stagnant/going down
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BITCONNECT:
A very infamous Ponzi Scheme crypto with a massive Market Cap that was once shilled all over youtube, twitter, and this subreddit. Many people lost a lot of money on it.
It has since been shutdown by law enforcement, and some of its devs are still on the loose.
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BLOCKCHAIN:
A highly encrypted system of recording information that is difficult or near impossible to change, hack, or cheat because it's not controlled by a central authority, but instead duplicated and distributed across an entire network of computer systems on the blockchain.
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BURNING:
When developors lessen the total supply of their crypto.
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CARLOS MATOS:
A good man that was once financially independently but not too bright. He was suckered into shilling BitConnect when his wife didn't Believe in him. He brought rise to many memes that will live on forever. We like him though!
Famous for his iconic shill…
Wazza Wazza Wazza Wazza Wazza wazzzzzzuuuuuppppp BITCONNECT!!!
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COLD WALLET:
A wallet stores your crypto private keys offline so they cannot be hacked.
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CRYPTOCURRENCY:
an encrypted form of payment on a blockchain used to buy goods, and services that is not controlled by any one central authority.
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CRYPTOART:
Digital artwork that uses NFT's and operates off smart contracts that is verified on the blockchain to ensure the artwork is authentic, and original.
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DAPPS:
Short for Decentralized Applications.
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DECENTRALIZATION:
Transfer of control, and decision making from a centralized authority owned or controlled by one person or group to a distributed network of many anonymous individuals or groups.
my youtube video got taken down again with no explanation. So SICK OF THIS SHIT! This is why we need more decentralization
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DEVS:
Short for Developers The devs are working hard to make this happen
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DEX:
A Decentralized crypto Exchange e.g. IDEX
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DIP:
Occurs when the value of a crypto or the market drops due to sell offs.
We're probably going to see another dip before it goes up again
DUST:
the left over remnants of cryptos you traded on exchanges that are under the required amount needed to trade or transfer. Exchanges have evolved to implement a feature that will gather up all your dust into one crypto so you'll have enough to trade it off or transfer.
I just found some dust I had sitting on an exchange I used years ago that's now worth $200!
DUMP:
Happens when you sell off a chunk of your cryptos, or are witnessing a huge sell off.
As soon as this shit hits $3ea, I'm gonna dump
DOYR:
Do Your Own Research. Im serious.. do your own research.
Sorry that happened to you, that's why you should always DYOR before buying
ERC-20 TOKEN:
A crypto that uses Ethereum's ERC-20 blockchain protocol.
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EXCHANGE:
A place to trade, or sell your cryptos.
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FAKTOSHI:
Nickname given to a guy by the name of Craig Wright for his Hail Mary attempt claiming he was the real Satoshi Nakamoto.
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FAUCETS:
Websites that give away free crypto paid for by advertisers. Be careful and DYOR. Some of these sites can be scams.
Nobody legit will ask you to send your crypto, or ask for your private keys in order to receive free crypto.
NEVER EVER EVER GIVE YOUR PRIVATE KEYS TO ANYONE
FOMO:
Fear of Missing Out. If you're new to crypto and reading this, you mostly likely have FOMO.
I have serious FOMO right now, it just keeps going up
FUD:
Short for Fear Uncertainty Doubt.
A lot of new investors get this when they see their crypto dropping in price not understanding that this is a totally normal occurrence in the market.
Also, any type of negative news about cryptocurrency is FUD, and can cause other to have FUD.
If you believe in crypto, you don't have to feel this way. It's totally optional.
I'm Sick of all the FUD, this is a great project
GAS:
Fees collected by those helping run the blockchain network that is responsible for verifying your transactions. You sometimes have an option to pay higher gas fees to verify your transactions.
The more you pay, the faster your transfer. Pay the minimum, and your transaction can be stuck for hours or sometimes days.
Paying the minimum is equivalent to never tipping your waiter. Next time you may or may not get your order in time.
Gas fees are insane right now
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HALVING:
Halving is when the reward for mining said crypto's is cut in half. This deters inflation, and protects the value of the crypto. Bitcoin is said to go through halving every 4 years. The current reward for mining blocks is at 6.25BTC. soon it will be 3.125 BTC
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HARD FORK:
This happens when a person or group of people that is helping run the distributed network of a certain crypto isn't happy with how things are going with the existing software, and decides to be a dick about it.
This usually causes a lot of confusion, and FUD especially inexperienced new investors of the coin.
The disgruntled group or individual will then create an entire new software based off the original that will not be compatible with the current software THUS creating a new cryptocurrency.
This doesn't always have to be negative, and can instead be agreed upon by the DEV team looking to improve upon the original outdated software.
The positive news is that those who own the original version of the coin will get to keep their crypto, and will be distributed the same amount in the new forked version. This new distribution may or may not be supported by all exchanges, and wallets.
The bad news is that this can be used in an exit scam where the devs decide to sell off all the old coins while everyone is buying to take advantage of the new fork, and when the fork happens, they will sell off all the new coins while everyone is FOMOing into it.
This is usually the reason why a lot of FUD is spread during forks. However, with cryptos that established a lot of credibility like Bitcoin or ETH, I wouldn't worry to much about exit scams on the original version.
The hard fork will begin at 3pm, Monday, all wallets will support this fork
Always DYOR.
HARD WALLET:
Another term for cold wallet.
I always keep my long term holds on a cold wallet, it's the safest way
HOARDING:
Buying up as many of one crypto as you can every chance you get.
That's fine, I'll just keep buying the dip, and stacking up
HODL:
Hold On for Dear Life.
When you hold your coins no matter what happens to reach Maximum ROI In the future.
Who cares about the dip, JUST HODL
HOT WALLET:
When your private keys are stored on an exchange's wallet that's connected to the internet.
This is not recommended for your long term holds.
ICO:
Initial Coin Offering. This is when a new coin is expected to release, and the Devs offer coins to early nvestors at a discount before they reach mainnet.
Look out for scams, DYOR.
LAMBO:
Short for Lamborghini. When your holdings have mooned high enough where you now have enough to buy a Lamborghini.
*When Lambo?"
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LEDGER:
Can be a device to store your cryptos safely offline such as the Nano Ledger, or can refer to a Public ledger where all transactions of said crypto can be tracked, and seen by the public.
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LUCK:
what's told to you by non crypto users when you hit big.
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MAXIMALIST:
Someone who holds extremely bias favoritism about a cryptocurrency they hold. Being the best there is, and nothing can ever compete.
Maximalists can be a great source to tell you everything about the crypto they like but expect extreme bias to go along with it, and don't ever spread FUD about their crypto unless you want an enemy for life.
If you agree with them, they will love and accept you, they might even tip you, and send you awards if you echo back to them what they just said to you.
Good idea💡…
Maximalist: Nano is the best there is, it's fast, and nothing is ever going to beat it….NOTHING!!
You
💯, NANO definitely is the best there is, and nothing will ever be fast enough to beat it. 🚀🚀
Maximalist: I'm happy smart people still exist. What's your addy? I'll send you some NANO.
Bad idea💡…
Maximalist: Nano is the best there is, it's fast, and nothing is ever going to beat it….NOTHING!!
You
I get that, it's a great coin, but the price probably isn't going anywhere anytime soon.
Maximalist: what's your addy?
You
For NANO? I don't have one yet.
Maximalist: No, I meant your address in RL.
MAINNET:
When a crypto trades live on an exchange for the first time.
When Mainnet?
MCAP:
Short for market cap.
The MCAP is at a new ATH
MARKET CAP:
The total market cap of a cryptocurrency.
You can see the market caps of cryptos on CoinMarketCap and CoinGecko. They provide an extensive detailed list of cryptocurrency's, and their marketcaps.
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MEMECOIN:
A joke cryptocurrency that's not supposed to be taken seriously but some people take it very seriously anyway against all warnings e.g. doge, garlicoin, buttcoin.
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MINING:
https://academy.binance.com/en/articles/what-is-cryptocurrency-mining
MINTING:
When devs create new coins out of thin air. This could be a good thing to meet high demand, or could be a bad thing that devalues your crypto. Either way. DYOR
The devs keep minting new coins
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MOON:
When your crypto has reached an ROI of 1000% or more. It went to the moon!
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MOONING:
When your crypto is in the process of reaching the moon
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MOONS:
r/Cryptocurrency's crypto that's currently on a test net as of the time of this post. You get rewarded moons for submitting good, helpful content like this, and high quality shitposts.
Just wait till moons hit mainnet. Easy 10x
When will moons moon?
NFT:
Non-Fungible Token
You will hear this loosely tossed around by paranoid environmentalists who seriously lack understanding about crypto currency.
NFT's are going to destroy the Earth
NODE:
Best explained here.
https://academy.binance.com/en/articles/what-are-nodes
NO COINER:
If you found this post learning about cryptocurrency or how to buy it, this term probably refers to you. Someone who has no crypto
NOT YOUR KEYS, NOT YOUR COINS
Also said NYKNYC, is it saying when you keep your cryptocurrencies on an exchanges hot wallet.
Told you to use a cold wallet. Not your keys, not your coins
Nonce:
These are becoming more popular.
https://en.m.wikipedia.org/wiki/Cryptographic_nonce
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PAMP IT:
Slang for Pump it. When you want to see buy orders raise the price of your crypto.
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PORTFOLIO:
like stocks, it's your total crypto holdings. There are many crypto portfolio apps that will help you keep track of your investments.
Blockfolio is pretty decent to get you started but there are many options. https://blockfolio.com/
POW:
Proof of Work https://www.coindesk.com/what-is-proof-of-work
Another term tossed around loosely by environmentalists lacking understanding about Crypto.
POW is bad for the environment
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POS:
Proof of Stake https://www.coindesk.com/proof-of-stake
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PRIVATE KEY:
All about private keys here. https://www.investopedia.com/terms/p/private-key.asp
Keep repeating to yourself to
NEVER GIVE THESE OUT TO ANYONE until you can't forget it.
NEVER STORE THEM on devices connected to the internet.
DO write them down KEEP them somewhere safe DO NOT LOSE THEM
If you lose them, you can pretty much kiss your coins goodbye forever. Unless you have an IQ so high where you glance at it and never forget for a long time, then you are going to lose your coins, and if your IQ is really that high, you wouldn't even need to read any of this. So DONT LOSE IT!
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PK:
Short for Private Key
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PUBLIC KEY:
Public Address, also known as "your addy".
It's the address you send your crypto to. You may give it out liberally to anyone your heart desires. It can only be used to send cryptocurrencies to you.
Follow all instructions when obtaining a Public Key. You can't send just any crypto to it. Popular Exchanges will usually have drop down menus to select the coin you want the public key for. Make sure you only send that specific crypto or you might never get it back.
PUMP and DUMP:
When a coin rises in price very fast followed by a massive sell off that tanks the price even lower than it was.
Pump and dumps can happen for a few reasons.
Naturally, when a new coin hits main net for the first time, usually a wave of new investors will FOMO into it causing the price to rise, and all the initial holders from an ICO or a big whale will take that opportunity to dump for a quick profit. This is very common even with stocks, and doesn't mean the crypto is scam or going to tank. If it's popular, it should climb back up from all the dumpers looking to buy back cheaper.
Unnaturally this can be caused by Pump, and Dump groups. This is also illegal in most cases. It's market manipulation but you will usually only see this on lower cap shitcoins. Don't get too excited about low cap coins that are pumping.
Look into at first, see if there's a legitimate reason why it's pumping. Maybe it's pure speculation because Elon Musk said he likes it, or maybe it's real FOMO because a huge partnership, or adoption of it from a big name was mentioned from a credible source. If you see no logical reasons why it's pumping, it's probably a pump and dump. Funny names from Low market cap coins like "Super LTC dark" sold on shitcoin exchange #927182 from a country you never heard of is not a real thing. Stay away from it.
An example of a natural pump…
PAYPAL JUST ANNOUNCED THEY ARE ACCEPTING BITCOIN
REKT:
For crypto, it means you lost a lot of money. You fell for a pump and dump, and got REKT. Or the market crashed, and all your holdings are down 90% then you got rekt.
I got REKT from the 2018 Crash, and I still haven't recovered
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RIG:
A computer system that's built for mining. Check out my new RIG!
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ROI:
Your ROI is your Return on Investment.
You put down $1000, you sold at $2000. Your ROI was +100%
The ROI on that is SICK!
SATOSHIS:
Bits or fractions of a Bitcoin that were named after Satoshi Nakamoto.
Doge is worth 100 Satoshis right now
BULLSHIT, 1 doge = 1 doge
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SATS:
Short for Satoshis
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SATOSHI NAKAMOTO:
The Creater of Bitcoin. Nobody knows who he is or where he is. He could be dead.
SEC:
Security Exchange Communism that likes to butt their heads into cryptos, and make new rules.
SCAM COIN:
The name speaks for itself. It's a cryptocurrency thats a scam. Like Bitcoinnect.
All scam coins are shitcoins but not all shitcoins are scam coins
SOFT FORK:
Similar to a hard fork, this happens when a person or group of people that is helping run the distributed network feels the software needs an improvement, and creates software that is compatible with the original software.
It's the honorable route to go when you're not happy with the way things are going, and usually there isn't that much FUD, and Confusion. It's usually more of a community effort, and can actually save a project rather than hurting it with a hardfork.
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SOFT HANDS:
See weak hands
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SOFT WALLET:
Soft wallets are hot wallets but are specifically referring to a wallet app thats stored in your hard drive of phone.
SHILLING:
When you say anything positive about one of your crypto holdings
I love XxxCoin, their wallet is the easiest to use too, they even have a big partnership to be announced
Xcoin is gonna moon 10x easy
These are obvious shills.
SHITCOIN:
Cryptos that aren't going anywhere. A shabby dev team, or not much adoption, no new development, low trade volume, or… nothing special about it… it's just another ER-20 Token.
Can also be used for a scam coin. It's a shit scam coin
SHITCOIN ENTHUSIAST:
Someone who loves hoarding shitcoins. Like me.
A shitcoin enthusiast might say…
I specialize in shitcoins
Shitcoin EXCHANGE:
an exchange that deals primarily in shitcoins, or the vast majority of their coins are shitcoins. these are usually exchanges with really low volume but are a vital piece of the crypto trading community as a place to go with a few bucks when you're bored and want to take a little gamble.
These are the places you will find odd borderline lawsuit tokens such as*…
- McDonalds Coin
- Halloween Coin
- Poke Ball
They are also a good place to catch little pump and dumps coins.
Trade at your own risk, and DYOR. Some of them can be scam exchanges.
STAKING
SMART CONTRACT
SWAP EXCHANGE
SushiSwap, UniSwap etc…
All about atomic swap exchanges https://www.investopedia.com/terms/a/atomic-swaps.asp#:~:text=An%20atomic%20swap%20is%20a,centralized%20intermediaries%2C%20such%20as%20exchanges.&text=They%20first%20came%20into%20prominence,Decred%20and%20Litecoin%20was%20conducted.
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SUBS:
While this is more of Reddit thing, you will hear that term tossed around a lot when learning about crypto on reddit. You might hear "Keep it on that sub" when talking about a specific crypto. That simply means go to that crypto's own subreddit e.g. r/ Bitcoin r/ cardano
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VAPORWARE:
Can be used to describe most ICOs that only have concept , or the project hasn't been completed development yet.
Vapor wear can also refer to a completed project that seemingly has no clear use case but it has been shilled and adopted like it does. All scams are vaporware but not all vaporware are scams.
What did you expect? It's vaporware
WHALE, and BEAR WHALE:
Whales are investors that are rich. They have large sums of money to invest. Bearwhales are rich guys who sell off mass quantities of crypto on a public exchange causing a bear market.
Huge Bear whale coming!
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TECHNICAL ANALYSIS
Analysis on charts from those who think they know what they are doing.
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This is the way:
downvote this comment everytime you see it pop up.
TOTAL SUPPLY
Total supply of said crypto.
51% ATTACK:
In theory, this is the only thing that can take down bitcoin.
https://www.bitpanda.com/academy/en/lessons/what-is-a-51-attack-and-how-is-it-prevented/
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