Cryptocurrency List of Terms and Definitions
Now you can understand what you read...
Altcoin: Anything not Bitcoin
AMM: Automated Market Maker
API: API stands for Application Programming Interface
Arbitrage: Making a profit on the difference between asset prices on different exchanges
ASIC: Application-specific integrated circuits (ASICs) can be thought of as machines used to mine crypto
Bear/Bearish: Thinks the market is trending down
BIP (NUMBERS): Bitcoin Improvement Proposal
Block explorer: An application used to track transactions
Bonding Curve: A bonding curve is a mathematical concept used to describe the relationship between price and the supply of an asset.
BSC: Binance Smart Chain, a fork of Ethereum and an EVM, a smart contract platform for users and developers to build/use Dapps
BTFD: Buy the F***ing Dip
Bull/Bullish: Thinks the market is trending up
Candlesticks: Graphing technique that shows price on a chart
CeDefi: Centralised – Decentralised finance (Permissioned networks like BNB)
CeFi: Centralised Finance
CEX: Centralised Exchange
DAG: Directed Acrylic Graphs
DAO: Decentralised Autonomous Organisations
Dapp: Decentralised applications
DD: Due Diligence
Defi: Decentralised Finance
Degen: Degenerate, usually a degenerate trader who conducts little analysis on trades.
DEX: Decentralised Exchange
EIP (NUMBERS): Ethereum Improvement Proposal
EVM: Ethereum Virtual Machine
FA: Fundamental analysis
FOMO: Fear Of Missing Out
Fork: When programmers take a copy of source code from one software project and start independent development on it, creating a distinct and separate piece of software. This represents a split in the developer community, branching out from the original developer’s codebase or project intentions.
Front Running: Front running is the act of placing a transaction in a queue with the knowledge of a future transaction for arbitrage.
FUD: Fear Uncertainty, Doubt
Gwei: Gwei is a small unit of the Ethereum network’s Ether (ETH) cryptocurrency. A gwei or gigawei is defined as 1,000,000,000 wei, the smallest base unit of Ether. One gwei equals 0.000000001 or 10-9 ETH. Conversely, 1 ETH represents 1 billion gwei
HODL: Hold On for Dear Life
ICO: Initial Coin Offering
IEO: Initial Exchange Offering
IOT: Internet of Things
KYC: Know Your Customer
L0: Layer zero solution to help scale blockchains
L2: Layer two solutions to help scale blockchains
Ledger: A record of transactions
LP: Liquidity provider, or LP tokens, used on AMMs like Pancake Swap to provide liquidity
Metaverse: A virtual-reality space in which users can interact with a computer-generated environment and other users. They usually have their own unique economy, governed by a token within the cryptocurrency space.
Mining Pool: Users pooling hashing power together to mine blocks
NFT: Non- Fungible Token
Node: Nodes are computers that connect to blockchain networks and use peer-to-peer protocols that allow nodes to communicate with each other within the network as well as spreading information on transactions and blocks
Nonce: Nonce (literal meaning — for one occasion) is a way to sequence and segregate transactions on the Ethereum blockchain and other smart contract platforms
P2P: Peer to peer networks, networks that operate without a centralised middle man, and as the name suggests are networks that allow users to directly communicate and operate with each other
Permissioned Networks: Blockchain networks that have an access-control layer built into the blockchain nodes
PK: Private key (Used to unlock a wallet)
PK: Public Key (Used to send and receive crypto)
PoS: Proof of Stake (A consensus mechanism that requires holders to stake coins)
PoW: Proof of Work (A consensus mechanism that requires power and mining equipment)
Rug Pull: A colloquial term used in the space to describe a project which has exit scammed on holders
Sat: Sat is short for Satoshis, the smallest unit of Bitcoin. One Satoshi (sat) is equal to 0.00000001 BTC
Shilling: Promoting cryptocurrencies with heavy enthusiasm
Shitcoin: An Altcoin with weak fundamentals that looks like a scam.
TA: Technical Analysis
Ticker: Used to represent the symbol used to trade an asset (e.g. $ETH)
Trustless: When no member in a network needs to be trusted to complete an action
TX: Transaction
WEB3 Wallet: Used to connect to web3 applications like Uniswap for use
Zk – SNARKS: Zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) are the proof construction that one can verify information, like a secret key, both without disclosing the information itself or requiring any interaction between the prover and verifier
ZKP: zero-knowledge proof, enables one party to provide evidence that a transaction or event happened without revealing private details of that transaction or event
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