A wallet address is the unique identifier that you send and receive cryptocurrencies to. The address usually consists of alphanumeric characters. This public address is unique and it’s directly tied to the type of cryptocurrency that you want to send or receive. For example you can only send and receive Bitcoins to a Bitcoin address, same goes for Ethereum and other cryptocurrencies.
An airdrop is a distribution of a cryptocurrency token or coin, sent out to a large number of wallet addresses, usually for free or as a reward for doing some smaller task. Airdrops have often been used as a tactic to reach a great number of people. They can help to attract a large user-base and attention across media and social forums like Reddit.
Bitcoin is far from the only cryptocurrency out there. Today there are thousands of cryptocurrencies. Often they are labelled as altcoins as in alternative coins. And Bitcoin is the original. Today some see Ethereum, Litecoin and others to belong to the same category as Bitcoin, and no longer an ‘altcoin’. But this is highly subjective.
All Time High. The highest value a cryptocurrency has ever reached
All Time Low. The lowest value a cryptocurrency has ever reached.
Someone who holds bags of coins, as in a lot of cryptocurrencies with little to no value. Perhaps after a big loss in value. And a bagholder would of course like to sell their ‘bags’ to someone else.
Means that someone is pessimistic and that the price will go down
During market periods the overall sentiment and market trends can be going up or down. When the market is in a downwards period it can be referred to as a bear market. And the bear is taking down the value of all cryptocurrencies (as with stocks and other markets).
During market periods the overall sentiment and market trends can be going up or down. When the market is in an upwards period it can be referred to as a bull market. And the bull will bring up the value of most/all cryptocurrencies (as with stocks and other markets).
Means that someone is optimistic believes the price will go up
Suggesting to people that this is their chance to buy at a lower price. Suggesting that this is just a dip and soon the price will go up again.
A buy wall can be genuine but is often referred to fake buy volume. Where a person or group of people puts up very large buy orders that pushes the price up. So anyone that also wants to buy needs to up their buy orders to move past the buy wall, which is the tactic from the people putting up those buy walls.
Blockchain is a decentralised and distributed record of transactions that is shared across a network. That means it’s not owned or controlled by one entity. Every transactions is put onto a block of data. And each block of transactions has a record of the previous blocks. This makes all the information shared on the blockchain transparent, immutable and trusted.
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a decentralised database that no one can change unless specific conditions are fulfilled. You can buy cryptocurrencies at exchanges, get them through mining or staking.
Refers to very large green or red ‘candles’ that appears on trading screens when the price goes up or down by a lot quickly. When viewing the market you can see the price be represented by bars or candles in a candlestick chart.
A Distributed Ledger Technology is another type of technology similar to blockchain technology. This DLT is like a decentralised database, that is made up of different nodes that keeps the network going. Usually there is some type of cryptocurrency used across this network.
Do Your Own Research. A term used in the crypto community. It basically means that you should do research into the tokens/coins that you might want to buy, and decide for yourself if they are worth investing in. Following this advice will mean that you will, educate yourself, be in control of your decisions, and less likely to be tricked/scammed.
An exchange is a platform where you can buy and sell cryptocurrencies. There are hundreds of cryptocurrency exchanges available. Some of them have a different selection of cryptocurrencies that you can trade (buy / sell). Some offer different trading fees, or other features to differentiate themselves. If you want to find the right exchange for you, use our comparison tool here.
When a cryptocurrency project team are exiting the project. Often there’s no genuine value attached to it and they are trying to gain as much as possible while exiting.
ERC20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. ERC stands for Ethereum Request for Comment, and 20 is the number that was assigned to this request. The clear majority of tokens issued on the Ethereum blockchain are ERC20 compliant
Fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money. It’s also different to what a digital currency or cryptocurrency is.
The flippening refers to when Ethereum’s market cap will be higher than Bitcoin’s. Check out this website that follows this in real time.
Fear Of Missing Out. Means that someone wants to get in when something is increasing in value very quickly.
FUD or Fear Uncertainty and Doubt is a term that exists within crypto but also in other areas like sales, marketing, PR, etc. It essentially is a strategy mean to influence others to become sceptical. The information spread through FUD is often dubious at best or in most cases false.
In economics and cryptocurrencies it means that all assets are essentially interchangeable. And it doesn’t matter which one you have, they all are valued the same. And they are indistinguishable from another.
Hardware wallets are physical devices where you ‘store’ your Bitcoin or other cryptocurrencies. Your Bitcoin or cryptocurrencies are still stored on the blockchain but the hardware wallets acts like gateways to interact with your wallet. The private and public keys to your wallets are also stored on the hardware wallet. And in order to move your funds from the blockchain you need to use that specific hardware wallets. Which makes them the safest wallets to store your Bitcoin or cryptocurrencies at.
A hard fork is when a single cryptocurrency splits in two. It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version. This is more commonly used when wanting to make a major change to the protocol. Examples of this is when Ethereum hard forked and created a new Ethereum, and the previous but not the ‘original’ was called Ethereum Classic. Other examples of this is Bitcoin Cash, and the other Bitcoin forks.
HODL, is a unique terminology or meme within the crypto community. And it refers to the act of hodling or holding a cryptocurrency over an extended period. Often used as a strategy in hopes of seeing the price increase. It originated in a post on the Bitcoin Forum message board by an apparently inebriated user who posted with a typo in the subject, “I AM HODLING.
You might hear the terms ‘hot and cold‘ wallets when it comes to Bitcoin and cryptocurrencies wallets. The difference between the two is that a hot wallets is connected to the Internet and ‘online’. While cold wallets are not and completely kept ‘offline’. Usually big exchanges like Binance, Coinbase, OKEx both keep hot and cold wallets for their users’s cryptocurrencies.
Know Your Customer is a banking term originally. And means that a company or business needs to identify who their customers are. And make sure they are not engaging in any criminal activites.
Means that someone is betting that the price of a cryptocurrency will go up in value. And they ‘bet’ on it while margin trading.
Masternodes are full nodes that secures the blockchain network. Kinda works like a traditional computer that needs to be running at all time to secure transactions and in return you earn an income from new coins as a reward. They are part of a Proof of Stake (PoS) blockchain (guide on Masternodes here).
Mobile wallets is when you have an application on your phone or tablet where your cryptocurrencies are stored. They all provide different security features, like 2-FA, fingerprint protection, etc. It’s common for cryptocurrency companies to produce their own mobile wallets supporting their own cryptocurrencies.
Refers to an organised activity where a group of people are pumping (increasing) the value of a cryptocurrency to lure others in and then sell that cryptocurrencies at a higher value, and then dumping it on new users who are ‘FOMOing’ in.
Means that someone has been ‘wrecked’. It could have a broad usage, referring to traders who loses out in a big way, buying into an ICO or crypto that later on fails or exit scams.
Return of Investment (ROI) is a commonly used term in the business and investment world. And it means how much will you get back from your initial investment. Often calculated in percentage – 100% ROI, 200% ROI, etc.
Similar to buy walls it could be genuine or fake selling volume. Where the tactic of the sell walls is to push the price down by setting up very large sell orders. So that anyone that wants to sell needs to lower their prices to find a buyer. Thus lowering the price and potentially people who organised it could buy in for a lower price.
This refers to a person or group who is trying to promote a cryptocurrency or company to get others to buy into it. It could be refer to promoting scams or just promoting a project in an organised way.
The opposite of going long is short. And then you bet on the price of a cryptocurrency will go down in price, and places those orders when margin trading.
A term commonly used when describing how different blockchain can ‘scale’ to increase their overall capacity. When more users become active on a blockchain in needs to be able to handle the volume without slowing down or worse breaking down.
Technical Analysis, means that someone is using symbols or patterns in the market and charts to try and predict future events. TA is dividing the cryptocurrency world. Where some believes that by seeing a triangles, wedges and pennants in the chart it can be used to predict what will happen next. And the others believes it’s all bogus and it has no bearing on what will happen next.
A token represent a particular fungible and tradable asset or a utility that is used on a particular blockchain. In the context of cryptocurrencies it could mean different things, it could be referred to the tradable asset on the Bitcoin network is Bitcoin, Ethereum is Ether, etc. Or a token could mean a particular type of tradable asset on a blockchain. For example all ERC20 assets on the Ethereum blockchain could be referred to as tokens.
Is a meme/slang cryptocurrency users might say when they believe/hope something will increase in value by a lot. As the price will increase so much it will go to the moon.
TX stands for transaction. And TX id (identification) is often used as a reference when someone wants to find out more about a specific transaction.
A paper wallet is basically a piece of paper containing (printed or written) your private and public keys used to access your wallet on the blockchain. Make sure you are keeping your paper wallet somewhere safe and keep copies if possible.
A wallet is where you store your cryptocurrencies. There are different types of wallet, hardware wallets, paper wallets, software wallets, exchange wallets. Depending on the cryptocurrency you want to store there are different wallets available for you. There are also hot and cold types of wallets, which means if they are connected to the internet (yes = hard, no = cold). The best place to store your wallets according to us is at a hardware wallet. Use our wallet comparison tool to find a suitable hardware wallet for you.
As the name suggest a web wallet lets you interact with your wallet on the blockchain via a web browser or extension. There are two types of web or online wallets. Hosted vs non-hosted wallets. Hosted wallets keeps your private and public keys stored on their servers (with some exceptions). Examples of hosted wallets are exchange wallets (Binance, Coinbase, OKEx, etc) or dedicated Bitcoin and cryptocurrency wallets (Blockchain, Freewallet). They offer different protection in the case of lost keys, email, etc. Non-hosted wallets are where your private keys are not stored on their servers. And instead you are responsible for storing your private keys. One of the most popular non-hosted wallets is MyEtherwallet (MEW).
A whale is crypto slang for a person or group that owns so cryptocurrency that they can influence the market and essentially the price of that cryptocurrency. In the beginning of Bitcoin and many other cryptocurrencies the price was so low that it was easy for the early adopters to acquire a large quantity of those cryptocurrencies. And today there are groups and individuals that holds thousands of Bitcoins and use that to influence the price and take advantage of this to buy at a lower price or selling at a higher price.