A beginner’s guide to crypto lingo
Bitcoin is a cryptocurrency that was founded in 2009 by an unidentified individual (or people) under the pseudonym Satoshi Nakamoto. Bitcoin is not controlled by a bank or government, unlike traditional currencies such as the US dollar. Bitcoin is the most valuable and widely used cryptocurrency today.
A blockchain is a digital record that underpins most cryptocurrencies, non-fungible tokens (which will be discussed later), and other one-of-a-kind digital things.
Although blockchain can be used to store any type of data, it is now most commonly employed to record cryptocurrency transactions. Once a transaction is completed, it is recorded on this public ledger, which is maintained by a global peer-to-peer network — in bitcoin’s case, millions of computers.
Bitcoin’s attractiveness is based on blockchain: It can’t be controlled by any one person or group because it’s a decentralized database, unlike a fiat currency like the US dollar, which is handled by a central bank.
Buy the f****ing dip (BTFD)
A rallying call for crypto bulls, urging investors to acquire cryptocurrencies when they fall in value. The world’s most popular bitcoin exchange platform. The business went public in April, which many saw as a watershed moment in the story of cryptocurrencies’ ascension into the mainstream.
Coinbase
A decentralized ledger controls an all-digital money system made up of “coins” or “tokens.”
Cryptocurrency
In 2013, the crypto family’s eccentricity began as a joke based on the “doge” meme. However, as cryptocurrency has grown in popularity, dogecoin has emerged as an unexpected big hitter. It now has a market capitalization of over $30 billion and has increased by more than 5,000 per cent this year.
Dogecoin
The oddball of the crypto family began as a joke based on the “doge” meme in 2013. But as cryptos have broadly gained mainstream interest, dogecoin has emerged as an unexpected heavy hitter. It now has a market cap of more than $30 billion and it has surged more than 5,000% so far this year.
Elon Musk
Tesla’s CEO, whose tweets have sparked cryptocurrency rallies such as bitcoin and dogecoin.
Ethereum
The cryptocurrency Ether is controlled by an open-source blockchain-based program.
FUD
FUD is a term used in the crypto world to describe bad information that has a negative impact on the value of an asset.
HODL
This is either a typo that got stuck or an acronym for “hang on for dear life,” depending on who you ask. As a response to FUD, Bitcoin bulls frequently tweet “HODL.”
The legend begins with a 2013 post on the bitcointalk forum titled “I AM HODLING.” In one, an ostensibly inebriated bitcoin investor rants about sticking on to the cryptocurrency even as its value plummets. The name “meme” was coined, and it has since become a shorthand for an investment approach.
NFT
NFTs, or non-fungible tokens, are digital assets tied to the Ethereum network. “Non-fungible” refers to something that is one-of-a-kind and cannot be replaced, as opposed to a dollar note, which can be replaced with any other dollar bill. NFTs, in their most basic form, convert digital works of art and other valuables into unique, verifiable assets.
Wallet
A wallet in the crypto world is a location to keep digital currency, similar to the actual thing you carry your cash and cards in. The most important thing to remember with wallets is that you must never, ever forget your password.
