Your Crypto Dictionary: Abbreviations and Slang Explained
Abbreviations and slang terms are no strangers in the crypto world. In fact, they’re used so often that they can sometimes trip people up, especially newcomers.
So, to save you the headache of trying to figure out what is going on, we’ve compiled a crypto dictionary of all the top abbreviations, slang, and buzz words you’re going to come across.
Hit Ctrl+F to find your needed explanation and save a whole lot of time!
The abstract is the summary found at the beginning of a technical paper.
Your address is a string of unique characters that represent your account which can send or receive crypto. Think of it as a bank account number.
AES means Advanced Encryption Standard and 256 means the key size/length of 256-bit. AES is a technique used to encrypt data and is common in modern encryption protocols. Bitcoin is referred to as SHA-256 as the data is encrypted on the blockchain.
An airdrop is a marketing stunt that involves sending coins or tokens to wallet addresses in order to promote awareness of a new virtual currency. Small amounts of the new virtual currency are sent to the wallets of active members of the blockchain community for free or in return for a small service.
An algorithm is used to complete or solve a task using various calculations and data processing.
An altcoin is any digital token, currency, or coin that isn’t Bitcoin.
7. Anti-Money Laundering (AML)
This encompasses all the legislation that is in effect for any country’s anti-money laundering laws. This is to prevent money that has been acquired illegally from being laundered into legal money.
Used instead of the word ‘buying’ when online users talk about buying a coin or digital token.
9. Annual Percentage Yield (APY)
This is the total rate of return on any money or assets that are in an interest-bearing account/savings account. For example, if your API is 7% and you had $107 in your account, you would have $107 after one year.
Ashdraking means someone has lost all their investment by specifically shorting Bitcoin. Named after the infamous (pseudonymous) Lord Ashdrake, a Romanian Bitcoin trader who repeatedly called for investors to short Bitcoin due to his success in the mid-2010s when Bitcoin was struggling. Only to lose everything once Bitcoin went up in price and never came back down.
11. Application-Specific Integrated Circuits (ASIC)
A microchip that has been designed for a specific purpose. In the case of cryptocurrency, an ASIC is there for the sole purpose of mining Bitcoin and doing it well.
12. Asymmetric Key Algorithm
This cryptographic process uses two keys. A public key which is needed by both parties to carry out a transaction. And a private key that is only known to the owner and acts as an authentication technique for gaining access to the crypto in a wallet.
13. All-Time High (ATH)
This can mean either the highest value a coin or token has so far reached. Or the highest value an individual’s portfolio has reached.
14. All-Time Low (ATL)
The opposite of the ATH.
15. Atomic Swap
An exchange of cryptocurrencies from separate blockchains means two different coins can be traded without a third party.
A bear market or bearish market is when the market is on a downward trend. The opposite, an upward trend in the market, is called bullish.
17. Bear Flag
A bear flag (like a red flag) is a warning or indicator that the market is going to start going down. The opposite is called a bull flag.
18. Bear Trap
Sometimes, there can be false indicators or signals that the price chart is about to start trending downwards. Traders then take a short position, however, since the signals were false, the traders lose money. The opposite is a bull trap.
19. Bitcoin Improvement Proposal (BIP)
Since Bitcoin is decentralized, there is no formal structure when it comes to design issues, introducing new functions, etc. So, the BIP is used as a way to organize and plan any changes or improvements.
20. Bitcoin ATM
Like a regular ATM but instead of using your bank card to withdraw cash, you can withdraw cash by using your Bitcoin. You will have to pay high fees to withdraw cash, but in an emergency, they are a great option.
A previously very popular altcoin that was accused of being a Ponzi scheme and subsequently investigated by American authorities. The company behind the altcoin had to close down and all investors lost their money.
An Italian cryptocurrency exchange.
A US-based bitcoin payment provider. This provider allows stores both online and physical to accept Bitcoin as a payment method in exchange for their goods and services.
Blockchain data is stored in a file in a block. Each block relates to the previous block creating a chain, hence the name blockchain.
25. Block Height
The first block on the blockchain is called the genesis block. The number of blocks between the first and the current is called the block height.
26. Block Reward
The current block reward for BTC (as of February 2022) is 6.25.
27. Bounty Program
Companies behind certain tokens and coins will offer people small tasks and jobs. These include retweeting links or posts, promoting the coin, writing a review, etc. Whoever completes these tasks receives the company’s coins as payment.
28. Brute Force Attack (BFA)
A strong attack but a hacker or other cybercriminal who tries to obtain someone’s password or PIN. A program will be used whereby thousands of combinations are used in a short time to quickly solve the password/PIN.
29. Buy the Dip (BTD)
When a coin or token price is dipping, investors are urged to buy before the price rises again.
A bull market or bullish market is when the market is on an upward trend. The opposite, a downward trend in the market, is called bearish.
31. Bull Flag
A bull flag (like a red flag) is a warning or indicator that the market is going to start going up. The opposite is called a bear flag.
32. Bull Trap
Sometimes, there can be false indicators or signals that the price chart is about to start trending upwards. Traders then take a long position, however, since the signals were false, the traders lose money. The opposite is a bear trap.
33. Central Bank Digital Currency (CBDC)
This is a “currently in the works” digital currency that would be regulated and created by centralized banks. It’s only a concept right now but it would mean that digital currency would exist that would be controlled by banks around the world.
If something is centralized then a particular organization, usually a government authority has control.
35. Coinmarketcap (CMC)
One of the world’s first websites to detail currency exchanges and cryptos.
Coin can be used to also talk about digital tokens and any other digital currency.
Coinbase is one of the most popular currency brokers in the world. With fiat currency, you can buy Bitcoin, Bitcoin Cash, Ethereum, and more.
38. Cold Storage/Wallet
Cold storage is a type of storage to keep your cryptocurrency safe. Like a wallet except it’s not in your back pocket. Cold storage is an offline storage type, usually on a USB drive or a paper wallet. It’s a safe option due to it never being connected to the internet.
This is an asset that is issued to secure a loan or other kind of money lending deal. For example, if you want to borrow $10,000 from a friend but they don’t trust you to pay it back, you can leave an asset such as a watch that has a higher or equal value to the $10,000 so they don’t lose any money if you can’t repay the loan.
The commit command refers to the command used to save the changes to the repository.
For a new transaction to be carried out on the blockchain, it must first get confirmed. This confirmation process is in place to ensure transactions are valid and prevent double-spending. The confirmation methods are usually proof-of-stake and proof-of-work.
When talking about the blockchain, a consensus is when the majority (51%) are in agreement with an action. Since this system is decentralized, holding a consensus to make changes, add features, perform a hard fork, etc, is required.
43. Contract address
The DApp platform has a smart contract and the contract address is the address used on this.
A correction can happen with both short and long positions. It occurs after the price has fallen or risen and traders are cashing in to make a profit.
Crypto is any digital currency that is transferred using the blockchain. While crypto was only ever used to talk about Bitcoin since it was the only one in existence, it is now the term used to refer to all the cryptocurrency and tokens in circulation.
Means Crypto Twitter; is used to refer to the space on Twitter where crypto investors, followers, and enthusiasts talk about everything and anything to do with the blockchain and the latest news.
Many of the most famous crypto names were all into the cypherpunk scene. This is the scene of those who advocate for privacy, political and social change, and the use of technology and cryptography. The cypherpunk scene was paramount to the speedy development of the blockchain and the rise of an unregulated cryptocurrency.
CZ refers to Changpeng Zhao, the founder of the cryptocurrency exchange Binance.
49. Decentralized Autonomous Organizations (DAO)
Any organization that is run automatically without humans involved is a DAO. Using Smart contracts, all the work can be set up to operate without intervention.
50. Decentralized Application (DApp)
51. Dark Web
The Dark Web is a part of the internet that can only be accessed using special permission or software, for example, Tor. The content is not indexed by Google search and is sometimes protected by a password. For the most part, much of the information and activity on the dark web is either secret, illegal, or both.
52. Dollar-Cost Averaging (DCA)
This investing method is done using a fixed amount of money but the money is not all used at once. Rather, increments of the money are invested according to a fixed schedule regardless of what the current price is. Due to the way this works, you can never buy at the bottom or the top.
53. Dead Cat Bounce
After a major crash, often there follows a price bounce back. This bounce-back is the dead cat bounce.
54. (Decentralized Finance) DeFi
DeFi is often used when talking about the new financial ecosystem involving apps, tools, and services that all use blockchain technology. It’s a good umbrella term to use when referring to any of these areas.
Degen is a shortened version of the word degenerate. The types of investors who are called degens are those who have done no research, because they like the name or look of a coin, or think they can make an instant profit. Think of a degen as an uneducated investor who gets caught up in online talk from other uneducated investors.
56. Developers Conference (DevCon)
A developers conference is a meeting involving a company’s software developers. In this meeting, there will be talk about the latest developments and plans for the future. In the crypto world, there is an annual Ethereum Devcon each October which will be held in Bogota, Colombia, in 2022.
57. Decentralized Exchange (DEX)
A DEX is commonly run using smart contracts. This means people can trade and exchange crypto and tokens without the need for a third party. However, the website and platform themselves do have to be centrally managed meaning the entire process is not 100% decentralized and you may also have to pay a small fee to the hosts.
Another word used for when the price on the chart goes up. People sometimes also refer to this as a candlestick.
A dip is when the price of a stock or coin drops quite rapidly although not as bad as a crash. The recovery from a dip is usually a lot faster than from a crash also.
This messaging app is just as popular as Telegram for the crypto community. The features of Discord such as the ability to create rooms mean it’s easy to organize discussions on specific topics.
Dividends are the amounts of money that people receive periodically as a reward for holding particular securities or being a shareholder in a company. The dividends typically come from the overall profits and are split respectively.
Do your own research. While many people online like to give their opinion, they don’t want to be seen as giving financial advice. Therefore, it’s common for people to end their comment or opinion with ‘DYOR’ to ensure that others are not just taking their word for it.
63. Enterprise Ethereum Alliance (EEA)
This partnership is part of the Ethereum Foundation. It aims to connect Fortune 500 companies, academics, technology suppliers, and start-ups with experts concerning ETH.
64. Ethereum Improvement Proposal (EIP)
This is like the BIP for Bitcoin just for Ethereum. This platform includes client APIs, protocol specifications, and contract standards. Any EIP can be put forward by a community member and then it is discussed with the rest of the community.
65. Emission Rate
The speed at which new coins are released into circulation is also called the emission rate.
Any coin or token on the Ethereum blockchain is called an ERC-20 coin. These coins can be used with Eretheum wallets.
67. Exchange-Traded-Fund (ETF)
Also known as a listed fund on the stock exchange. Examples of an ETF include bonds, commodities, and an equity index. As of right now, there are multiple applications for a Bitcoin ETF. However, none have been approved by the U.S. Securities and Exchange Commission.
68. Ether (ETH)
The Ethereum blockchain’s own cryptocurrency is Ether.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. On this blockchain, Ether’s own transactions and certain other altcoin transactions are recorded.
70. Ethereum Classic (ETC)
ETC came about from a hard fork of the ETH blockchain. Similar to how Bitcoin cash came from a hard fork from the Bitcoin blockchain.
The fork came about due to a hack wherein more than $200 million Ether was stolen. After the hack, the Foundation chose to roll back the blockchain. However, not everyone in the community agreed and continued to mine the original chain. This led to the original being renamed Ethereum Classic.
An exchange is an online platform where you can sell, trade, and buy all kinds of crypto and digital tokens. On some exchanges, you can also convert your crypto to various fiat currencies.
72. Fundamental Analysis (FA)
Fundamental analysis of a cryptocurrency (or other investment) includes examining its intrinsic value, considering financial factors, and weighing up other economic issues. This is like a deep analysis to get the full picture and be able to have a better idea of what could happen to this investment in the future.
A person who is overly obsessed with one particular cryptocurrency or digital token is often described as a fanboy.
74. Fiat or Fiat Currency
A currency issued by world governments: Yen, USD, Euro, Pound Sterling, etc.
If one day a cryptocurrency manages to become more valuable than Bitcoin, this will be known as the Flippening. Right now, ETH is the second most valuable and is the most likely prospect to cause this to happen.
Fear of missing out. People who invest in a coin just because they are worried that they’ll miss the opportunity if they don’t do it now.
Those who own cryptocurrencies but have never had to buy them. Rather, they have acquired them through completing tasks, being paid in crypto, being part of affiliate programs, etc.
Fear, uncertainty, and doubt. Any negative post or public comment by someone with a large audience or news outlet can cause FUD among the community.
Anyone who purposefully spreads incorrect information online for the sole purpose of negatively affecting a particular crypto’s price.
80. Fully Diluted
If a coin has reached its total supply (not circulating supply) then it is fully diluted.
Gas is needed to carry out transactions on the ETH blockchain. The gas is a fee in place for miners. The faster you want your transactions to be completed, the more gas you’ll need to set. Due to the high reward of ETH, miners are more inclined to pay more to complete their transactions as quickly as possible.
82. Genesis Block
The first block on the Bitcoin blockchain was called the Genesis block.
One Gwei is equal to 10⁹ Wei or 10^-9 ETH. This is used to accurately figure out the cost of the gas needed to complete ETH blockchain transactions.
84. Hard Fork
If there are any massive changes in the protocol of the blockchain then this is called a hard fork. Miners can support the hard fork as long as they upgrade their software in time.
Hold on for dear life. HODL may have come about as a selling mistake (hold) or done intentionally, either way, the term has firmly stuck.
A portmanteau of the words hope and opium. Those who are very hopeful for the market or a particular crypto are said to be full of hopium.
87. Initial Coin Offering (ICO)
An ICO is similar to an IPO. This is where prospective investors get the chance to invest in a particular coin before anyone else. However, there are far fewer regulations in place for an ICO as opposed to an IPO, therefore, fraudulent ICOs are more common than fraudulent IPOs.
Internal Revenue Service. The tax agency of the United States of America.
Joy of missing out. When an investor is glad they missed the opportunity to invest in a crypto or stock after there is a huge price drop.
90. Key Pairs
The combination of a private key and a public key. When you create a wallet, the key pairs are generated. These should be kept private and safe at all times.
91. Know Your Customer (KYC)
KYC was first created to fight against money laundering within crypto. The information required with KYC is requested before setting up accounts on exchanges.
Short for the word Lamborghini. People will often ask ‘When Lambo? when wanting to know when others think the price is going to sharply increase.
93. Ledger Blue
Hardware wallet created by French company Ledger SAS. The successor of Ledger Nano S.
94. Ledger Nano S
Hardware wallet created by French company Ledger SAS.
Short for Liquidity Provider
Short for long-term.
A person who frequents message boards, forums, or group chats but never participates. Rather they watch what others are doing and saying without joining in, making them like the person lurking in the corner at a party. People are lurkers for various reasons including not having enough knowledge or confidence to participate.
98. Moving Average(s) (MA)
In technical analysis, the moving average lets people understand the price trend of a coin or stock.
99. Market Capitalization or Market Cap
The market cap is the total value of all coins (of one type). Looking at the individual price of a coin isn’t always the best way to decide if a coin has value or not. Often, it’s better to look at the market cap to get a clearer idea of the bigger picture.
100. Market Order
A market order is when you give the order to buy or sell a token or coin at the best price (at that moment).
A service that is run from a data center or someone’s home. A mastermode server plays a vital role in a decentralized network. The server is there to perform tasks such as storing data, files, and keeping things accessible on the network.
102. Maximum Supply or Max Supply
The max supply is the maximum number of tokens or coins that exist for a particular cryptocurrency. For example, the max supply of Bitcoin is 21 million, and once this number is reached there will be no more new Bitcoin to mine or to enter into circulation. Lost and burned coins are always included in the max supply figure.
Short for Market Capitalization.
A browser plug-in that lets you perform transactions on the blockchain and send coins.
An abbreviation for MyEtherWallet. This is one of the most popular options for those wishing to store ETH or other tokens from the ETH blockchain.
106. Microbitcoin (uBTC)
A microbitcoin is one-millionth of a bitcoin and is written as 0.000001 BTC.
107. Millibitcoin (mBTC)
A millibitcoin is one-thousandth of a bitcoin and is written as 0.001 BTC.
An individual, company, or organization that is using the computer power required to validate the next block on the blockchain. Each block contains BTC as a reward, and the miner who validates the block gets the reward.
For new bitcoin to enter into circulation, they must be mined. Mining also enables new transactions to be confirmed by the network, as well as being a key part of the development and maintenance of the blockchain ledger.
The action of mining is carried out via means of the miner (you) using sophisticated and powerful hardware which can solve incredibly complicated math problems. The first computer to solve the problem validates the block and collects the reward - the bitcoin.
This process then repeats itself over and over again. Roughly 900 bitcoin are currently mined each day, although this will become less as the years go by due to halving.
Moon or mooning is the term used to describe a quick price increase or any crypto or token. The price is shooting for the moon! It can also be used when someone wants to express their desire for the price to increase, for example, they’ll say “When moon?”.
111. Mt GOX
Mount Gox was an exchange back in the early years of Bitcoin. It was one of the most well-known and most used. However, on February 28, 2014, it went bankrupt after the company was hacked and millions of dollars worth of Bitcoin were stolen from users. Note, the company was hacked, not Bitcoin itself.
Non-fungible token. A non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Anyone can create their own NFTs to sell.
Anyone who doesn’t own any crypto of any kind is a nocoiner.
Unlike a newbie who doesn’t know much about a topic but is willing to ask questions and is eager to learn, a noob doesn't know much but thinks they do. This misplaced confidence in their own knowledge means they’re not willing to ask questions, take advice, or do more research on a topic.
Short for original gangster. While the origins of OG go back to the rap scene and hip hop culture, in crypto circles, it is used to describe someone who has been on the crypto scene since the beginning.
116. Orphan Block
From time to time, two computers will manage to validate the same block while mining. However, since only one computer can claim the reward, the other block expires and becomes an orphan block.
117. Paper Wallet
A paper wallet is a PDF or piece of paper that contains the details needed for someone to access the crypto in that wallet. It is an alternative option to a hard wallet or cold wallet. Each has different advantages.
Phishing is an online scam conducted by cybercriminals. They will use spam links, false websites, or text messages to garner personal information from the user. This will be information such as name, date of birth, passwords, bank details, etc. Because the links look like they come from an authority, such as a bank or government agency, people often give the requested information thinking it's safe.
Phishing is also used with cryptocurrency because cybercriminals only need someone's private key in order to gain access to all their crypto assets.
119. PoA (Proof of Authority)
PoA is a method of validation used to process transactions and blocks on the blockchain by approved accounts only. There is more trust involved since only approved accounts are used.
120. PoD (Proof of Developer)
When launching a new crypto, PoD is often used to prevent the risk of scams. PoD is a verification carried out of any kind that shows without a doubt that the new crypto was developed by a real developer.
Short for Polkadot. Polkadot is a cryptocurrency similar to Ethereum.
Your portfolio is the total range of investments and stocks you hold. For example, if you invest in three different types of cryptocurrency, then your portfolio is all three of those cryptos. If all your investments are done using the same exchange or platform, then you can easily see the overview of your portfolio in one place.
Before the ICO has the public sale, they have the pre-sale. This is the place where the first investors can invest their money into the asset or commodity. The price is usually lower during the presale and the money raised tends to go towards financing the public sale and further developing the asset or marketing.
However, a pre-sale carries more risks than a public sale as there isn’t a guarantee of a refund for the investors if the ICO is not a success.
124. Privacy Coin
Cryptocurrencies that focus on the anonymity and security of users are referred to as privacy coins. Cryptos Pivx, Dash, and Monero are all examples of privacy coins.
125. Private Key
A private key is a mixture of letters and numbers that are generated for users that helps them access their crypto. The private key is needed alongside the corresponding public key in order to get into the crypto wallet. If someone loses or forgets their private key, they won’t be able to access their crypto as there is no other way around it.
126. Proof of Stake (PoS)
Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure
127. Proof of Work (PoW)
Proof-of-work is similar to proof-of-stake, except instead of processing and validating transitions through a consensus, computing power from miners is needed for it to work.
128. Public Key
One of the two keys needed for a user to access their crypto wallet, the public key is the combination of numbers and letters and is the user’s address which they use to store crypto. If someone has another users’ public key, they can store their crypto in the same place, but you need the private key as well to send the crypto to another address.
129. QR Code
Quick Response. Instead of a standard vertical stripe barcode, a QR code is square and made up of tiny blocks, each code is unique. QR codes are frequently used in daily life as they can be scanned by anyone’s smartphone. Once scanned, they take the user to websites, confirm data, or other areas with information.
In the crypto world, QR codes are used to make people’s wallets scannable and make the process of transferring between addresses faster and error-free.
130. Raiden Network
The Raiden Network is a way to ensure the Ethereum blockchain can be scalable.
If a cryptocurrency changes their logo, name, or even their vision, they then go through a rebrand. While it’s not common, it has happened several times in the past. Especially, if a coin has gained a bad reputation or people are not paying enough attention, then the rebrand happens as a boost to its visibility and reputation. If a rebrand is successful enough then there can even be a surge in price.
Reddit is a social media platform that is one of the main areas where users gather to discuss crypto and the crypto community. On Reddit, there are tens of thousands of subreddits, where users join to discuss a particular topic such as Bitcoin, general crypto, Ethereum, etc.
Users can ask questions, post their opinions, give advice, read updates, and learn more about the community. Reddit is not only restricted to crypto spaces, but it’s a popular place to start when you want to be on a forum with like-minded people on your favorite topics.
133. Refund Address
Occasionally, on coin conversion websites, a transaction will fail. When this happens, a chargeback needs to occur and the refund address is where the chargeback will go.
Used to describe someone having experienced a huge loss.
The coin known as XRP was created by Ripple. Sometimes people refer to the coin as Ripple also but this is not correct, Ripple is only the company name, not the coin.
Similar to a business plan, a roadmap is the goals and targets a company wants to hit and where they want the business to be in the future. These plans are very detailed and can sometimes encompass years and years into the future.
Return on Investment. For example, if you spend $100 on an investment and you make $180 then your ROI was 80%.
Used as another word for ‘safe’. For example, if a company is hacked, the CEO may release a statement saying, ‘all our clients’ funds are SAFU’. This word was made popular by a YouTube video.
Shorthand for Satoshi.
Satoshi is used either in reference to Satoshi Nakamoto, Bitcoin’s founder. Or is used to talk about the smallest amount of bitcoin possible - the eighth decimal place written as 0.00000001 BTC.
Scams are any fraudulent tricks used to con innocent victims out of money. This is done through phishing scams, online viruses, malware, Trojan attacks, and more. The scammer's goal is to get as much money as possible.
Since crypto is a type of currency with value, scammers also target people to gain access to their crypto funds or address. Investors should be highly vigilant with their crypto and learn how to spot and prevent scams from happening to them.
Securities and Exchange Commission. This is an American government organization that holds responsibility in the financial markets. The SEC is also there to enforce financial laws, regulate the markets, and propose new laws.
143. Segregated Witness (SegWit)
Bitcoin always had an issue with scalability and desperately needs a way to make transactions cheaper and faster. SegWit was proposed as the solution and a soft fork was carried out back in July 2017.
If a coin is poorly rated, never talked about, gains no traction, or receives little attention then it is described as a shitcoin.
Short, going short, or shorting is a strategy of trading. This is where an investor speculates that the price of an asset will decline. This is a hugely risky strategy as unlike ‘going long’, there is an unlimited loss.
This high-risk means that usually, only incredibly experienced traders will ever sell short or those who have enough to lose.
Slack is software similar to Telegram and Whatsapp. This instant messaging service can be used to create teams, send files, and make calls.
While nowadays, Discord and Telegram have become more popular for investors in the crypto community to keep in touch, Slack was one of the most popular options in the beginning.
147. Smart Contract
Alongside the launch of the Ethereum blockchain came the smart contract. Although, today, you can find copies of smart contracts on other blockchains as well. The purpose of a smart contract is to automate processes and get rid of the need for trusted third parties.
Programming language for implementing and writing Smart COntracts on blockchains.
Coins that have low volatility in their price and stay stable compared to, usually, USD, are referred to as stablecoins.
Staking the process that belongs to Proof-of-Stake.
A social media platform run exclusively on the Steem blockchain. Coins can be exchanged, bought, and earned within the community. Coins can also be used in exchange for services within the community such as promoting messages.
Slang for ‘stimulus’. A reference to the money that many Americans received from the government during the Covid-19 pandemic to help financially.
If an asset has a zigzag price then this is referred to as a swing.
TA stands for technical analysis. Investors can look at graphs of current and previous prices in any asset and analyze the data to predict what the price will be in the future.
A considerable drop in price is called tanking.
A messaging app similar to WhatsApp except the chats are better encrypted and therefore, there is more privacy in Telegram. There are many channels on this app where those interested can join and discuss crypto.
157. The Flippening
Though it has not happened yet, the flippening will be the moment when another crypto has a greater market value than Bitcoin.
158. To the Moon
When you want to express your desire for a price increase, ‘to the moon, is the go-to phrase. When a price is rising quickly, it’s also a good time to shout ‘to the moon’.
Short for The Onion Router. Onion routing is a way to send data over the internet anonymously. The network is run by volunteers who ensure that everything is kept anonymous. TOR is used when people want to search off-grid or browse the dark web.
160. Total Supply
The total supply is the number of coins that are available overall, this means that both the coins in circulation and the ones not yet in circulation are counted together. For example, the total supply of Bitcoin is 21 million but currently, at the time of writing, there are just under 19 million that have been mined.
TPS stands for transactions per second. This is used in the context of talking about the number of transactions that a network can process each second.
162. Trading Bot
Trading bots are algorithms that trade on behalf of a stock exchange or trader. They are used by professionals and amateurs alike and unlike other bots, are not a negative thing.
163. Transaction ID
The transaction ID is all the information on the public ledger about any transaction on the blockchain. The information includes the address of the sender, the amount, and the date of transfer
Popular hardware wallet.
Blockchain cryptocurrency Tether is also called USDT.
Unspent Transaction Output. The total balance of Bitcoin associated with an address can be spread over more than one block in the blockchain. You can search the blockchain for the UXTO that belongs to a wallet and the spendable balance can be figured out from here.
Software that has been announced but not yet released or developed is called vaporware. The term can also be used when talking about a cryptocurrency in the same situation or the term ‘shitcoin’ can also be used.
168. Vitalik Buterin
Vitalik Buterin is a Canadian-Russian programmer. He is the inventor of smart contracts and co-founder of Ethereum.
A wallet is storage for your cryptocurrencies. There are three types of wallets; hot wallets, cold wallets, and paper wallets. All have different features and all have their own advantages. Most cryptocurrencies accept more than one wallet for their currency storage.
170. Wash Trading
Wash trading is the act of buying shares through one broker then selling the same shares off through another broker. Investors do this to increase the activity on the asset and make it appear more trustworthy because it has a large volume of trading. Wash trading is illegal.
171. Weak Hands
When someone gets too nervous or anxious and sells their investment, they are said to have weak hands. It is the opposite of someone who is a Hodler and is often criticized in the community.
WEB3 is short for Web 3.0 Technologies Stiftung. This is a foundation that funds development teams and research into expanding the decentralized web. WEB2 is the internet we have now, and WEB3 aims to be the internet in the future that incorporates blockchains and decentralization.
A Wei is the smallest denomination of Ether. 1 Ether = 1,000,000,000,000,000,000.
Usually, there is a list of participants who have been preapproved to be involved in an ICO or Pre-ICO. The list will be used as a way to hype up the ICO and gain more attention. This list is called the whitelist.
The original whitepaper was the document by Satoshi Nakamoto detailing the framework of Bitcoin and a decentralized network and blockchain. Now, whitepapers are still used before the launch of a new altcoin and should include information about the coin, its value expectation, etc.
If you own a full Bitcoin then congratulations, you are a wholecoiner.
177. Withdrawal Address
The same as a wallet address and is needed if you wish to withdraw any of your Bitcoin from your wallet.
An abbreviation for Bitcoin. More commonly, BTC is used, but some countries prefer to use XBT.
179. Yellow Paper
A yellow paper is a more technical version of the white paper.
180. Zerocoin Protocol
Zerocoin protocol was put forward as a solution to give Bitcoin extra privacy and anonymity. Although it is currently in use with some other coins, it’s not yet compatible with Bitcoin.
181. 2 Factor Authentication
2FA is a double-layered security step. For most apps that require log-in use this step. Users are usually able to disable this security feature within the app - although this is not recommended.
2FA means that when you log in to an app such as your exchange or a bank, you’ll have to not only input your password/use your fingerprint but you’ll be sent a code via message which you must put in also. This means that if someone finds out your password, they won’t be able to get into your accounts because your phone will receive the code, not theirs and you can deny access and change your password.
182. 51% Attack
A 51% attack refers to a possible attack on a blockchain by a group of miners, who hold more than 50% of the hash rate.
Why Joining a Mining Pool Is the Answer for Miners
A mining pool is a group of people who collectively agree to pool their resources and share the profits.
For example, have you ever split the cost of a bunch of lottery tickets with work colleagues or friends with the agreement that if one of the tickets wins you all share the prize? While you might have to share the prize, there is more chance of you winning in the first place. After all, it’s far better to share $1 million, than it is to keep 100% of nothing.
Well, a mining pool works in the same way. The group of miners will collectively use their resources to create more mining power. The more mining power you have, the higher the chance is that you will generate a block on the blockchain and therefore, receive the reward.
One of the best parts of joining a mining pool is that you don’t have to match other investors. The reward is divided relative to how much power each member contributed. This means you don’t have to be stinking rich or own a ton of resources in the first place. You simply take out proportional to what you put in.
You should also bear in mind that the mining pool will have an owner who will, rightfully, charge each member a fee for joining. The amount will vary from owner to owner, but it’s unlikely to ever be an unaffordable amount since the owner also benefits from having as many members as possible.
Expand Your Bitcoin Horizons with Mining Syndicate
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
As a small miner, Chris became frustrated by the lack of hosting options available for miners with under 100 units. As luck would have it, he found a 2.5MW mining facility for sale right down the road, and thus, Mining Syndicate was born. Facilities #2 and #3 are currently launching and #4 and #5 are in the works.
Why is Mining Syndicate so successful? Because we have a team of people who are just like you, eager to be a part of the future of mining. If you would like more information about how you can be a part of Mining Syndicate, how our facility works, or the products we sell, you can reach out to us here.
You can also check out our list of miners we currently have in our catalog, as well as our list of best sellers.
Join our mining pool and see how your future can change!