CRYPTOCURRENCY TERMS AND THEIR MEANINGS

         Cryptocurrency is a digital currency that exist on a blockchain technology. If you are into cryptocurrency or you are thinking of investing in cryptocurrency, there are basic terms and their meaning you need to understand. They can be used as means of communication during transactions or used during any activities involving cryptocurrency. The following are cryptocurrency terms and their meaning.

  • HODL: It stands for "Hold On for Dear Life" It is an intentional misspelling of ‘HOLD’ that simply means to keep a coin. It relates to someone that buys a coin without an intention of selling it off for a long period of time. He/she might be having a feeling of a better future for the coin or willing to hold based on the proposed potential or the community in charge of the coin
  • BAG HOLDER: This term is related to "HOLD" but differs in some perspective, it means to bag or buy different types of coin and of different volume keeping them in the wallet without selling regardless of the performance of the coin. People with or without the knowledge of trading with a capital to start can be a bag holder.
  • WALLET: Its and application that runs on phone or laptop that's allows cryptocurrency users to store or trade their cryptocurrency. 
  • ATH: It stands for “All Time High”. it means the highest value a coin has ever reach or attain in it's history
  • ATL: It stands for "All Time Low". It means the lowest value a coin has very reach or attain in it's history
  • WHALE: It's someone that holds a large amount amount of a coin, which gives them the ability to manipulate the values of that particular coin.
  • GOING TO THE MOON: This phrase simply means an extremely upward movement of the price of a coin.
  • MARKET CAP: It refers to the market value of the company’s outstanding shares. In the cryptocurrency market, the market cap is used to illustrate a coin’s dominance in the entire cryptocurrency market.
  • ARBITRAGE: This refers to the buying of a coin on one exchange and selling it on another exchange to make profit due to the difference in the coin value on those exchange. It is accompanied with little or no risk based on the charges on those coin and volatility of the coin of exchange.
  • BTFD: It refers to "Buy The Fucking Dip" when the price of a coin falls, investors run into loss but it has always been an opportunity to bag that coin at that moment with an insight of the coin increasing in value.
  • CIRCULATING SUPPLY: Its an approximate of the total number of a particular coin available to the public at that particular moment.
  • FOMO: It simply means "Fear Of Missing Out" it implies to the immediate action of a cryptocurrency trader to buy a particular due to an observed increase or bull run of the price of a coin over a short period of time so as not to be left out in the increase in value.
  • LONG: It is used in trading. It means to buy, to buy a coin and hoping to sell when the price goes up.
  • SHORT: It is used in trading. It means to sell, hoping to sell it back when the price goes down.
  • ALTCOINS: They are any other coin other that Bitcoin "first cryptocurrency"
  • DECENTRALIZED FINANCE: they are website that allows financial application of cryptocurrency without the involvement of an intermediary or third party such as banks, country e.t.c
  • GAS FEE: The amount of cryptocurrency a crypto user have to pay for performing a transaction on the blockchain.
  • MINING: It is a process by which a new cryptocurrency is made available by building a blockchain community and log of transactions between users is maintained.
  • PEER TO PEER: P2P is the process of transferring coin between two cryptocurrency users via wallet without the interaction of third party.
  • Private key: A phassphrase that can be used to access your account and should be kept safe. It is an encrypt code that give direct access to your wallet.
  • DUMP: when a lot of holders of a particular coin sell of a coin leading to the fall in price of that particular coin
  • DYOR: it means "Do Your Own Research". Making your own research on a coin before investing in it.
  • FIAT: Refers to the use of money offered by gorvernment (local currency like Dollar, Naira, Euro e.t.c) to purchase cryptocurrency.
  • TA: It means "Technical Aynalysis" it involves studying the chart and data of a coin to determine the future of a coin.
  • STABLE COIN: They are volatility free cryptocurrency that have stable value. E.g USDT. 
  • KYC: This means "know your customer" it involves providing necessary documents and identify to prove that you are the legit owner of that particular wallet
    *Aysmart cares*

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