Crypto acronyms and their meanings for beginners (CHECK OUT)

[CryptoHeadlineNews]

Long before my exposure to this forum "bitcointalk", I use to think I know much about crypto, but never did I know I knew absolutely nothing. Moreover, it's been a month plus now of my stay on this forum, and I most say, these were my best experience so far, i really learnt a lot, and I really appreciate you guys for the wonderful piece of articles you have been sharing on the forum for the past 30 days.

But, there was this fateful day I came across an article with a statement written as I quote "That most exchange will not accept you as their customer without a KYC verification". And that was the beginning of my confusion, because I couldn't understand the meaning of the statement at all, even when I tried and tried and tried, but to no avail. And that was when I had to show it to a friend of mine, who happens to be older than me in this crypto stuff, and shockingly to my greatest surprise that was when he told me KYC was actually an acronym which stands for "Know Your Customer" which mostly involves the use of someone's document for verification on a crypto exchange and my mouth was like Woow!.

So, in summary, why am I saying all this? Because something tells me, that just as i was, and I'm still a newbie who knew nothing about these crypto acronyms. So are there thousands of my kind getting registered on this forum on a daily basis, of which if nothing is been done fast to educate them on these crypto acronyms, so will they also get confuse when they come across these Acronyms while reading threads on this forum.

So in other to offer a solution to that, I decided to make research on crypto acronyms, which I will be sharing with you guys. But strickly meant for my fellow "Newbies/Jr. Members".

So, first.. What is an Acronym?

Acronym, according to Oxford's dictionary could be seen as "A word formed from the first letters of the words which make up the name of something".

So here are some of the most used crypto acronyms and there meaning, with brief explanation.



ACRONYMS

1. KYC - Know Your Customer (A check mostly done by crypto exchange or trading platforms before verifying someone as their customer).

2. FOMO – Fear of Missing Out (Which mostly occurs during trade, that is, trying to enter a trade after a brief dip in other to reap the upcoming bull)

3. ELI5 - Explain It Like I’m 5 (Which signifies a plea for simplicity when a crypto concept is been explain)

4. DYOR – Do Your Own Research (Mostly uses when trying to encourage investors to makes due research on a project before investing)

5. FUD – Fear, Uncertainty, Doubt (A perception strategy usually used for cryptocurrency by spreading negative or false news)

6. FUDster - an individual who spreads Fear, Uncertainty, and Doubt

7. BTD or BTFD – Buy The Dip or Buy the F****** Dip

8. Lambo - Lamborghini (A crypto term for getting rich)

9. JOMO - Joy of Missing Out

10. TLT - Think Long Term



BLOCKCHAIN ACRONYMS

11. P2P – Peer to Peer (A decentralized platform whereby two or more individuals can carry out a direct interaction)

12. PoD - Proof of Developer (A process that seeks to connect a blockchain project with it's real developers)

13. PoS – Proof of Stake (A consensus mechanism for a blockchain which work by the selection of validators).

14. SC – Smart Contract (A stored program on the blockchain that run when predetermined conditions are met).

15. BIP - Bitcoin Improvement Proposal (A design document for introducing features to bitcoin).

16. BTM - Automatic Teller Machine for Bitcoin (A cashpoint which allows people to sell, buy and withdraw Bitcoin via fiat currency)

17. DPoS – Delegated Proof of Stake (A verification and consensus mechanism in the blockchain).

18. EEA - Enterprise Ethereum Alliance (An organization who empower enterprises for the sole purpose to be used on an Ethereum blockchain).

19. LN – Lightning Network (A blockchain way of handling bitcoin transactions without any need for verification).

20. WP – Whitepaper (An official document issued by a new blockchain project)

21. PoW – Proof of Work

22. PoA – Proof of Authority

23. PoB - Proof of Burn

24. MoE – Medium of Exchange

25. SoV – Store of value

26. TA - Technical Analysis or Trend Analysis





TECHNICAL ACRONYMS

27. 2FA – Two Factor Authentication  (A method of access that requires two different form of authentication).

28. DAPP – Decentralized Application  (A digital application that run on the blockchain)

29. API - Application Programming Interface

30. Addy - Address





FINANCIAL ACRONYMS

31. CMC - Coinmarketcap   (The number 1 price tracking website for all cryptocurrencies).

32. CEX – Centralized Exchange  (A platform which facilitate buying and selling of cryptocurrencies).

33. DeFi - Decentralized Finance  (A blockchain form of finance which offers financial assistant without an intermediary).

34. DEX – Decentralized Exchange  (A type of exchange which allows a direct peer-to-peer crypto transaction through a secure medium without the need of an intermediary).

35. SATS – Satoshis (Bitcoin's smallest denomination equal to 0.00000001 BTC)

36. ETF - Exchange-Traded Fund  (A fund that can be traded on an exchange).

37. ETP – Exchange-Traded Product  (A financial product that is publicly traded on an exchange)

38. FIAT – Conventional government-issued currency (e.g. US Dollar, Euro)

39. ALT - Altcoin (cryptocurrency other than Bitcoin)

40. MCAP – Market Capitalization  

41. PnD – Pump-and-Dump scheme

42. ERC-20 - Token standard for Ethereum

43. uBTC - MicroBitcoin (0.000001 BTC)

44. ATH - All-Time High

45. ATL - All-Time Low

46. IBO - Initial Bounty Offering

47. ICO – Initial Coin Offering

48. ITO – Initial Token Offering

49. mBTC - Millibitcoin (0.001 BTC)

50. STO – Securities Token Offering

51. Tx – Transaction

52. TxID – Transaction Identification




ACRONYMS FOR REGULATORY COMMISSIONS

53. FTC – Federal Trade Commission  (A body who protect consumers by stopping fraudulent and unfair practices within the market place)

54. CFTC – Commodity Futures Trading Commission  (A body responsible for the sound integrity and regulation of the US market).

55.  SEC – Securities and Exchange Commission  (A body who protect investors, maintain efficient, fair and orderly market)



So in conclusion, I now hope with this list of 55 commonly used crypto acronyms, both Newbies and my fellow Jr. Members will nolonger get confuse when they come across these Acronyms.

So Thank you..
As we all strife to make bitcointalk a better place for us all.
Stay safe.. And be blessed..

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[lovesmayfamilis]

It would be nice to post here and materials, or links from where you selected all these definitions. After all, you admit that you were not aware of this knowledge.
In general, in the age of the Internet, it is quite surprising to hear that people are not aware of anything. Google works constantly, and if we talk directly about the forum, the search for the forum also copes with everything perfectly.

Cryptocurrency Lingo/Slang

[Pmalek]

There are two other on-forum sources worth checking out that discuss the same thing:

- Terminology by yogi
- Definition of some short Abbreviations used on forum. Everyone should know; by COOLCRYPTOVATOR (these are not just crypto acronyms, but also different forum-related abbreviations).

[Luffygroove]

Ohoho yes, this is absolutely important for us so we can communicate better and understand better the crypto world. The acronym and terms always developed just like the crypto itself. Nowadays, I just found an acronym "LFG" which means "Lambo For Group" or "Let's Fucking Go". It seems so flexible depend on the context. I think these terms could help the hype and make it more fun. Another term I found is Paper Hands and Diamond Hands, indicating them who easily sell and those who hold for life.

[Jawhead999]

There's no need to create thread like this, I'd agree many newbies often doesn't know some crypto slang that people used in this forum. But, they can easily just search the meaning of those slang on google or any browser, it's not hard to type "what is KYC" etc. Even more your slang didn't explain briefly what it's mean of all the slang.

Example I'm a new comer in this forum and read someone post mentioning POW, since I don't know about POW and search this thread to know what POW is... I will be confused too since I just know POW is Proof Of Work, what it is? it's a training to get approved from company HRD? lol

I'd just make it simple, you can search all crypto slang and it's definition here https://coinmarketcap.com/alexandria/glossary