Please Note: I wanted to create this post in the trading section, but then, I thought it's a post that newbies can actually learn one or two things from, hence, my reason for creating the post in this section.....
Now I believe thats sorted out... Let's dive in...
Our business in blockchain and cryptocurrencies requires us to familiarize ourselves with these words(slags) for easy and effective trading.
1.
Wallet :- This is an online application or an offline device, (you can call it a purse, it acts as a bank account) where you store your crypto coins and tokens, we have two types of wallet.
- Centralized wallet-Also known as a Custodial wallet, this wallet denies you complete access to the private keys, it means you don't actually control what goes in or out of this wallet.
Example:- Wallets in all centralized exchanges like Binance, coinbase gate, kucoin, Remitano etc, are all centralized wallet - Decentralized wallet- Also known as a Non-Custodial wallet, this wallet gives you complete access to your private keys, it means you might not actually be able to control what goes into this wallet, but you definitely and completely can control what goes out of it.
Example:- MetaMask, trust wallet, imToken, Chainge.finance etc.
2.
Exchange:- This is an online platform where you can buy, trade and sell crypto coins and tokens, there are two major types of crypto exchange...
- Centralized Exchanges - example - Binance, Coinbase, Gate, Kucoin, Remitano etc.
- Decentralized Exchanges - example - Uniswap, PancakeSwap, 1inch, Apeswap, Chainge.finance, Dodo swap etc.
3.
Wallets Address:- A string of numbers and alphabets mixed together which you can use to receive coins/tokens or can send coins/tokens to, it acts like your bank account number.
4.
Altcoin:- This is any coin that is not Bitcoin. Example is Ethereum, TRX, BNB etc.
5.
Token:- tokens are digital assets that are built on another cryptocurrency's blockchain.
6.
Stable Coin:- A digital asset/coin that has it's value tied to the value of 1 US Dollars which makes it's price not to fluctuate. Example is - USDT, USDC, TUSD, BUSD, RUSD, DAI, pax dollars etc.
7.
Gas:- A fee you pay to miners to have your transaction confirmed on the blockchain.
8.
REKT:- simply means
Wrecked- When you lose all your money or most of your money on an investment or while trading.
9.
Moon:- When the price of a digital asset is going up, it is said to be mooning, or going to the moon.
10.
Hodl:- drunken spelling of 'HOLD', meaning to buy a coin and hold it for profit or for whatever reason.
11.
P2P:- Simply means Peer to Peer, it means two individuals transacting between themselves, sometimes with a middleman acting as an escrow.
12.
Fomo:- Simply means
Fear Of Missing Out, this means being worried or afraid of not buying a coin or token, usually afraid that it's price might go up further and you end up missing out on huge profit.
13.
Bullish:- when a digital asset is going up in value, Just like moon.
14.
Bearish:- when a digital asset in going down in value.
15.
Take profit:- abbreviated as
TP - selling or swapping, or converting or withdrawing part of or all of your money on a particular coin after making profit.
16.
Stop Loss:- abbreviated as
SL - is a trading tool that helps to prevent too much loss when a market moves against you during trading.
17.
Target:- deciding how much profit you want to make on a particular trade.
18.
Trade:- The act of buying and selling of coins in the crypto market to make profit.
19.
Airdrop:- a campaign strategy on a new coin to gain popularity.
20.
All time high:- abbreviated as
ATH - when a digital asset rises to a new price for the first time.
21.
All time low:- abbreviated as
ATL - The lowest price price a digital asset has ever traded on.
22.
Bag:- if you hold a huge amount or numbers of a coin, you have a bag of it.
23.
Dip:- when the price of a digital asset is moving downward. Good time to buy.
24.
Dapp:- Fully known as
Decentralized Application - A computer program that utilizes a blockchain for data storage, runs autonomously, is not controlled or operated from a single entity, is open source and has its use incentivized by the reward of fees or tokens.
25.
Dump:- selling all you have of a particular coin.
26.
Escrow:- a middleman in a P2P transaction.
27.
Fiat:- government/local currencies.
28.
Fundamental Analysis:- This simply means to do a research on a coin.
29.
Liquidity:- The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price.
30.
Whale:- A term used to describe extremely wealthy investors or traders who have enough funds to manipulate the market.
31.
When Lambo?:- Is a question usually asked by investors who are anxious for profit on their investments.
32.
When Homeless?:- is a question usually asked by investors who expect the price of a digital asset to go zero.
Please feel free to add yours,.you can even invent new ones if you wish
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