Popular Phrase/Terms you need for Bitcointalk

[Slimzeee]

So my naija people, The purpose of this thread na to bring out some specific terms that are re occurring on this forum for enlightenment. Wheather you be newbie or frequent user. You go learn 1 or 2 from this thread.
Bitcointalk forum has been designed to ensure the proper tranfer of knowledge of bitcoin to the general public so while you dy navigate the forum, you go come across some of this terms.

DYOR: Do your own research: This one na mainly advice and e mean say make you first checkmate everything before you put hand, be it buying, trading, holding etc. Make you ensure say you no dy take decision just anyhow or maybe out of watin you just read for few seconds. Try dy grounded first and no allow any rushing. When you do reserch first before you make decision, e go save you alot of "had i known"
If you want understand why your own reseach dy important, see some threads here
https://bitcointalk.org/index.php?topic=5546657.0


P2P: This one means PEER TO PEER: You go see this term mostly for transaction topics, E be like buying or trade by batter. Na just system wy be say them go match you with person wey wn sell the coins you wan buy. So instead of you to buy from exchanges, you fit buy directly from them like how you dy do for market but the thing be say you gats shine you eye well well make them no run you street.
To see the common ways them go wan job you if you no wise see this threads
https://bitcointalk.org/index.php?topic=5551154.0
https://bitcointalk.org/index.php?topic=5551405.0


Seed Phrase: If you don watch movies well well, you go see say when 1 senior man get better money inside ihm house or office, e get 1 lock like that wy be say na only him get the pattern to open am, Na so seed phrase just be. They are usally 12, 18 or 24 words wy you fit use access or recover your wallets where you keep your assets. No forget say if anybody get access to that senior man lock pattern, them fit access am come do anything them want. Same as your seed phrase. If somebody else get am then them fit use your assets do anything, if you loss am then your own don be be that so try dy protect am by any means necessary.
To know how to protect your seed phrase, see some of this threads:
https://bitcointalk.org/index.php?topic=5552830.0
https://bitcointalk.org/index.php?topic=5552729.0
https://bitcointalk.org/index.php?topic=5551875.0


HODL: This one originally mean HOLDING. And e mean say make you continue to dy hold your bitcoin and make you no really sell am. Observe say them spell am as HODL instead of HOLD because of 1 post wey 1 of the earliest bitcointalk users been make that mistake. So now them dn convert am to "Hold on for Deal Life" and e still mean same thing which is continue to hold your bitcoin
See the link to the original post here; https://bitcointalk.org/index.php?topic=375643.0


Wallet: Just like your regular wallet where you keep your personal money, I.D cards etc. A wallet is a tool that helps you to store, send and receive cryptocurrencies like Bitcoin eg Trust wallet, Meta Mask

Exchange: Exchange are usually confused most times with Wallets, The thing about seed phrase be say them dy give you platfrom to fit buy or trade your Bitcoin or any other coins.
See this:   https://bitcointalk.org/index.php?topic=5551444.0


Moderator (MOD): Moderator for this forum na people wey dy help organize each section of forum to ensure say topics dy for their right position mae people fit easly find them. If moderators no dy them different post go just scatter everywhere. If you mess up self them fit Ban or suspend you if you go againts the rules of the forum.

FOMO: The full meaning na "Fear of Missing Out" This na exactly your outcome or when you never do proper reearch and you just want invest. Na that fear say if you no rush do things you no go fit meet up or you go miss out on good chance.

Merit:This one be like token of appreciation if you make better post wy fit help people for the forum

Make i hold on for this point
Other people una fit add more make people learn

[Ishicryptic]

Some of the most important crypto phrases in this forum that every observant newbies will hear from experienced members are:

NOT YOUR KEYS NOT YOUR COINS This important phrase means that it is not safe to leave your coins in an exchange, meaning that if anything like hack or bankruptcy happens to the exchange your coins is as good as gone. Exchanges are in control of the coins in their custody and that means that they can freeze it whenever they have any issues with your account. Only leave coins that you need for short term transactions in your exchange account.

KEEP YOU COINS IN A NONE CUSTODIAL WALLET This means that your coins are safe in a none custodial wallet that only you have the seed phrase and access to, you are your own bank when your coins is in your own custody.

INVEST WITH THE AMOUNT THAT YOU CAN AFFORD TO LOOSE It means that cryptocurrency are volatile so it is risky to trade and invest with substantial amount, you don't know when the coins that you are holding will dump, some will dump and never recover again. Another reason is that there are many scam cryptocurrency in the market and you need to reduce your risk by using small amounts to buy. The phrase is also used in the gambling board of this forum because gambling win is by luck.

Those are some of the popular and educative phrases that are used in this forum.

[Donk1]

This is very nice. Let me add some other terms in bitcoin talk to my best understanding.

Blockchain a digital decentralised ledger where all transactions are recorded.
Satoshi is known as the smallest unit of a Bitcoin in other words, it was named after the original creator Satoshi Nakamoto.
Halving as the name says, it's an event that occurs every 4 years and it reduces the block rewards by 50%; this event increases scarcity.
Altcoin there are other cryptocurrencies other than Bitcoin, like Ethereum, Litecoin, and Ripple.
ATH (All Time High) This means the highest price a cryptocurrency has ever reached in a trading history.
Bear Market this is a period in the cryptocurrency market when prices are going downwards.
Bull Market it's also a period in the cryptocurrency market when prices significantly rise /upwards
Wallet Address these are numerical numbers they serve as a destination for receiving cryptocurrency.
Private Key as the name says it is a mixture of both numbers letters which are personal information that gives you control of your cryptocurrency And also used for transaction authorization the private key must be kept in a secure place so it won't get missing.
Fiat Currency these are currencies that are controlled by the government like USD and naira.
Hard fork change in protocol of a blockchain that results in a split in the blockchain whereby there is a new protocol.
Soft fork is a change in the blockchain protocol that is still backwards compatible in other words it means the old rules still consider the new ones valid under them.
Multi Signature this is a kind of signature that requires two or maybe more private keys to confirm a transaction.