Don’t FOMO at the mouth! Learning the lingo is a big part of growing into the crypto space. Mining your business may get you REKT. So, check yourself before you wreck yourself. Learn the hard n fast way to get them G-Units. And, if you find the right coin, HODL on tight or you may have to put that in a stable. But, if things start to get messy, you may have to dump-eeet!Below are a list of words and sayings that is spoken in the blockchain world. Use this guide to help you get around this ever-growing space. You’re gonna need it!
A place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. A cryptocurrency address can be shared publicly in the form of text or QR code to those who want to send you cryptocurrency.
As Bitcoin is the first cryptocurrency, all other coins are alternative (altcoins) coins to Bitcorn.
Bitcoin (BTC) is a consensus network that enables a new digital currency payment system. Allowing its users (peer to peer) to make network payments without central authorities to operate the system.
Different groups of people building a community to bring awareness about the blockchain and cryptocurrency technology. Get them gains and run your assets.
Holding a certain type of crypto and a lot of it too. Some may call you a bag holder in hard times.
The market or price is in a downwards decline. This is also known to be "bearish" about the market or price.
A blockchain is a growing list of records, called blocks, that are linked using cryptography (secure communication). Each block contains a cryptography hash (one-way function) of the previous block, a timestamp and transaction data. The data is linked by nodes and secured using cryptography and will be used to secure all your important data information.
Automated trading software bots that execute trade orders extremely quickly, based on a preset algorithm. Because, the price of a cryptocurrency like Bitcoin tends to vary somewhat from exchange to exchange, bots that can move fast enough can beat exchanges that are delayed in updating their prices.
The market or price is in an upwards incline. This is also known to be "bullish" about the market or price.
Each candle on a chart provides 4 points of information: opening price, closing price, high, and low.
An organisation that is in control of an entire network, including every data about you.
Throw some chips on that motherboard. The higher the chipset specs are, the better your digital mining will be.
Offline storage of cryptocurrencies, typically involving hardware non-custodial wallets, USBs, offline computers, or paper wallets.
Born from the love of the game. Crypto is unbreakable, secured by a close network of friends. Banditz is the growing community that believes in the blockchain and want to share the information technology to the rest of the world.
A cryptocurrency is a digital medium of exchange using strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Check out the Top 100.
The person or organization that holds onto your wallet’s private key has custody of your private key, and therefore custody of your assets. In the world you’re familiar with, your bank likely has custody of your funds. Now, that isn’t the worst thing in the world because there is usually insurance - but insurance has its limits too.
Decentralisation refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a global goal.
Decentralised Exchange (DEX)
A peer-to-peer exchange that allows users to buy and sell cryptocurrency and other assets without a central intermediary involved.
Decentralised Finance (DeFi)
is an application exchange that today fulfilled the vision of Bitcoin by allowing complex financial products, such as lending and borrowing platforms. DeFi App products do not rely on trusted entities and cannot be shut down easily as it is decentralised and does not have a single point of failure.
Digital currency, also known as digital money or electronic money or electronic currency, is a type of currency available only in digital form, allowing for instantaneous transactions and borderless transfer-of-ownership.
A dildo is a long green or red bar found on a graph showing the changes in price of a cryptocurrency, in relation to the green and red candles found on price charts.
To sell off all your coins, with no emotional attachment involved. Also, referred to as dumping (dump-eeet!): The action of collective market sell-offs, creating downward price movement.
A token standard for Ethereum, used for smart contracts implementing tokens. It is a common list of rules defining interactions between tokens, including transfer between addresses and data access.
Cryptocurrency exchanges (sometimes called digital currency exchanges) are businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies.
Exchange Traded Fund (ETF)
A security that tracks a basket of assets such as stocks, bonds, and cryptocurrencies but can be traded like a single stock.
Fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit.
An acronym that stands for 'fear of missing out' and in the context of investing, refers to the feeling of apprehension for missing out on a potentially profitable investment opportunity and regretting it later.
An acronym that stands for “fear, uncertainty and doubt”. It is a strategy to influence perception of certain cryptocurrencies or the cryptocurrency market in general by spreading negative, misleading or false information.
Stacks and stacks of digital Gold in different types of cryptocurrency units, refers to holding bags of Bitcoin and high priced ALTs.
Gains refer to an increase in value or profit.
A term used on the Ethereum/Neo platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts with a view of being fees for processing transactions on the Ethereum/NEO network.
A term used on the Ethereum/Neo platform that refers to the price you are willing to pay for a transaction. Setting a higher gas price will incentivise miners to prioritise that transaction over others.
Hash Power/Hash Rate
A unit of measurement for the amount of computing power being consumed by the network to continuously operate. The Hash Rate of a computer may be measured in kH/s, MH/s, GH/s, TH/s, PH/s or EH/s depending on the hashes per second being produced.
When the market is going crazy and the news about the crypto space is going against everything you thought would happen. Your Hazels is measured by how crazy nuts the FUD is spreading.
A type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets. The term first became famous due to a typo made in a bitcoin forum, and the term is now commonly expanded to stand for “Hold On for Dear Life”.
Initial Coin Offering (ICO)
A type of crowdfunding, or crowdsale, using cryptocurrencies as a means of raising capital for early-stage companies. It has come under fire due to the occurrence of scams and market manipulators.
Intermediary / Middleman
An intermediary, or middleman, is a person or entity that acts as the go-between different parties to bring about agreements or carry out directives.
Acronym for “Know Your Customer”, this process refers to a project’s or financial institution’s obligations to verify the identity of a customer in line with global anti-money laundering laws.
Shorthand for Lamborghini, an exotic car that people often refer to in their excitement over getting rich from cryptocurrencies. Often used in cryptocurrency communities when asking when prices may rise again by saying: “When Lambo?”
Time to take profits or you will lose out on taking profits. Double meaning, so don't be slow on the withdraw.
A record of financial transactions that cannot be changed, only appended with new transactions.
Limit Order/Limit Buy/Limit Sell
Orders placed by traders to buy or sell a cryptocurrency when a certain price is reached. This is in contrast with market orders at which a cryptocurrency is sold at the current best available price.
A situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later.
An independent blockchain running its own network with its own technology and protocol. It is a live blockchain where its own cryptocurrencies or tokens are in use, as compared to a testnet or projects running on top of other popular networks.
Market Order/Market Buy/Market Sell
A purchase or sale of a cryptocurrency on an exchange at the current best available price. Market orders are filled as buyers and sellers are willing to trade. This is in contrast with limit orders at which a cryptocurrency is sold only at a specified price.
A process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoins or some altcoins are created.
A situation where there is a continuous upward movement in the price of a cryptocurrency. Often used in communities to question when a cryptocurrency will experience such a phenomenon, saying: “When moon?”
A network refers to all nodes in the operation of a blockchain at any given moment in time.
Nodes are the individual parts of the larger data structure that is a blockchain. A node is in essence the foundation of the blockchain technology, allowing it to function and survive. Nodes are distributed across a widespread network and carry out a variety of tasks, through any active electronic device, including a computer or smart phone, as long as it is connected to the internet.
A noob (newb or newbie); refers to the idea that someone is new to a game, concept, or idea; implying a lack of experience. Also, in some areas the word noob can mean someone is obsessed with wanting to learn things that catches there imagination.
No more storing your gold nuggets in your mouth. Digital gold is where you store your nuggets.
FUD and FOMO are both in full effect and everyone is on high level of confusion. So, pick your own level and say how you feel, never bottle it up. You have Cashew nuts is level 1, Hazel nuts is level 2 and Brazilian nuts is level 3. Control your emotions noobs.
The price at which a cryptocurrency opens at a time period, for example at the start of the day; the price at which a cryptocurrency closes at a time period, for example at the end of the day. In general, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.
Over The Counter (OTC)
Over The Counter is defined as a transaction made outside of an exchange, often peer-to-peer through private trades. In jurisdictions where exchanges are disallowed or where amounts traded will move the markets, traders will go through the OTC route. OTC buying will not effect the price on the exchange market.
A physical document containing your private key or seed phrase.
Peer to Peer (P2P)
The decentralised interactions between parties in a distributed network, partitioning tasks or workloads between peers. No middlemen needed.
Cryptocurrency exchanges are online platforms in which you can exchange one kind of digital asset for another based on the market value of the given assets.
A private key is a sophisticated form of cryptography that allows a user to access his or her cryptocurrency. A private key is an integral aspect of bitcoin and altcoins, and its security make up helps to protect a user from theft and unauthorised access to funds. Never give out your private key, so treat it like your banks pin code.
A blockchain consensus mechanism involving choosing the creator of the next block via various combinations of random selection and wealth or age of staked coins or tokens.
A blockchain consensus mechanism involving solving of computationally intensive puzzles to validate transactions and create new blocks.
A public key is a cryptographic code that allows a user to receive cryptocurrencies into his or her wallet account.
Pump n Dump
A form of securities fraud involving the artificial inflation of the price of a cryptocurrency with false and misleading positive statements in order to sell previously-cheaply purchased stock at a higher price.
A shorthand slang for “wrecked”, describing a bad loss in a trade.
Short for “Return on Investment”, the ratio between the net profit and cost of investing.
Relative Strength Index (RSI)
A form of technical analysis that serves as a momentum oscillator, measuring the speed and change of price movements, developed by J. Welles Wilder. It oscillates between zero and 100, where a cryptocurrency is considered overbought when the indicator is above 70 and oversold when below 30.
The smallest unit of bitcoin with a value of 0.00000001 BTC.
The individual or group of individuals that created Bitcoin in 2008 to serve as the public transaction ledger of the cryptocurrency Bitcoin. The invention of the blockchain for Bitcoin made it the first digital currency to solve the double-spending (a potential flaw in which a single digital token can be spent more than once) problem without the need for a trusted authority or central server.. The identity of Satoshi Nakamoto has never been confirmed.
A fraudulent or deceptive cryptocurrency or ICO. Drawing noobs into funding a project that has no future or ever being made.
A situation where a large limit order has been placed to sell when a cryptocurrency reaches a certain value. This can sometimes be used by traders to create a certain impression in the market, preventing a cryptocurrency from rising above that value, as supply will likely outstrip demand when the order is executed.
A coin with no obvious potential value or usage.
A trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit.
A smart contract is a computer protocol intended to facilitate, verify, or enforce a contract on the blockchain without third parties.
A cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Storing your assets when the markets are doing extreme up and down movements.
Participation in a Proof-of-Stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards.
An alternative blockchain used by developers for testing.
Technical Analysis (TA)
An evaluation method involving statistical analyses of market activity, such as price and volume. Charts and other tools are used to identify patterns to underpin and drive investment decisions.
Immediate lost of half your profits. Keep your eye on the ball noobs.
An abbreviation used to uniquely identify cryptocurrencies; for example, Bitcoin’s symbol is BTC.
A digital unit designed with utility in mind, providing access and use of a larger cryptoeconomic system. It does not have store of value on its own, but are made so that software can be developed around it.
Coinmarketcap is one of the best researched information website out there. The main focus is on the top 100 cryptocurrency. With great data sources, that a lot of the crypto community use them daily.
Is the amount of the cryptocurrency that has been traded in the last 24 hours.
The act of exchanging cryptocurrencies on a blockchain in which you are given a ID TX data string to confirm that the process has started and is documented.
A payment for using the blockchain to transact.
Depending on where you find yourself in the cryptocurrency space, that word can mean a lot of joy or heartbreak. Price fluctuations in the exchanges, can be driven by many factors.
The amount of cryptocurrency that has been traded during a certain period of time, such as the last 24 hours or more. Volume can show the direction and movement of the cryptocurrency as well as a prediction of future price and its demand.
A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency, and are divided into two categories: hosted wallets and cold wallets.
A term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market.
A document prepared by an ICO project team to interest investors with its vision, cryptocurrency use and cryptoeconomic design, technical information, and a roadmap for how it plans to grow and succeed.
Zero Knowledge Proof
In cryptography, a zero-knowledge proof or zero-knowledge protocol is a method by which one party (the prover) can prove to another party (the verifier) that they know a value x, without conveying any information apart from the fact that they know the value x.
Join the Posse
If you would like to be part of this exciting new group of banditz or have ways to spread awareness about the blockchain technology, then join the posse and we will be happy to connect with you.