This constantly updating list of Web3 terms is here to keep you up to demystify commonly used terminology and to help you better understand Web3. The same way a file can be “airdropped” between iPhones, NFTs can be airdropped between crypto wallets. It’s usually a boon, used in the context of an NFT project that is airdropping additional NFTs or tokens to existing holders as a reward for loyalty, or an incentive to engage further. People with diamond hands hold onto their crypto for extended periods of time, not suffering from short-term fluctuations and benefiting from long-term growth.
Cryptocurrency slang is a collection of phrases used in the Bitcoin community that are not always based on official terms. From HODL to FOMO to FUD, there’s a lot to know before diving into the crypto world. NGMI is one of the most popular crypto slang terms – it stands for “not gonna make it”.
This term is not exclusive neither to crypto nor to finance in general. It comes from psychology and describes the social anxiety when we feel like people have fun and we’re trade99 review missing out on it. These two words can be heard in almost any financial report on the news. ”Bullish” is a synonym of an uptrend, while “bearish” refers to a downtrend.
- MetaMask is a free crypto wallet software that you can connect to virtually any Ethereum-based platform.
- This is a fraudulent practice in which the project collects money during or after the ICO, and then its team simply evaporates.
- In some cases, an Oracle may be a software program that is designed to provide validation for transactions.
- Whereas 1 dollar equals 100 cents, 1 Bitcoin equals 100 million Satoshis.
- You may obtain access to such products and services on the Crypto.com App.
- Investors may want to know when their coins’ prices will hit a new all-time high .
Private keys can be thought of as a password; they must never be revealed to anyone, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature. Lost in a sea of new terms as you try A Maturity Model for Continuous Delivery to find your way to crypto clarity? If you are brand new to the world of blockchain and cryptocurrency, it’s easy to get overwhelmed. There are so many new technical terms and slang you need to digest and understand.
Robinhood, GameStop, and Blockchain
In the crypto space, it can refer to people who invest in digital assets like NFTs without doing due diligence. DeFi stands for “decentralized finance”, unlike traditional finance or CeFi , where a bank or company has control over your money. Both cryptocurrencies and dApp play important roles in DeFi, which are automated by smart contracts. Some DeFi platforms like PancakeSwap use BSC, benefiting from much lower transaction fees. It was announced in September 2020 by Binance, a leading cryptocurrency trading exchange. It runs in parallel with Binance’s native Binance Chain , providing the high transaction capacity of BC with added smart contract functionality.
Often, it was due to excessive risk taken by buying shitcoins or trading with leverage. HODL stands for hold on for dear life and expresses the intention to not sell under any circumstances, no matter how bad the volatility gets. As a trader, their goal is to make money by selling bitcoin for less than it is at the moment or trading with vast gains of more than 10% over 8 hours. Readers may find greedy Fudders annoying because they make bitcoin go down in price; however, you can’t help but admire these people if they turn out to be correct.
It’s now a marketplace not just for collectibles, but also many other digital assets like art, gaming items, music, domain names, etc. In a centralized exchange, the ownership of the coins is held by the exchange completely. In contrast, a decentralized exchange is a peer-to-peer marketplace where transactions happen directly between crypto traders without the need for a middleman. Some well-known DEX examples are Uniswap, PancakeSwap, dYdX and 1inch. People who can’t handle the tension and sell their crypto holdings for a cheap U$D price when it’s going down, actually making its price even lower. Shilling in the world of cryptocurrencies is part of a marketing ploy.
The person may disguise himself as a fellow investor or enthusiast, but most often it’s the developer who is trying to pump up the price and then run with the profit. You’ll be better off if you avoid any excited crypto-related posts on social media. It is a business that provides you with a multitude of services such as a crypto trading platform , account services , and customer support services. Centralized exchanges remain the most widely used method to buy and sell crypto.
Frens are generally depicted by the ubiquitous Pepe meme, which is a way of self-signaling being a part of the cryptocurrency and web3 space. Being an ape or ape-ing into a project means investing in something without doing your due diligence on the coin. This is often due to FOMO, which makes investors turn into apes in anticipation of quick and easy profits.
Oracles are also important because they can provide data and information to smart contracts. “Halving” is a term used to describe when the block reward for miners is cut in half. This happens every four years and can have a big impact on the price of Bitcoin.
Going to the moon
Mixed reality, or MR, is a technology that, like AR, blends virtual and physical components. Unlike AR, however, MR allows the user to interact with virtual elements in more or less the same way that they would in the real world. Facebook Inc changed its name to Meta as part of the company’s pivot toward the metaverse.
This fact is why many cryptocurrency slang terms are linked to gaming. Rekt is a term that describes when Bitcoin holders get blown out due to an immense coin collapse. For example, if a bag holder refuses to let go, he’s going to get rekt. It means “hold on for dear life”, which is exactly what crypto traders do when they hold even when the market becomes volatile.
Unstoppable Domains is a company on a mission to decentralize the web.Unstoppable Domains prioritizes ownership of an individual’s digital identity. Taint is the concept that certain bitcoin are riskier or less acceptable because of their previous owners or possible links to criminal activity. Metaverse is a digital universe where users can create digital avatars that represent themselves or other things. A distributed network is a computer system in which programming, software, and data are spread out across more than one computer.
Oracles are an important part of the cryptocurrency ecosystem because they help to ensure the validity of transactions. Without them, there would be no way to know if a transaction is valid or not. “Fork” is a term used to describe when a blockchain splits into two. This can happen for a variety of reasons but often happens because the community cannot agree on a particular update or change.
Literally means “profile picture,” but in the NFT world, also means a project that often doesn’t have utility beyond use as an avatar on social media. For a while, CryptoPunks was the only “PFP project,” but by the end of 2021 there were thousands of them. They are often released in editions of 10,000, where each NFT will have unique characteristics. Problematic roots), which means you are able to mint ahead of the public.
“To the moon” means that the price has risen drastically, reaching the peak value. When there are conditions for falling prices, it is said that a “bearish” situation has developed. If there is a belief that prices have started to rise, it is considered to be a “bullish” situation. P2P. Peer-to-peer, or P2P, is a term used to describe a network of individual computers exchanging information with one another without the oversight of a central server. Management of a P2P network is distributed among its constituent computers.
Or, if you miss out on a hot stock in the stock market, you might have FOMO. This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. FUD means “fear, uncertainty and doubt.” Bitcoin followers advise to HODL your coins despite the FUD of those outside the community. A shill is someone who shamelessly promotes a project, token, or coin while trying to appear objective, but actually benefits from it becoming more popular, for example, owns the token. A scamcoin is a type of coin that’s created with the purpose of stealing money from people who invested in it.
Diamond Hands & Paper Hands
It is similar to a notary public in the traditional financial system. For a transaction to be considered valid, it must be approved by an oracle. It’s important to be aware of halvings when considering investing in Bitcoin, as it could bitfinex review impact the value of your investment. Halvings are often seen as positive, as they help to keep the network secure and running smoothly. However, they can also be seen as negative, as they can lead to an inflation of the currency.
Some NFT projects may airdrop free companion NFTs to reward the original NFT collection holders. In addition, it can be used as a marketing strategy for NFT/ crypto-related projects to generate attention and new followers. The floor price for one Mutant Ape is now sitting at 6.3ETH . Ethereum is a decentralized blockchain network built by Vitalik Buterin in 2015. The Ethereum platform also gave rise to smart contracts – a subject we’ll dive into another week. As of March, ETH is the second most-valuable cryptocurrency in the world, after Bitcoin.
ICO – Initial Coin Offering
Our crypto collection has more than 600 different coins and you can do wallet-to-wallet transfers instantly and problem-free. It is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. A crypto term used to describe a “degenerate” or high-risk investor. Degenerate investors often take on more risk than is necessary to achieve their investment goals. Degens are often willing to lose all of their money to make a big score.
GENERAL FINANCIAL LINGO
A shill is someone paid to promote a cryptocurrency and with a monetary interest in its success. Most shitcoins rely on shills to drive FOMO and create an impression of being more valuable than they are. Shills generally have large audiences on social media they acquired either through paid traffic or cooperating with other shills. BTFD is short for buy the fucking dip and describes an investment strategy focused on buying crypto when prices are down in anticipation that prices will rise eventually. This strategy often goes hand in hand with HODL since crypto prices can experience extensive corrections. Melon is a term that refers to bitcoin itself, the digital currency.
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