This article is meant to allow newbie to be attuned with must-know cryptocurrency terms.
Every field of life has special terms or terminology associated with it. Some refer to it as “jargons” once you hear certain words you can easily infer what field it’s associated with. These words are used by professionals in the field to communicate; some can be in the form of codes which is not easily understood by a layman. Professionals in the field understood what it meant.
Cryptocurrency industry is not left out of this. There are some technical terms in cryptocurrency that should be understood by beginners or newbie in the industry. There are some must know Cryptocurrency terms
Though a lot of communication experts warn on using terms in the workplace for communication especially when it involves a person not in the same field as you. The fact remains that in communicating or writing blog posts, articles or communicating about cryptocurrency, terms will surely be used. When you pick up a magazine or article to read, one of the way to recognize the field its related to is to check it and pay close attention to the terminology used. When you see technical terms like blockchain, bitcoin, and gift card, it is a pointer that the magazine or article is related to the cryptocurrency industry.
7 Must-Know Cryptocurrency Terms
Regardless of your level of expertise or professionalism in the crypto industry, the following seven names are must know cryptocurrency terms which must be well mastered. Next time you come to a magazine or blog that deals with cryptocurrency the following terms must be paid close attention to.
- Wallet– The word “wallet” in the crypto world doesn’t refer to the conventional wallet where money is stored in your pocket. It refers to the digital wallet that you safe your cryptocurrency. The most popular wallet is that powered by blockchain. In choosing a wallet to use, you must put in cognizance the safety and security of such wallet, to safeguard your coin from being withdrawn illegally. The wallet is referred to as the bank of the crypto/digital world. Each wallet is assigned a special address that is customized to it only.
- Coin– Coin is the currency itself. What is been transferred with digitally, I.e., the digital currency, we have a lot of coins in the world that is used for a transaction. The most popular and most lucrative to trade in as of today is the bitcoin. We have Etherum, pokercoin, the billion coin (TBC) est.
- Trendline– This is referred to as the direction the price of a coin is moving. Is the trend going up or down? People tend to buy more coin when it’s down with the hope to sell higher whenever the currency rises again.
- Altcoin-Generally called alternative coin. Referred to coin that is not either Bitcoin or Etherum, some analyst in the field still refers to Etherum as Bitcoin.
- Exchange/Exchanger– a familiar term to Crypto traders. This is referred to as sites, company or organizations that deal in the buy and sell of cryptocurrencies. Example of popular sites are Luno, Ijam exchange, and coinbase e.tc
- Whale– Just like the whale is the king of the ocean. A person with a huge amount of Crypto is also referred to as a whale. When next you pick a Crypto magazine don’t think the word “whale” refers to an aquatic animal.
- ICO– The full meaning of ICO is Initial coin offering, somewhat a replica of to an IPO in the non-crypto industry.
This seven must-know terms in the cryptocurrency industry must be known to anyone looking to go into the industry, either as an investor or a professional in the field.