Learn The Crypto Lingo
Crypto – Learn The Language
Before you start with your Crypto journey you need to learn the language used by the Crypto community. It is not hard but you are better at knowing what you are talking about than being embarrassed when you don’t understand.
Don’t worry, there is not a lot you need to learn. We will list them here, explain what they mean and where to use them.
- A Fiat is the currency a country produces. I.E. the Australian Dollar (AUD). They are called FIAT because are not pegged to a commodity such as Gold or Silver. The value of the currency is valued on the faith of the public.
- DOYR is an acronym for Do Your Own Research. What it means is do not take anyone’s word for anything. In Cryptos, it is your money and your responsibility. So make sure you know your facts before you make a decision.
- Hold On For Dear Life This is a purposeful misspelling of HOLD. This is a popular term for Crypto Traders/Investors. It relates to the Buy and Hold investment strategy.
- Fear of Missing Out. Crypto trading is emotion driven, fear being the strongest of these emotion. It is crytical to overcome FOMO, especially when swing trading. Swing trading is a short time frame trading strategy.
- This is a cryptocurrency term for getting rich. It is simply short for Lamborghini.
- Short for Know You Customer. this is the acronym for the proccess of verifying your identity when you apply for an account. You will need an account on an exchange so you can trade or invest. You will also need a wallet account although most exchanges offer wallets. If you are trading you will need a decent charting platform to do your trading Analysis. The best all round charting platform is Trading View
- An acronym of Joy Of Missing Out. It is the opposite of FOMO and relates to no-coiners, those who show their Joy when they are not involved in Cryptos when there is a major crash or scam reveald.
- Short for Intial Token Offering, this one is self explainatary. ITO is similar to the IPO in the share market. It involves offering the Token to the public bfore it is listed on exchanges.
- Initial Coin Offering. This is a form of Cryptocurrency that businesses use to raise capital. Using ICO trading platforms, investors receive coins in exchange for their investment in the business.
- FUD is short for Fear, Uncertainty abd Doubt. The FUDster uses FUD as a strategy to influence perception of certain cryptocurrencies or crypto markets. To do this the spread false, misleading and negative information. Generally these people are Crypto Non-believers.
- This is the Fear, Uncertainty and doudt we discussed in the FUDster. It is the act of spreading Fear, Uncertainty and Doubt in particlar Cryptocurrencies or Crypto Markets.
- TV is short for Trading View. This is the most popular charting software in the Crypto Market. Click the following link to view the platform Trading View
- Meaning 2 Factor Authentication. This is a security measure to secure your acounts agains hackers. With increasing incidents of hacking in the Crypto markets it is crtical you protect yourself. This method involves adding a second level of security. Generally and code texted to your phone or sendt to your email.
- Coin Market Cap is the most popular wesite with all things Crypto. It list all the Cryptocurrencies available and all the related data. You can check it out by clicking the link Coin Market Cap
- This is simply the acronym for Altcoins. Alcoins are all coins other than Bitcoin
- This is the Cryptocurrency Decentralised Finance application. Mostly running on the Etherium platform they recreate traditional financial system such as transfers and contracts
- SATS are satoshis which are basically Bitcoin’s equivilant to cents. Although there is a big differnce to to volume in relation to the 100 cents in the dollar. A Bitcoin has 100 million sataoshis Bitcoin’s orginal code defines the satoshis.
- Meaning wrecked, this internet slang for being destroyed. In the Crypto community it refers to someone who has experienced a massive loss due to a bad investment.
- This simply means Ask Me Anything, an online session conducted by a proffessional in the Crypto Market. It means what it says, the participant is invited to ask any question.
- Think Long Term is a mindset where the investor looks at months or even years.
Understanding the lingo used by the Crypto community is important to make your entry to markets as smooth and easy as possible. You have a mountain of information to take on so it makes sense to make your journey as easy as it can be.
This list probably does not cover every term you will come across but it will cover most. Be easy on yourself and enjoy your learning experience, but most of all make massive profits.