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A growing list of terms and tidbits I learn along the way
- Alt Coin or Alternative Coin – Any coin that isn’t Bitcoin
- Bag – Your crypto coin holdings
- Bear Market – Prices are on the decline
- Bear / Is Bearish – Some one that has a negative outlook on the price (expects a decline)
- Bitcoin (BTC) – The top crypto currency (by market capitalization)
- Blockchain – Simply put, this is the backbone of decentralization. Blockchains are the record keeper, ledger, of all transactions regardless of type. Records are permanent/immutable, and can be of/for just about anything
- BUIDL – The term buidl encourages those in the crypto space to do more than sit on their holdings by creating to further enhance the crypto space; Cheers to that!
- Bull Market – Prices are on the rise
- Bull / Is Bullish – Some one that has a positive outlook on the price (expects an increase)
- Cold Storage – Offline means of storing data. Hardware wallets use this method i.e. there is no connection to the internet/outside world
- DApp – Decentralized Application. These applications are launched on a blockchain, such as Ethereum, and have a decentralized back end, i. e. they are not run from a central location/source/database/server etc. and have varying use cases ex. file storage, computer processing power, identity ownership/management, gaming, betting, etc.
- Fiat Currency – Traditional currency, such as the US dollar
- FODL – Playing on HODL, this term means to throw in the towel i.e fold (for those poker players out there)
- FUD – Fear, uncertainty, and doubt
- HODL – A term originating from this classic post by gamekyuubi that has since been etched in crypto history. It means to hold in lieu selling i.e. hold on for dear life!
- Hot Storage – Internet accessible/online storage providing quick access to stored data, but poses an inherent risk due to it’s internet accessible nature. Software wallets use this method
- Private Key – This key confirms you are the owner of the funds stored in a wallet, and permits you to spend/withdraw/transfer your crypto – lose it, and you lose access your funds! The golden rule: Keep all private keys to yourself! Do not get scammed, legitimate sites/organizations/people will never ask for your private key
- Public key / Wallet Address – The counter-part to your private key, public keys are essentially your wallet address and can be given to others ex. If you want Person A to pay you in bitcoin, give them your bitcoin public key/wallet address and their payment will be deposited in your bitcoin wallet. Careful to only deposit matching coins in wallet types ex. Only deposit bitcoin in a bitcoin wallet. If you deposit ethereum (ETH) in a bitcoin wallet you will lose that ETH forever
- Wallet – Where your coins are stored. These come in various forms: software, paper, and hardware
- Satoshi Nakamoto – The individual or group that has been credited with the creation of Bitcoin. This person/group has yet to be identified