Every country has its own language and every street has its slang, going to a French country to speak Yoruba/Hausa/Igbo might make you feel like an Alien and not have a chance at communicating (whether to receive the right information or to pass on information).
The same applies in the crypto community -certain terms exist. There are some terms that crypto traders/miners/exchangers use that you need to be aware of if you want to navigate your way smoothly in the crypto community.
A few of the Crypto terms are as follows:
- HODL: this stands for Hold on for dear life; a term used to encourage people that operate in the crypto space to keep their coins – and not sell- when there’s a dip.
- DIP: This is a term used when a cryptocurrency experiences a decline in price. BTC experienced a legendary dip below the $20,000 mark in June 2022 (the first time since December 2020).
- Bull Market: When crypto prices rise continuously, it is called a bull market. In bull markets, there is typically a high degree of optimism and confidence in the market.
- Bear Market: When there is a prolonged decline in the cryptocurrency market, it is called a bear market.
- ATH: It is an abbreviation for All Time High. The highest price that a coin has ever reached.
- Shitcoin: A shitcoin is a cryptocurrency of little value or digital currency with no immediate or tangible use.
- Altcoins: It is a term used for cryptocurrencies other than Bitcoin. Examples are Ethereum, USDT, XRP and so on.
- BTC: This stands for Bitcoin. It is the first popular decentralised cryptocurrency created. It uses blockchain technology to create secure digital currency transactions.
- ETH or ETHER: This acronym stands for Ethereum. The cryptocurrency of the Ethereum network is the second most popular digital token after bitcoin (BTC). It has the second-largest cryptocurrency market capitalization (market cap).
- Tether (USDT): This is a cryptocurrency pegged to the US dollar (USD). It is the most popular stablecoin in the crypto market.
- Digital Assets: It is the umbrella term that refers to all cryptography-based assets – regardless of the technology used – that are issued in digital form.
- Crypto Mining: mining is a process of verifying and recording new crypto transactions. Miners compete to complete cryptographic tasks and are rewarded with crypto tokens which are now recorded on the blockchain ledger.
- Weak hand or paper hand: It is a term used to describe a trader who sells at the first sign of a dip. The person has a low-risk appetite when it comes to trading.
- Diamond hand: this is the opposite of a weak hand or paper hand. It is slang for a person that HODLs even when there is a dip in the crypto market.
- Wallet: A place crypto traders store their crypto tokens/coins. SekiApp users get a free BTC wallet as soon as they register on the platform. There are majorly two types of wallets -Hot and Cold wallets.
Hot wallets are online and easily reachable. Cold wallets store your crypto offline and are difficult to trade with this type of wallet.
To access your wallet address on SekiApp, tap on “Trade Crypto” and navigate to “Receive Crypto”; you’ll see your “Crypto Address” right there.
- DYOR: It stands for Do Your Own Research. Due to how far misinformation can spread, crypto enthusiasts are advised to do their own research before putting their money into it. It is actually not a piece of advice exclusive to the crypto space.
- DEFI: It is an acronym for decentralised finance. It is the overall movement within the crypto space that removes the control banks and institutions have on financial services.
You must have been loaded after going through this “mini crypto slang class”. So, now you know the meaning behind some of the crypto slangs you may have come across. It’s not enough to just have the money to trade, you need to learn and understand the crypto space.
You’re now ready to navigate the crypto space. You can start your journey now on SekiApp