DigiDoc NFT — Top 10 Crypto Slang Words
This weeks video revolves around the crypto slang /glossary. Our plan is the help you our followers to better understand the blockchain technology and crypto currencies.
#1 Airdrops 🪂
A marketing campaign that distributes a specific cryptocurrency or token to an audience.
The best airdrop site we have come across so far is https://airdrops.io
Basically you need to complete a series of tasks in exchange of crypto currencies. It is one of the more popular marketing campaigns for new crypto projects to increase their followers by giving back to the community.
#2 ATH 🐂 / ATL 🐻
The highest & the lowest point (in price, in market capitalization) that a cryptocurrency has been in history.
When the token value is climbing long term it’s also known as making a bull run. Usually triggers a very high GREED index on the market when this happens and attracts a lot HODLers hoping to go to the MOON.
And when it’s declining and staying close to all time low is also known as the bear run.
Its like the bear has gone into hibernation. Usually triggers very high FEAR index. This is where CRYPTO WHALES usually fill up their BAGS, before the next bull run.
#3 APEING 🐵
Apeing is when a cryptocurrency trader buys a token shortly after the token project launch without conducting thorough research.
Apes buy crypto currencies in the hopes to go TO THE MOON and make really good ROI (return on investment) in a very short time.
#4 BAG 💰
Crypto slang for a large quantity of a specific cryptocurrency. Alternatively (but less frequently) used to refer to the contents of an individual’s crypto portfolio.
I have always compared and pictured it like in the medieval times when you had a COIN BAG on your belt to carry your gold coins and other form of tokens inside.
#5 Cold Storage ❄👛
Offline storage of cryptocurrencies, typically involving hardware non-custodial wallets, USBs, offline computers, or paper wallets.
It’s considered as one of the more secure options to store your crypto currencies and tokens. Some even are capable of holding your NFTs securely as well.
One of the more popular cold storage options is called LEDGER you can obtain one for yourself from HERE
#6 DEX 💱
A peer-to-peer exchange allowing users to trade cryptocurrency without the need for an intermediary.
Decentralized exchanges tackle both privacy and timely execution of transactions, offering theoretically complete anonymity and, crucially, non-custodial transactions. This means the actual asset being exchanged never passes through the hands of an intermediary.
#7 FIAT 💲
Fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking.
The word ‘fiat’ is derived from Latin and can be translated as “it shall be done” or “let it be done.” The majority of paper currencies, such as the ones used to purchase everyday goods and services, are fiat currencies.
#8 FOMO 💹😲📢
An acronym that stands for “Fear of Missing Out.”
FOMO can, unfortunately, lead to substantial losses. In addition to running the risk of buying cryptocurrencies at the highest point of the price movement, FOMO can also cause individuals to hold back from profit taking. As such, many individuals who FOMO into buying a cryptocurrency often find that the price of the coin quickly decreases in value soon after due to increased selling activity from investors who decided to take profits.
#9 FUD 😱😩🤷♂️
An acronym that stands for “Fear, Uncertainty and Doubt.” It is a strategy to influence perception of certain cryptocurrencies or the cryptocurrency market in general by spreading negative emotion.
A lot of crypto groups online have banned FUD in their groups to protect the projects. You can get kicked out from online forums and get perma blocked if you start spreading FUD amongst the users.
Such as omg price just dropped 50%, is the project dead?
Rapid price movement can happen for many reasons such as an early venture capitalist / investor (Whale Bagholder) closing their position and taking profits.
But it could very well be a RUG PULL as well meaning that the people behind the project are selling their tokens from unlocked wallets and DUMPing them via DEX’s. Might just be that the overall market situation is worsening and PAPER HANDS are selling off their tokens at a loss. #TriggeredSelloff
#10 GAS ⛽
A term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network
Take a motor vehicle as a comparison. You need to get from A to B and the engine requires gasoline to make the journey there.
Same principle lies in the blockchain world, to execute a transaction via the DEX’s, the computers need to calculate and process the transaction according to the rules in the Smart contract. The more users want to make transactions at the same time will trigger increase in GAS fees bit like a congestion on a highway during rush hours where everyone is dying to get home and kick back on the couch after work.
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