Crypto definitions and crypto explained for dummies. In this video we break down definitions and phrases used in the crypto world. Let’s go!
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Cryptocurrency
A digital currency where transactions are verified by a decentralised system using cryptography, rather than a centralised authority.
Crypto
Short for cryptocurrency
Decentralised
To distribute the administrative powers or functions of a central authority over a less concentrated area.
De-Fi (Decentralised Finance)
A blockchain form of finance that has no central authority, like our banks. Doesn’t rely on intermediaries like brokerages, exchanges, banks. Instead, it executes these transactions through smart contracts on blockchains.
The most popular one here is Ethereum.
DEX (Decentralised Exchange)
An exchange that allows for peer to peer cryptocurrency transactions.
Sat
Short for Satoshi. A unit of bitcoin – one hundred millionth of a bitcoin.
Whale
Individuals or entities that hold large amounts of bitcoin.
ACCRONYMS
ETH – Ethereum
A cryptocurrency, currently second largest by market cap
NFT – Non-Fungible Token
A unit of data stored on the blockchain to verify ownership
HODL
Originally came about with a misspelling of the word ‘hold’ ie hold on to your crypto and do not sell. Overtime, this was used as an acronym – Hold On for Dear Life
FUD – Fear, Uncertainty, Doubt
A strategy to influence perception by sharing negative and sometimes false information to create fear
To The Moon
A strong belief that a certain cryptocurrency will soon rise significantly in price
Pump n Dump
A scheme that refers to artificially inflating the price through misleading and sometimes false information (PUMP), and selling at the inflated prices (DUMP)
No Coiner
Someone who has no cryptocurrency and generally believes it will fail
Whole-Coiner
Someone who owns at least 1 full bitcoin, equivalent to 100,000,000 Satoshis (sats)
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Legal Disclosure: I am not a financial advisor. Anything discussed in this video is for entertainment purposes only. Before investing, you should always consult a licensed professional. I shall not be held liable for any losses incurred whilst investing.