Okay, maybe this will take a little longer than 30 seconds but let's have a little fun this week!
Here are 26 brand new crypto words to add to your crypto slang vocabulary. Some are nerdy; others are dang funny! (BTW, the words and definitions below were found here.)
A) Atomic Swap - The transfer of cryptocurrency from one party to another, without the use of an exchange or other intermediary.
B) 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.
C) Coin Mixer - Coin mixers allow users to mix up transactions between different cryptocurrency addresses, so they become untraceable and cannot be followed back to the initial sender or receiver of the assets.
D) Dead Cat Bounce - A temporary recovery in prices after a prolonged decrease.
E) ELI5 - Short for “explain like I’m five” — a plea for simplicity when crypto concepts are being explained.
F) 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, misleading or false information. *see FUDster.
G) Genesis Block - The first block of data that is processed and validated to form a new blockchain, often referred to as block 0 or block 1.
H) Hash Power / Hash Rate - A unit of measurement for the amount of computing power being consumed by the network to continuously operate.
I) Instamine - When a large portion of a coin’s total supply is distributed to investors shortly after launch.
J) JOMO - The opposite state of JOMO stands for “Joy of Missing Out.”
K) Know Your Customer (KYC) - Short for Know Your Customer, these are checks that crypto exchanges and trading platforms must complete to verify the identity of their customers.
L) Liveness - A guarantee that a system will continue to provide data, and that no centralized authority can shut down its services.
M) Mainnet - An independent blockchain running its own network with its own technology and protocol.
N) No-Coiner - A no-coiner is someone who has no cryptocurrency in his or her investment portfolio and firmly believes that cryptocurrency in general will fail.
O) Over-the-Counter (OTC) - Over-the-counter is defined as a transaction made outside of an exchange, often peer-to-peer through private trades.
P) Permissionless - Often used to describe blockchains, a system is said to be permissionless when there is no entity that can regulate who can use it and how it can be used.
Q) QR Code - A machine-readable label that shows information encoded into a graphical black-and-white pattern. For cryptocurrencies, QR codes are often used to easily share wallet addresses with others.
R) Recovery Seed - A recovery seed is a cryptographically derived security code composed of a list of random words, typically ranging between 12 and 14.
S) Stablecoin - A cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency.
T) Tokenize - The process by which real-world assets are turned into something of digital value called a token, often subsequently able to offer ownership of parts of this asset to different owners.
U) Unbanked - Unbanked refers to those that are either unable to access banking services, or choose not to.
V) Virgin Bitcoin - A bitcoin that has never been spent.
W) When Lambo - A phrase referring to when cryptocurrency holders will become rich enough to afford the purchase of a Lamborghini.
X) No "X" word. Oh, well. Here is another good "W" word. When Moon - A phrase used to ask when the price of cryptocurrencies will explode.
Y) Yield Farming - Yield farming involves earning interest by investing crypto in decentralized finance markets.
Z) Zero Knowledge Proof - Proving certain information or data is true without revealing it.
And there you have it, folks!
If you’re still with me, congratulations! By just learning these 26 new words and definition you’ve moved out of Newb (someone that is new to a certain industry) status. Now get out there and show off your newly minted cryptocabulary!
Until next week…LATS!
P.S. Watch our for FUDsters!