Glossary: Cryptocurrency Acronyms and their Meanings
Learning cryptocurrency acronyms and conversational terms is one of the fun parts of being in the crypto world. Perhaps, for the first time, you get an "in" into a super cool world - the cryptocurrency trading world.
Beyond looking cool, understanding acronyms peculiar to the crypto world allows you make better trading decisions and understand relevant information that would help you as you trade. In this post, we'll be sharing with you the meanings of crypto acronyms , conversational terms and top cryptocurrencies you will need to know.
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Crypto acronyms and their meanings
ATH - All-Time High
This is the highest price of cryptocurrency on an exchange in reference to another particular currency.
ATL - All-Time Low
ATL is the opposite of ATH; it is the lowest price ever of a cryptocurrency on an exchange.
BIP - Bitcoin Improvement Proposal
BIP is a document that introduces users to new features of Bitcoin by providing detailed technical changes and upgrades to the cryptocurrency’s infrastructure.
BTM - Bitcoin Automated Teller Machine (Bitcoin ATM)
BTM is simply an ATM that allows users to purchase (or in some cases, sell) Bitcoin.
DAO - Decentralised Autonomous Organisation
A Decentralised Autonomous Organisation is an organisation that is inherently set up differently from traditional organisations in that its operational rules are programmed and maintained on a blockchain with members maintaining the running of the organisation without the oversight of a governing body. Members of DAOs are rewarded with tokens for maintaining the integrity of the system and performing tasks.
DAPPs - Decentralised Applications
These are applications built on smart contract blockchains like Ethereum.
DeFi - Decentralised Finance
DeFi is used to describe digital assets, dApps, smart contracts and protocols that operate on smart contract blockchain, particularly Ehtereum.
DPoS - Delegated Proof of Stake
This is an advanced form of Proof of Stake in which a fixed number of elected persons or entities are selected to create blocks by verifying transactions.
FA - Fundamental Analysis
ICO - Initial Coin Offering
LN - Lightning Network
Lightning Network is a second layer technology that is used on the Bitcoin network such that transactions between parties are faster, readily confirmed and with minimum-to-no transaction fees.
OTC - Over The Counter
P2P - Peer-to-Peer
PoA - Proof of Authority
PoB - Proof of Burn
PoW- Proof of Work
PoS - Proof of Stake
ROI - Return on Investment
TA - Technical Analysis/ Trend Analysis
Conversational Crypto Terms
BTD/BTFD - Buy The Dip/Buy The Fucking Dip
This means buying an asset after a decline in price.
BUIDL - Deliberate misspelling of “Build”
Buidl is used when telling someone to start building a new crypto project and stop focusing on HODL.
DILDO - Refers to long green or red candlesticks in a candlestick chart.
DYOR - Do Your Own Research
When you DYOR, you are carrying out detailed research to understand a market and not just depending on information from others.
FOMO - Fear Of Missing Out
This is an emotional state that follows seeing green dildo in the chart which makes a trader buy an asset at a high price because they believe it will keep rising and don’t want to miss out on making a profit.
FUD - Fear, Uncertainty, Doubt
This is used to describe an article or statement that causes the price of an asset to drop - not based on fundamental or technical analysis. Someone who makes such a statement is said to spread FUD.
HODL - Hold On for Dear Life
A misspelling of HOLD that has come to mean Hold On For Dear Life. It is used to refer to holding an asset for a long period of time because you expect it to appreciate in value.
JOMO - Joy Of Missing Out
It is the opposite of FOMO and is the feeling that follows the plummet in the price of an asset because you didn’t buy it when the price was high.
LAMBO - short for Lamborghini
It is used in connection with being very rich from a crypto investment.
NOOB - A newcomer or newbie in the industry.
OCO - One Cancels the Other
REKT - means Wrecked.
It means utterly destroyed or ruined, likely because of a crash in the price of a crypto asset.
TLT - Think Long Term
Refers to a strategy where the focus is on the profit to be made in the long term and not the immediate quick profit.
2FA - Two-Factor Authentication
API - Application Programming Interface
BFA - Brute Force Attack
dApp - Decentralised Application
GPU - Graphics Processing Unit
Multi-sig - Multiple-Signature
SHA - Secure Hash Algorithm
CFTC - Commodity Futures Trading Commission
DOJ - Department of Justice
FDIC - Federal Deposit Insurance Commission
FTC - Federal Trade Commission
SEC - Securities and Exchange Commission
BCH - Bitcoin Cash
Bitcoin Cash is a fork of Bitcoin. It was created in 2017 as a solution to the slow transaction processing time of Bitcoin.
BNB - Binance Coin
BNB is an altcoin issued by cryptocurrency exchange company, Binance. It runs on the Ethereum blockchain with a maximum of 200 million tokens that can exist.
BTC - Bitcoin
Bitcoin is the original and foremost cryptocurrency. Created by Satoshi Nakamoto in 2009, Bitcoin has become a medium of exchange around the world and offers numerous financial advantages.
cUSD - Celo Dollars
This is a stable coin that operates on the Celo platform. Celo is a smart contracts blockchain that uses the proof-of-stake consensus.
DASH - Dash
DOGE or XDG - Dogecoin
ETH - Ether
Ethereum is an altcoin that went live in 2015. Its decentralised blockchain is famous for its smart contract functionality which allows decentralised applications (dapps) to operate safely. It has also made DeFi (decentralised finance) possible and easier.
GRC - Gridcoin
LTC - Litecoin
Litecoin was created in 2011. It was one of the earliest altcoins to be made.
NMC - Namecoin
Namecoin is a Bitcoin fork that allows for decentralised Domain Name Systems (DNS). Instead of governments and big corporations owning domain name systems, Namecoin makes the owning decentralised.
POT - PotCoin
PotCoin is a cryptocurrency that is designed specifically to facilitate the anonymous sale or purchase of cannabis products
STEEM - Steem
Steem is an altcoin that is based on the Steem blockchain. Steem blockchain is a social media and content-focused platform on which content creators are rewarded with the Steem coin based on other users' interactions with their content.
USDC - USD Coin
This is a stable coin that is pegged to the USD dollar. That is, 1 UDSC = 1 USD
USDT - Tether
Tether is a stable coin whose value is pegged to the United States dollars. This means that 1 USDT = 1 USD.
XLM - Lumen
Lumen is a cryptocurrency that operates on the Stellar blockchain payment network. It helps make transactions between financial institutions faster and cheaper regardless of the location of the transacting parties.
XMR - Monero
Monero is a cryptocurrency that is big on privacy and anonymity of its users. Although it operates on a blockchain technology, which is a public ledger, the receiver, sender and amount being sent are not broadcasted.
XRP - Ripple
Ripple is an altcoin that enables a seamless transfer of money in any form (be it USD, Yen, or even Bitcoin) or commodities (like Gold or oil) over the Ripple network.
ZEC - Zcash