1/16/2024 0 Comments 100 sat crypto lingoFor the last 10 years of my existence, whether browsing a suspect or credible website, I have been “accepting cookies”. There are certain things in this life that I have accepted I will never understand.įirst things first, does anyone honestly know what “cookies” are? (The computer kind, obviously, the bakery version is self-explanatory – and far superior). For instance, the South African Reserve Bank is investigating the possibility of a digital currency backed by the rand. It is expected that most countries will digitise their national currencies in the future. Stablecoins – cryptocurrencies that are pegged to more stable assets such as fiat currencies (US dollars, Japanese yen, etc.) to reduce price volatility.Ĭentral Bank Digital Currencies (CBDCs) – cryptocurrencies that are created or backed by a country’s central bank. These newer coins are called ‘alternative coins’ or ‘altcoins’ as they are alternatives to Bitcoin. The wallet contains the private keys that authorise the owner to send these coins to another wallet.Įxchange – an online trading platform where you can exchange one cryptocurrency for another cryptocurrency or for fiat currency.īull run – a period when prices rise in the cryptocurrency market.īear run – a period when prices drop in the cryptocurrency market.īitcoin – Bitcoin (BTC) is the first cryptocurrency to ever be created and remains the world’s most popular and leading cryptocurrency by market cap.Īltcoins – any cryptocurrency other than Bitcoin. Remember, the coins are stored on the blockchain. Wallet – software with which you send and receive cryptocurrency. Halving – the Bitcoin halving is a recurring event built into its protocol which halves the number of Bitcoin awarded to miners. Miners do this to receive mining rewards paid in Bitcoin. Mining – the committing of computer hardware to process transactions on a blockchain (Bitcoin or otherwise). Traders who pump buy large volumes and when other investors buy more, they dump or sell their coins at a higher price.įiat – conventional or government-issued money (your local currency). Pump and dump – the recurring cycle of spikes in price which are then followed by a huge price crash. These transactions can be any movement of currency, goods or secure data. Often whales are the market-movers for small coins.īlockchain – a decentralised network that records transactions, much like a traditional ledger. Whale – a large crypto investor with a substantial amount of capital. While FUD appears to be negative, it can be a boon to traders when the dips come around as they can buy crypto cheaper.ĪTH – all-time high, or the highest historical price of a specific cryptocurrency. The typo was retrofitted as an acronym for “hold on for dear life” due to Bitcoin’s volatility.įOMO – fear of missing out is not only used in crypto, but the crypto version of it comes into play when you see a coin doing very well and are worried you may be missing out on an investment opportunity.įUD – ‘fear, uncertainty and doubt’ is used to describe the bad news that seems to take hold when critics of crypto start talking. The term became popular in 2010 when a typo in a Bitcoin forum went viral. HODL – this means to hold (not sell) your cryptocurrency. Marius Reitz, General Manager for Africa at Luno, unpacks the most popular crypto-related terms to help you make sense of it all. Whether you are just interested in understanding cryptocurrency better, or you want to trade, mine Bitcoin or transact, you should familiarise yourself with the jargon. It has also brought new terms and language, which can be bewildering and confusing. The world of cryptocurrency has brought new technology that is changing the world’s financial system. Luno claims that Bitcoin closed last week at the highest level since January 2018. Reports indicate that the prices of several cryptocurrencies are spiking. With over a reported four million users, Luno claims that there has bene a 79% increase in the number of new customers investing in Bitcoin for the first time since March 2020.
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