bitcoin and crypto glossary

Bitcoin and Crypto Glossary

A comprehensive list of Bitcoin & Crypto acronyms and jargon.

Bitcoin and Crypto Glossary — As with any Internet and technology culture the Bitcoin and Crypto space has it’s own language.

To get you started with some Bitcoin and Crypto terminology I have compiled a list of many of the terms you will come across while you research the Crypto space.

ATH:

This is a trading acronym and stands for ‘all time high’ and refers to the price of an asset.

BAG HOLDER:

Is a trading term for an investor who persistently holds on to an investment hoping for a ROI, despite the fact the investment is steadily going to zero.

BITCOIN:

is a digital currency. Its transactions are recorded onto a blockchain and new units are created by computers solving mathematical problems.

BLOCKCHAIN:

The Blockchain is a system that records transactions made in Bitcoin (or other cryptocurrency). These transactions are maintained by computers in a peer-to-peer network.

BLOCK HEIGHT:

A Blockchain is a series of blocks, the block height is the number of blocks between any given block and the first block. The first block on the bitcoin blockchain is numbered 0. It is also known as the genesis block. See the current Bitcoin block height here.

BLOCK REWARD:

A Bitcoin block reward is a reward given to Bitcoin miners who successfully mine blocks on the network.

CRYPTO WALLET:

This is a device to store records of a cryptocurrency you own. By this I mean, the coin, let’s say Bitcoin, isn’t stored in the wallet, in fact they are not stored anywhere. Each Bitcoin address in a wallet has a private key and a public key. As long as you control these keys you have control over the balance that is recorded on the blockchain for the addresses in the wallet.

DAO:

Dentralized Autonomous Organisation.

DApp:

Decentralized Application. A DApp is an App that runs on a decentralised peer-to-peer network.

DYOR:

Do Your Own Research. If you are going to invest your hard earned money, it will pay dividends to thoroughly investigate the assets that interest you.

FIAT:

Fiat money is that which is declared legal tender by the state. eg, dollars, pounds, or Euros.

FOMO:

Fear Of Missing Out. As the price of Bitcoin rises to new highs, new buyers ‘fomo in’, before it’s too late.

FORK:

A blockchain fork occurs when different parties, who use shared rules to maintain the blockchain’s history, fall out of agreement

FUD:

Fear Uncertainty and Doubt. If you are active on Crypto Twitter you will encounter plenty of crypto FUD, both from the mainstream financial media and coin and token competitors. Essentially, FUD is used to cast doubt on a competitors product.

HASH RATE:

A network’s hash rate indicates how much computing power (hashing power) is being utilized on the network. On the Bitcoin network the hash rate is calculated as hashes per second (Hash/s)

HODL:

Is a crypto slang term for Hold, meaning to hold your cryptocurrency and not sell it. The typo HODL appeared on a Bitcoin message forum in 2013, it has stuck ever since.

PoW:

An acronym for Proof of Work, the original consensus algorithm used to mine Bitcoin and confirm transactions on the network. This method requires computers to solve mathematical puzzles. The more computing power (hash power) the better.

PoS:

Is an acronym for Proof of Stake. This is a concept used to validate transactions on a blockchain. This method requires miners to have a stake in the coin they are mining. The more staked the bigger the mining power.

The Crypto Slang You Should Know

Anthony Pompliano explains bitcoin and crypto terms in this fun video by Futurism

I hope you found this Bitcoin and Crypto Glossary useful. Head over to Learn Bitcoin for more videos