The coolest A to Z of crypto
Having gone through the Internet and no cool and concise A to Z of crypto, I decided to make one myself. Here we go:
A for Altcoin
Altcoin is basically every coin that is not bitcoin. There are over 1,500 crypto coins in the world today. Starting from Ethereum to the smallest crypto, they are all called altcoins
B for Bitcoin
Bitcoin is the first (successful) crypto. It remains the market leader. It has seen highs of $20k and lows of $5.6k in the year 2018
C for Cryptocurrency
It is what we call the coins. The crypto is a short from cryptography (which refers to the underlying technological principle on which the invention is based). And then currency because it is a medium of value exchange.
D for Dapps
Dapps is a short for decentralized apps. It just means apps that are not centralized. One of the hallmarks of the blockchain technology is its openness and nonrestrictive distribution (of stake). Decentralized means no centralized authority. All crypto projects are (or at least claim to be) decentralized. There are a number of platforms that decentralized applications can be built on like Ethereum, NEO, EOS, Qtum etc.
E for ERC-20
The token standard for Ethereum. Most projects on the Ethereum blockchain issue tokens that are ERC-20 compliant. Also, not all wallets can receive ERC-20 tokens. Wallets that can state it specifically.
F for FUD
FUD means Fear, Uncertainty and Doubt. This is what bad news produces. Sometimes the event is not bad but the media channel makes it sound as bad as possible. The aim of such is fud and hence are called fud.
G for Gas
If you use the Ethereum blockchain, you must be used to this already. For every transaction, you pay gas which is in ether. Many consider it a turn off and makes dapps difficult to use. Ethereum is dealing with that problem. Meanwhile, there is NEO gas called GAS. If you own NEO and hodl it, you get paid in GAS.
H for Hodl
A variant of hold. Coined by someone on a bitcoin chat by mistake. It just means don’t sell (yet).
I for ICO
ICO means Initial Coin Offering. This is very similar to Initial Public Offering. The only difference here is while IPO is selling a stake in a company for the public, ICO may not be selling a stake. It is just a means of raising funds for the project where the ICO investors are given tokens which is said to have some sort of value. However, some would argue that most coins have no value since most do not have a working product yet.
J for Jaxx
After looking for what else J could stand for without finding anything substantial, I settled for Jaxx. Jaxx is a wallet for hodling cryptocurrencies. They have an app.
K for KYC
KYC means Know Your Customer. It is a process that exchanges, wallet companies, token issuers carry out to make sure their operation is in compliance with Anti Money Laundering (AML) laws.
L for Lambo
Lambo actually is a short for Lamborghini. Lamborghini is a luxury sports car brand that is very expensive (see picture above). The term lambo is used in the crypto world for the thing (or things) we would buy when big money is made. Some have actually gotten a lambo, but most have just hanged on the wishing part.
M for Moon
You must have heard the phrase, ‘to the moon!’. The moon is basically a much higher destination in price. When you look at the chart and it shoots up and keeps going higher, hypothetically, it is heading to the moon! In the actual sense, a price surge in the range of 400% can be classified as the moon.
N for Node
A node is basically a computer wallet that stores transactions on the blockchain in real time. It is the ledger that stores transactions. Cryptocurrency mining cannot be done without nodes. Your wallet is basically a node with private keys for the address you store your coins.
O for Open-source
Open-source concerning a code means that the code is open to be shared, used or modified by other developers. It is a code that is freely available. All cryptocurrency projects have open-source codes. Without it, they wouldn’t be transparent.
P for Pump
This is where a crypto coin is bought by a select group of people in huge amounts for the purpose of inflating the price so that it can lure greedy and gullible people. So when gullible public buys in and the price inflates more, the original set of people who planned the “pump” will sell at the new high price, making the price fall back down with the people who bought at the highs having to come at a loss. Some will sell and take the loss. Others will hodl and hope things improve. Those who hope are called bag holders.
Q for QR Code
This is a unique code that carries information about an address or link. It is scanned by the camera and an easy way to link an address through a phone.
R for Rekt
Rekt is when you buy a coin at a particular price and you are at a huge loss because of the current price. Rekt happens but it is not a permanent position.
S for Shilling
Shilling is when you talk so good about a coin (that you most likely own) on chats or social media, trying to get other people to buy into it.
T for Token
These are coins that are established on the blockchain of platforms. Coins issued based on the ERC-20 standard on the Ethereum blockchain are tokens. If it has its own blockchain, it is not a token. Most crypto coins are tokens.
U for Unanimous
Unanimous means everybody agrees. This is important in the crypto world because organizations follow a consensus model. There is no centralized body, hence decisions are made democratically. A unanimous decision is often desired, but in reality, it is not easily achieved. This is why there are hard forks.
V for Verification
2-factor verification is important in the crypto world. It saves any account from getting compromised. This is basically using a password and a code sent to your phone (or Google authenticator) to login to your account. This system makes life very difficult for scammers and hackers.
W for Whales
These are people that have more than 1,000 bitcoins. Bitcoin at the moment is about $6k which makes the value of 1,000 btc like $6M. They are called whales because any movement of theirs will shake the market. They are often people who got in early on bitcoin.
X for the X in XRP, XVG, XLM, XEM etc.
What in the world is X doing in the short form of these coins? XRP is Ripple. There is no X in Ripple. XVG is Verge. XLM is Stellar Lumens. XEM is Nem. Why is there an X in their short forms??? So, let us honour the X.
Y for Yobit
There was a long search for Y too. Finally, we settle with an exchange. Yobit is a cryptocurrency exchange.
Z for ZTrader
This is an app that makes you link your exchange account and let’s you trade on your phone on the go. Most exchanges do not have an app. Many traders link their exchange account to this app and trade from there.
There you have it. The coolest A to Z. Cheers!