INTRODUCTION
##Many of us have being in coin currency business but are not yet familiar with the words most of the master and tycoons of cryptocurrency use. Here, this is a guide to put you through. I call it jargons because many of these words sounds crazy. So let's talk some Crypto jargons at this point
There's something called Hard fork or Segwit2x. Looks Chinese right,what it simply means is duplicating. For instance, one of the prominent coin today called Bitcoin cash (BCH) was hard forked. Meaning a day was picked by some developers whereby they would duplicate or snap your BTC wallet or balance. Meaning if you had 3BTC on the day the duplication would happen, you would equally get 3 BCH (Bitcoin Cash). The BCH is easier to mine, have less transaction fee and a bigger block size (block size is a technical term meaning cryptography space)
See, one of my crypto investors friends don't know any technical big grammar. He just abides by simple crypto rules. He makes more profit than I do. So don't let the grammar throw you off balance.##
FOMO
"Fear of Missing out"..........
Sometimes, we buy coins in the ICO not because we value it, but because everyone is buying and you're afraid to loose out if the coin blow. Let me put it in a sentence. " I ain't feeling Hextracoin (HXT) tech, but I would acquire coz of FOMO man"
HODL
"Hold on for Dear Life"........
Imagine someone that bought 1 BTC in 2015 at $250 and sold in 2016 for $700. In 2018 its now $9000. I wish he held his coins longer. So the longer you HODL (meaning hold) the higher the value. The word "hodl" originated from the misspelling of a crypto Lord who shouted on the most popular bitcoin forum. "I am HODLING". that's the origin.
Whale 🐳
Someone who possesses a Majority percentage of a cryptocurrency. For instance, Satoshi Nakomoto is believed to hodl about 1 million BTC which is equivalent to $7+Billion. He's a whale!
Whitepaper
A documentation describing a crypto currencies protocol in detail. The plan (or roadmap) on how the coin would become big and powerful in the market. It's usually available during ICOs.
Pump and Dump
Let me illustrate it before I use big English to describe. Some people have the habit of buying a coin plenty (pump) during ICOs, then immediately after it enter market, as the price shots up, they would just dump it. Tbe coin would now be in excess. Thus reducing the value. Pump and dump is a bad habit that kills some coins . We should learn to Hodl! It gives bigger money in the long run.
Now the big English: "Inflating the value of a financial asset that has been produced or acquired cheaply, using aggressive publicity and often misleading statements.. Lastly on this terminologies. You'll learn others along the way.
Escrow
Now the illustration. Lets say I want to buy some bitcoin to Mr Walex. As in I want to exchange naira for bitcoin . And I don't really know Mr Wale or trust him. I would now looks for escrows. Escrow can be a trusted website or trusted human. That is, I would send the money to the escrow. Wale would now send bitcoin to my wallet, then when I confirm I have received it, escrow would now pay Wale the money. So escrows are like trusted middle men.
Now let me speak the big English: "The act of holding funds or assets in a third In party account to protect them during an asynchronous transaction.: