Every field of endeavor has special terms or terminology associated with it. Some refer to it as “jargons” once you hear certain words you can easily infer what field it’s associated with. Some of these words are actually used by professionals in the field to communicate, some can be in form of codes which is not easily understood by a layman. Professionals in the field actually understood what it meant. Cryptocurrency industry is not left out of this. There are some special terms in cryptocurrency that should be understood by beginners or newbie in the industry. There are some must know Crypto currency terms.
Though a lot of communication experts warn on using terms in the workplace or communication especially when it involves someone not in the same field as you. The fact still remains that in communicating or writing blog posts, articles or communicating about crypto currency, terms will surely be used. When you pick up a magazine, one of the way to recognize the field it’s related to, is to pay close attention to the terminology used. When you see terms like blockchain, bitcoin, and gift card, it is a pointer that the magazine is related to the cryptocurrency industry.
7 Must-Know Cryptocurrency Terms
Regardless of your level of expertise or professionalism in the crypto industry, the following 7 names are must know cryptocurrrency terms which must be well mastered. Next time you come along a magazine or blog that deals with cryptocurrency the following terms must be paid close attention to.
1-Wallet
The word “wallet” in the crypto world doesn’t refer to the conventional wallet where money is stored in your pocket. It refers to the digital wallet where you safe your cryptocurrency. In choosing a wallet to use, you must put in consideration the safety and security of such wallet, in order to your coin from being withdrawn illegally. The wallet is referred to as the bank of the crypto/digital world. Each wallet is assigned a special address that is customized to it only.
2-Coin
Coin is the currency itself, that can be transferred digitally (digital currency). There are a lot of digital currencies and the most popular and most lucrative to trade in as of today is the bitcoin.
3-Trendline
This is referred to as the direction the price of a coin is moving. Is the trend going up or down? People tend to buy more coin when it’s down with the hope to sell higher whenever the currency rises again.
4-Altcoin
Generally called alternative coin. Referred to coin that is an alternative cryptocurrency launched after the success of Bitcoin.
5-Exchange/Exchanger
Exchange is a familiar term to Crypto traders. This is referred to as sites, company or organizations that deal in the buy and sell of cryptocurrencies. Example of popular sites are Luno, Bittrex, Blocktrades, Coinbase etc.
6-Whale
Just like the whale is the king of the ocean. A person with a very large amount of Crypto is also referred to as a whale. When next you pick a Crypto magazine don’t think the word “whale” refers to an aquatic animal.
7-ICO
The full meaning of ICO is Initial coin offering, somewhat a replica of to an IPO in the non-crypto industry.
This 7 must-know terms in the cryptocurrency industry must be known to anyone looking to go into the industry, either to invest or become a professional in the field.
