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We always stumble upon, in articles or videos, terms that are widely used in the Bitcoin space and are not familiar or known to newcomers. So, I will try and help you understand some of these terms and maybe, let you grasp more of the articles you are reading.
- Altcoins: Altcoins are short for alternative coins, which are coins that are not Bitcoin.
- Bearish: Being bearish is the opposite of being bullish, meaning the feeling that the market prices will fall.
- Bitcoin Halving: It is when the Bitcoin mining rewards are cut in half. This happens every four years; the last halving happened in May 2020, and the next halving will occur on May 2024.
- Bitcoin Wallet: It is a device, software, or phone application, that holds our Bitcoin.
- Blockchain is a list of transactions on the Bitcoin network that everyone sees and can’t be changed or altered.
- Bullish: Being bullish is a positive feeling that the market prices will increase.
- DYOR: This term means “Do your research,” and it is used to tell people to do their research about something before putting their money at risk.
- Fiat: Fiat is used to talk about regular currencies outside the cryptocurrency space, like the Dollar or Euro.
- FOMO: This term means “Fear of missing out.” It usually happens when something is happening fast, and you don’t want to miss out on it, like for example, Bitcoin’s price is getting higher, and you don’t want to miss on the gains that you might have, so you buy without thinking.
- HODL: This word originated from a typo error in a 2013 online post. The user wanted to say hold but accidentally said HODL, and since then, it became a term people use to say: “Hold On For Dear Life,” meaning, keep your coins and don’t ever sell them.
- KYC: This term means “know your customer.” Many online exchanges use the KYC method to verify their customers by using a passport, driver’s license, or ID.
- Mining: Bitcoin mining creates new Bitcoins by solving complex mathematical problems using powerful computers and machines (like ASIC miners). Many miners try to solve the same issue simultaneously, and the fastest one gets rewarded with Bitcoin.
- Private Key: It is a code consisting of random letters and numbers that can sign Bitcoin transactions and can prove the ownership of the user’s holdings.
- Public Key: It is our Bitcoin wallet address, which we can share with anyone to receive Bitcoin.
- Signature: A Bitcoin digital signature helps miners prove that the sender owns a specific private key. Every time a transaction is made, a new signature is created.
In the end, these are some of the terms used in the Bitcoin space. I hope they will help you be more familiar with and comfortable using them in conversations.
This is a guest post by Cryptonator Guy. Follow him on Twitter @cryptonator_1. Opinions expressed are entirely their own and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.
