The crypto trading space might have attracted you for the financial freedom it brings, but it can be annoying to hear your peers spout crypto jargon and abbreviations you don’t know the meanings of. Don’t worry though, because we have got you covered! In this post, we define some technical and conversational crypto trading abbreviations you should know!
What are some technical crypto abbreviations you should know about?
Let’s start with some technical crypto abbreviations you need to know to operate in the crypto trading space!
- 2FA or Two Factor Authentication: This is a security protocol that requires users to provide two forms of authentication to access an account or system. This typically involves something the user knows, such as a password or PIN, and anything the user possesses, such as a fingerprint or facial recognition.
- API or Application Programming Interface: a collection of guidelines, procedures, and building blocks for software programs.
- ASIC or Application-Specific Integrated Circuit: A microchip designed to perform a specific function or task. ASICs are often used for complex calculations or data processing and are often more efficient and faster than general-purpose processors.
- BFA or Brute Force Attack: A cyberattack when the attacker seeks to get a system or account by guessing passwords or keys through trial and error.
- Bech32 or Bitcoin Address Format (also known as bc1 addresses): A new format designed to reduce user error when sending or receiving Bitcoin and support future scalability improvements.
- BFT or Byzantine Fault Tolerance: A property of a distributed system that ensures that the system can continue to function correctly even in the presence of faulty or malicious nodes.
- DAG or Directed Acyclic Graph: A data structure used to represent complex relationships or dependencies between objects with a directed graph that does not contain any cycles.
- dApp or Decentralized Application: An application that runs on a decentralized network, such as a blockchain. dApps are typically open source and operate autonomously without a centralized server or authority.
- DDoS or Distributed Denial of Service: A type of cyber attack in which multiple systems are used to flood a network or server with high traffic, making it unavailable to legitimate users.
- DEVCON or Developers’ Conference: A conference focused on software development and technology, often featuring presentations, workshops, and networking opportunities.
- IPFS or Interplanetary Files System: A protocol and network designed to create a permanent and decentralized method for storing and sharing files.
- PKI or Public Key Infrastructure: A system of digital certificates, certificate authorities, and other registration authorities that verify the authenticity of electronic documents and ensure their integrity.
- Multi-sig or Multi-Signature: A digital signature scheme requiring multiple parties to sign a document or transaction. Multi-sig is often used in cryptocurrency transactions as a security measure.
- NONCE or Number Used Only Once: A random number used in cryptography to ensure the security of a system or protocol. Nonces are typically used to prevent replay attacks or ensure data’s uniqueness.
- SHA-256 or Secure Hash Acronym (256-bit): A cryptographic hash function widely used in digital security applications. SHA-256 generates a fixed-length output based on input data of any size.
- WWDC or Worldwide Developers’ Conference: An annual conference hosted by Apple that showcases new software and technologies for developers, featuring keynote presentations, technical sessions, and hands-on labs.
What are some related conversational abbreviations you should know about?
Now, let’s get into some conversational crypto abbreviations:
- BUIDL or “Build”: A term used in the cryptocurrency community to encourage people to focus on building projects and products instead of just buying and holding cryptocurrencies.
- FOMO or Fear of Missing Out: The feeling of anxiety or apprehension that one might miss out on an opportunity or experience, especially in investing or trading.
- HODL or Hold On for Dear Life: A term used in the cryptocurrency community to encourage people to hold onto their investments, even during times of extreme volatility.
- BTD/BTFD or Buy The Dip/Buy the F****** Dip: A phrase used in the cryptocurrency community to encourage people to buy an asset when its price has fallen significantly, typically during a market downturn.
- DYOR or Do Your Own Research: A phrase used in the cryptocurrency community to encourage people to do their own due diligence and research before investing in a project or asset.
- FUD or Fear, Uncertainty, Doubt: A tactic used in the cryptocurrency community to spread negative or misleading information about a project or asset to create panic or uncertainty.
- FUDster: a person who promotes uncertainty, apprehension, and fear: A term used to describe someone who spreads FUD in the cryptocurrency community.
- ELI5 or Explain It Like I’m 5: A phrase used to request a simplified or easy-to-understand explanation of a complex topic or concept.
- JOMO or Joy of Missing Out: The feeling of happiness or contentment that one experiences when choosing to opt out of an activity or event, often to prioritize personal well-being or mental health.
- KYC or Know Your Customer: a procedure used by businesses to confirm the identification of their clients and assess their risk level.
- Lambo or Lamborghini: A slang term used in the cryptocurrency community to refer to the desire for wealth and the potential for getting rich through cryptocurrency investments.
- TLT or Think Long Term: A phrase used in the cryptocurrency community to encourage people to take a long-term perspective when investing in cryptocurrencies rather than focusing on short-term price fluctuations.
- OCO or One Cancels the Other: A type of order used in trading that is designed to automatically cancel one order if another order is executed.
- REKT or “Wrecked” (meaning major losses): A slang term used in the cryptocurrency community to describe a situation in which someone has suffered significant losses due to market volatility or other factors.
- TOR or The Onion Router (one that sends anonymous data): A software program and network that allows users to communicate anonymously and securely over the internet.
- CT or Crypto Twitter: A term used to refer to the community of cryptocurrency enthusiasts and experts who use Twitter as a platform to discuss and share information about the industry.
Understanding these technical and conversational crypto abbreviations is important for anyone who wants to stay up-to-date on market trends and make informed decisions while crypto trading. Keeping pace with the constantly evolving world of cryptocurrency can be difficult, but by becoming familiar with these terms and abbreviations, you can become an informed player in the crypto trading space, and set out to achieve financial freedom.
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