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Saturday 15th May, 2021
It's hard to DYOR when everyone around you has FOMO and starts filling their bags, ready to HODL, waiting for the next airdrop.
If you're curious about buying and selling cryptocurrencies then you've probably heard people using these types of words and phrases or read them online on social media. But, what do they actually mean and how might they indicate whether a particular coin is worth investing in?
In this article you'll find an explanation of the most common terms any beginner thinking about investing in crypto should learn. The good news is that they're mostly quite simple to understand. More technical terms associated with professional trading will be covered in a future article with examples.
So let's get started:
A cryptocurrency airdrop is a marketing activity where small amounts of newly minted coins or tokens are freely distributed to drive awareness. They are usually used by startups seeking to increase their user-base by airdropping their coins to wallet holders on select blockchain platforms.
Sometimes, airdrops come with terms such as the requirement to hold a particular coin or maintain a minimum balance to be part of the distribution.
It is important to remember that this is a marketing activity, and whilst it's tempting to buy additional amounts of an airdropped token whilst it is cheap - you should research the project/team/distributors to satisfy yourself of the risk before parting with your money.
A blockchain is a type of storage, which records transactions. The transactions are stored as blocks which are chained together with hashes (unique text strings), that are used to verify the authenticity of the previous block. This structure is important because a blockchain is duplicated and distributed across a network of computer systems, so there needs to be a trusted method to check that all recorded transactions are correct and therefore genuine.
There isn't a single blockchain, and they are not all made equally. Some blockchains can transact data faster than others whilst there will be some variation in how energy efficient each will be. It's a good idea to familarise yourself with the different types of blockchain so that you can make better decisions about which you may want to buy tokens from, or build software on top of.
Flippening is where any crypto coin in competition with Bitcoin grows bigger, more important, or more valuable than it. The first major, widely adopted cryptocurrency was Bitcoin and as such many alternative coins are compared to, or have some alignment in their prices with it.
It is thought for example, that Ethereum may cause the 'flippening'.
In trading, FOMO, or 'fear or missing out' is an emotional experience where an investor feels that others are enjoying something that you are not. You may feel as though you're missing out on huge gains in some new coin, which compels you to buy into it as well. These fears and thoughts might also lead you to not take profits or adjust your stops on your chosen exchange.
Often these thoughts can cloud your investment decisions if you act on impulse due to FOMO and cause you to buy at the top or sell at a low.
FUD means to spread "Fear, Uncertainty, and Doubt" and the aims of people 'fudding' are to cause the price of a coin to drop, by sharing bad or fake news that spreads on social media.
It's commonplace for FUD to not be based on fact, but instead unsubstantiated opinion.
WhatIfIHODL is named after it! It is thought that the acronym stands for 'hold on for dear life'.
but generally it is understood that HODL means 'hold' or in other words do not sell. Unfavourable market conditions could drive you to sell your position but you might decide to hold in the hope of a short or long term recovery.
Someone might describe a cryptocurrency that is undergoing or about ready for bullish upward market trend. It can be associated with the belief that the coin is set for 100, or even 1000% gains.
This is a scam where company insiders promote a coin or token as the next big thing that you can't miss out on (Remember FOMO?). But, the promotion itself is based on lies, or baseless opinions. The aim of the scammer is to create hype and artificially inflate the price of a cryptocurrency and sell their own position for big gains before their untrue claims are uncovered and the market value shrinks, leaving late investors with a loss.
Sats is short for 'Satoshis' and is the smallest unit of a Bitcoin.
Like the traditional currencies of countries around the world, cryptocurrencies can also be divided into smaller units. Just as the U.S. dollar can be divided into cents Bitcoin can be divided into Sats. One Sat equals one-hundred-millionth of a Bitcoin or 0.00000001 BTC.
A shill is person who is paid to help another person or organization to sell goods or services. The shill pretends to have no association with the seller/group and gives onlookers the impression that he or she is an enthusiastic customer
When someone is paid to promote a crypto project, coin, blockchain or token, but pretends they have no association with the organisation they are known as a shiller.
This person encourages others to invest in a cryptocurrency so that the interest grows, people buy it, and the price of the coin or token increases.
A whale is a cryptocurrency term that refers to individuals or entities that hold large amounts of a particular coin or token. Whales hold enough cryptocurrency that they have the potential to manipulate the price.
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BTS: whatifihodl-0 BTC: 1CFJdasPUMnUXz5qBvUtMirnxoeba4PFa6
