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When you’re new to cryptocurrency, you’ll come across a bunch of TLAs (Three Letter Acronyms) and terms which may not make sense; deciphering this language will help you on your journey!

  • FUD – fear, uncertainty and doubt; covers a lot of things like #fakenews, as well as general sentiment regarding some cryptocurrencies; this generally refers to social media posts trying to get people to influence people’s buy/sell behavious
  • FOMO – fear of missing out; referring to the buying behaviour of a cryptocurrency when it is “mooning”
  • HODL – a misspelling of HOLD, HODL became an internet meme and synonymous with cryptocurrencies and the behaviour of holding and not selling your position, no matter what.
  • Moon(ing) – when a cryptocurrency’s price is increasing rapidly, usually breaking an ATH
  • Fiat – “real money”; cash in the bank, what you trade your Bitcoin/other cryptocurrencies for when you want to exit the market
  • Whale – someone with a large holding, generally witnessed by a large buy or sell order on a specific market
  • Bull(ish) – positive market sentiment; the cryptocurrency value is generally in a growth phase
  • Bear(ish) – negative market sentiment; the cryptocurrency value is generally in a decreasing value phase
  • ATH – all time high; the highest price a cryptocurrency has ever been valued at
  • ICO – Initial Coin Offering; similar to an IPO, this is a method of attracting funds for a new project, whether it’s a new cryptocurrency or otherwise, usually by using Bitcoin or Ethereum as a method to raise funds.
  • ROI – Return on Investment; how much return is made on an investment, generally expressed as a percentage calculated as CURRENT PRICE / BUY PRICE
  • Cold Storage – an offline method of storing cryptocurrency and the private key required to use your account, usually in the form of a printed paper copy of the relevant keys
  • Hardware Wallet – another offline method of storying cryptocurrency, using a USB device which requires a PIN or passphrase to unlock you accounts for easier access, as opposed to pure cold storage

 

If all of this is too much, you can just buy and sell cryptocurrency instead. For more information on getting started, check out our Getting Started guide.

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[…] to transfer to Binance to get started; unfortunately Binance doesn’t allow direct Fiat deposits, so stocking up on some Bitcoin, Litecoin, Ethereum or another cryptocurrency will be […]

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