The Spanish “Economist” website published an article entitled “Dictionary needed to survive in the cryptocurrency universe” on April 17th. The author is Antonio Lorenzo. The article summarizes various professional terms related to cryptocurrency. . The full text is excerpted as follows:
The abbreviation of AMA Ask Me Anything, that is, speak up if you have any questions. Experts spend time and effort on social networks to answer laymen’s questions. Experts do not make money by answering questions, because everything is altruistic, they will gain prestige and influence.
AML Abbreviation for Anti-Money Laundering (Anti-Money Laundering). Tax authorities around the world promise to do this. To this end, all tax authorities are coordinating regulations to fill loopholes that may be exploited by fraudsters. It is easy to guess that Crypto cryptocurrency has been entangled with money laundering crimes since its inception.
Abbreviation for API Application Programming Interface. This is a tool used to realize the interaction between software. By leveraging the out-of-the-box functionality supported by the same mobile platform, you can save time, money and effort.
Bloodbath means “bloodbath”. This is the nightmare of all investors, that is, to see the price of cryptocurrency appear red (representing a decline) without any signs of discoloration.
BTFD is a vulgar slang that encourages investors to buy when asset prices fall. It reminds investors to buy when others feel panic.
Cypherpunk means ” cypherpunk “. The latest views and thoughts that advocate the use of new technologies to change the social, financial and political systems have emerged in the society, starting with the realization of complete privacy of users through encryption.
Dolphin means “dolphin”. Small investors like “dolphins” have the ability to influence the surrounding environment and can influence prices in a low-key manner through their comments on social networks and professional forums. This is the initial stage of some “whale” investors. The massive buying and selling of “whales” will shake the market.
Early bird means “early bird”. They are visionaries who either accidentally or deliberately bought Bitcoin many years ago, when the cryptocurrency was almost an experimental product. These people invested very little money to get Bitcoin, and now they have accumulated a huge amount of wealth.
Fish means “small fish”. In the ocean full of “whales” and “dolphins”, there are “little fish” everywhere. These small investors have very little cryptocurrency trading volume.
FOLE Fear Of Losing Everything is an abbreviation of FOLE Fear Of Losing Everything. Taking into account the volatility of the investment environment, this situation will always occur with a certain frequency.
FOMO Fear Of Missing Out (Fear of Missing Out) abbreviation. When people realize that a cryptocurrency is beginning to rise, no one wants to miss the feast of wealth. This “fear of missing opportunities” will exert a powerful influence in the currency circle.
Gas Fee means “miner’s fee”. It is this “fuel” that enables Ethereum to function. This is a fee or commission paid to the Ethereum blockchain “miners” and transaction verifiers.
Hash means hash algorithm. It is one of the pillars of blockchain technology, because the algorithm not only protects the accuracy of passwords and electronic documents, but also ensures the authenticity of data.
HODL was originally a misspelling of the word HOLD, but it has now become an abbreviation for Hold On for Dear Life.
The abbreviation of ICO Initial Coin Offering. This is a controversial crowdfunding activity, because many projects are suspected of fraud.
Miner means “miner”. Thousands of “miners” and their nodes (computers and graphics cards) generate blocks of the blockchain and receive cryptocurrency as a reward.
Node means “node”, that is, computers or servers connected to the crypto currency network, which can transmit information. Like any network access point, they have domain names and IP addresses.
Oracle means “oracles”. It is a mechanism for providing information for blockchain smart contracts. It is a decentralized software provided by a third party in addition to the blockchain itself.
Token means “token”. It is a string of codes in the blockchain accounting system, and it has no intrinsic value. It relies on a currency’s blockchain to exist.
Weak Hands means “weak hands”. Refers to a type of weak players, whose typical characteristics are impulsive buying and selling, and taking actions based on received subjective opinions. They are not reliable investors.