In cryptocurrency, there exists many abbreviations and initials that are commonly used within the crypto and blockchain community. If you are farmiliar with Twitter, telegram, Instagram, reddit and many other social media platform, you must have notice most of these crypto abbreviations and you may be wondering what they stand for. Well today, we will list the top ones you should know for starters.
- BTC: we start with the most common which is BTC and it stands for “Bitcoin” which is the very first and top cryptocurrency in market capital and the most popular that exist at the moment. It was developed by an unknown person or group of persons by the name Satoshi Nakamoto who have since disappeared. Lunched in 2009, Bitcoin stands today at a price of $37k as of time of writing. It has been listed on many exchanges and can be traded also in many exchanges including the world’s largest and leading cryptocurrency exchange “BINANCE”. Binance is the best site to buy, sell and trade bitcoin with your local currency and using local payment methods. Create a free Binance account HERE and start your bitcoin journey with low fee and good security.
- ETH: moving forward, we meet the second giant in the market, “Ethereum”. Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin. At the time of writing, it is worth $2600 and can be traded on Binance with ease and security.
- FOMO: This is not a cryptocurrency or a company but it is that which have to do with your attitude towards the market or the crypto community. “Fear of missing out” is an anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media. You may want to jump into such scenarios in order not to miss out on what might be happening. Well, be very careful with such feelings.
- DYOR: Mostly, you will always get this word from Binance, as they always advice you to “Do your own research”. It is regarded as one of the most important aspects of being a cryptocurrency investor. It is also often used as a kind of disclaimer by some cryptocurrency figures when they post about projects or analysis on social media platforms.
- DEFI: “Decentralized finance” offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks. Instead, it uses smart contracts on a blockchain. It is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.
- NFT: Over the past few months, this has been streaming on many social media platforms and have attracted many audiences. A “non-fungible token” is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin. NFT can be traded on the Binance NFT Marketplace which is very secure and reliable. Create a free Binance account HERE and access the NFT marketplace to buy, sell amd create NFTs together with designers and creators all over the world.
- AMA: Is an acronym that stands for “ask me anything.” When used as a noun, an AMA refers to a type of informal interview in which the interviewee opens the floor to the general public, allowing the audience to ask them whatever they want to know. Most of the time, Binance exchange organizes AMA for their communities to talk about cryptocurrency amd blockchain which people end up learning alot.
- HODL: It is a term derived from a misspelling of “hold,” in the context of buying and holding Bitcoin and other cryptocurrencies. It’s also commonly come to stand for “hold on for dear life” among crypto investors.
- DIP: Dip means to put or let something down quickly or briefly into liquid in the traditional sense. However, in the world of cryptocurrencies, a dip is the process of buying an asset after it has declined in value.
- CZ: well we couldn’t just finish the list without this, since we are talking about cryptocurrency. Changpeng Zhao, commonly known as “CZ”, is a Chinese-Canadian business executive. Zhao is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume as of April 2018.
From the above explanations, you can now understand what many people meant to say when they use these abbreviations. Though these are not all, but we carefully select these ones as the top 10 because it had gained so much popularity over time within the crypto space.
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