Regarding financial investment, traders always have many options. Some can be listed here like
stocks, bonds, gold,… However, in recent years, there has appeared another type of asset in the
financial world, which is known as the biggest financial revolution of modern history. That is
If you are a beginner, the following article will provide the basic terms you need to know when
entering this industry.
What is Cryptocurrency?
By definition, cryptocurrencies are a medium of exchange much like government-issued
Cryptocurrency uses security encryption algorithms to ensure the exchange of information in
digital form and control the creation of new units.In other words, a cryptocurrency is simply a new form of currency evolution, also known as
What is Blockchain?
Blockchain is simply a technology that allows users to record information, like a ledger.
The interesting thing about Blockchain is that once data is saved to a Blockchain, no one can
delete or change it and the Blockchain is almost impossible to hack.
7 Terms in the Cryptocurrency Market
In a certain field, there are always related professional terms that you need to know.
Cryptocurrency is no exception.
ICO: ICO stands for Initial Coin Offering. You can understand it as a form of raising
capital for the project by selling a corresponding amount of tokens. For example, Project
A needs to raise $ 15 million through the ICO form, they need to sell a corresponding
token of $ 15 million.
Whitelist: The whitelist is an indispensable term if you invest in an ICO. It means that
you can participate in buying tokens during the project’s crowdfunding. And usually, you
need to complete KYC to be on this list.
KYC: KYC is an acronym for Know Your Customer. It helps the project to verify the
investor's identity, which ensures the project not to be controlled by a certain group.
Altcoin: Altcoin includes all other coins in Bitcoin. For example, Ethereum or Ripple is
FOMO: FOMO (Fear of Missing Out) is a psychological syndrome of fear of missing out
on something. Specifically, people with this syndrome will have the feeling that they are
about to miss something if they do not make a decision quickly. This motivates them to
take immediate action that lacks reasons. And of course, most of them are wrong.
FUD: FUD is the abbreviation for Fear, Uncertainty, and Doubt. If you are feeling scared,
uncertain about the information or the current situation of the market, you’re having FUD.
Pump and Dump: To perform the Pump and Dump trick, a shark or a group of sharks is
required. First, this group will choose the coin that is easily priced, then push the price up
slowly. Combining with information release to create FOMO, they sell simultaneously to
make dump prices.
Some Other Terms
In addition to the above 7 terms, there are also the following terms:
ATH (All-Time High) means that the coin price is about to break its own record.
DYOR (Do Your Own Research) – Self-research and check information before making
HODL: It refers to the action of not selling your coins no matter what happens because
you believe it will rise again in the future.
REKT: Someone suffers a big and heavy loss.
BAGHOLDER is a person, who holds a large number of coins, waiting for prices to rise
and selling in the future.
GO TO THE MOON: Coin prices are strong or will increase in the near future.
Through this article, hopefully, you understand the concept of cryptocurrencies as well as some
common terms in this market. This will be helpful for those who are just starting to participate in
the Cryptocurrency market.
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