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Cryptogambling / 10 Must-Know Blockchain Buzzwords

10 Must-Know Blockchain Buzzwords

Publish Date: 09/05/2023

To master any topic, you must first be in tune with the basics. This is the same for all fields in life and blockchain is not cut out from this.

Many people have expressed their concerns about the complexity of blockchain terminology and recognize it as one of the factors stifling adoption globally.

This article is meant to keep you updated about the 10 must-know blockchain buzzwords.

Airdrop

Blockchain-based projects employ a marketing strategy known as a crypto airdrop to distribute a large number of free tokens as a promotional campaign. In this initiative, project organizers directly deposit the tokens into users’ crypto wallets.

Bear Market

In crypto, when the market turns “bearish,” it indicates that not only have the newbies and paper hands departed, but even the die-hard HODLers are beginning to feel uneasy. A bear market is defined by a widespread absence of investor confidence and a negative outlook on asset prices. e.g. Bitcoin is bearish: this shows that the bear of Bitcoin has dipped massively.

Bull Market

A bull market occurs when the majority of investors actively purchase cryptocurrencies, resulting in high market confidence and a subsequent rise in prices. Within the crypto realm, a bull market indicates an anticipated increase in the value of the cryptocurrency. A bull market is the period most crypto investors make money.

Cryptography

Cryptography is the art of concealing information. Specifically, modern cryptography employs mathematical theories and computation to encrypt and decrypt data, ensuring the integrity and authenticity of information.

In the process of encrypting text, the plaintext (clearly understandable data) undergoes encryption, transforming it into unreadable ciphertext. This ensures that only individuals possessing a specific decryption key can access the transmitted information.

Degen

In crypto, you might have come across the word “degen” on social media. The term “degen” is an abbreviation of “degenerate” and commonly denotes individuals engaging in high-risk, speculative trading or investing in cryptocurrencies.

Whale

Crypto whale,” also known as a cryptocurrency whale or simply a “whale,” is a term used within the cryptocurrency community to describe individuals or entities holding substantial amounts of cryptocurrency. These whales possess enough cryptocurrency to exert influence over currency markets.

DYOR (Do your own research)

Crypto investors are advised to conduct their own research on a project before making any investment. This practice, commonly known as “Do Your Own Research” (DYOR), entails individuals independently gathering information and evaluating the potential risks and rewards associated with a particular cryptocurrency project.  Relying solely on others’ opinions or recommendations may not provide a comprehensive perspective, making it crucial for investors to actively engage in research to mitigate potential risks and increase their chances of successful investments.

FOMO

The Fear Of Missing Out (FOMO) acronym originated to depict a phenomenon wherein investors make buying or selling decisions for an asset driven by the actions of others, resulting in the potential loss of more lucrative opportunities.

FUD

The acronym FUD represents “Fear, Uncertainty, and Doubt” and was coined by Cryptocurrency experts representing the emotions associated with fear, uncertainty, and doubt within the cryptocurrency community.

HODL

The crypto community transformed an intentional typo of the word “HODL” initially shared by an anonymous user on the Bitcointalk forum, into slang denoting the act of holding a cryptocurrency for an extended period, regardless of market volatility.

Conclusion

Familiarizing yourself with the 10 must-know blockchain buzzwords is essential for anyone seeking to navigate the world of blockchain technology. By mastering these terms, you empower yourself with the knowledge needed to engage confidently in discussions and understand the intricacies of this transformative field.

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