🤑 Cryptocurrency jargon can sound like a Spanish soap opera when you don’t speak Spanish, but here are some terms broken down and simplified!
- ICO - stands for Initial Coin offering. It’s a pre-sale for a new coin. Think of it as waiting outside on Black Friday to get the sale deals before everyone else.
✨ Example: “I’m buying in early on this ICO. I think it’s going to moon!”
Blockchain - a public databook that records and validates all transactions. It’s the technology behind Bitcoin. 1,000s of computers all verify the same transactions so no one can cheat the system.
It’s basically the equivalent of sharing a photo publicly on Instagram to verify your outfit is smoking hot, instead of sending one photo to just your roommate. You now have a record of hundreds of people verifying that your outfit is goals.
✨ Example: “I just bought Bitcoin! I should see my purchase in my after it gets verified through the blockchain. Really wish Bitcoin's blockchain were as fast as Ethereum's.”
- Cryptocurrency - a decentralized digital currency that uses cryptography. It’s digital money that uses codes to keep it from thieves that isn’t backed by a bank.
✨ Example: “Litecoin, Ethereum and Bitcoin are my favorite cryptocurrencies.”
- Bitcoin - A decentralized cryptocurrency that runs on a global peer-to-peer network without the need for a middleman. It’s like Venmo but you don’t have to write a reason.
✨ Example: “I'm going to talk to my financial advisor about investing into Bitcoin now that the price is lower.”
- Fork - A fork is essentially a copy of another cryptocurrency that turns into it's own cryptocurrency. It’s like if you showed up to a party and someone is wearing the same outfit as you, you could say they forked your style.
✨ Example: “Bitcoin forked so it split into two coins. Now I have Bitcoin and Bitcoin Cash.”
- Wallet - It’s essentially a software program that stores your coins instead of keeping them in an exchange. You can check it just like an online bank account.
✨ Example: “I transferred my coins to my wallet. Now they’re more secure.”
- Private Key - This is basically your crypto password. This protects your coins in your wallet. You don’t give this out. To anyone. Ever.
✨ Example: “They got hacked because they gave their private key out.”
- Shitcoin - a crappy coin that most likely will go to zero. A scam most likely.
✨ Example: “I shouldn’t have bought that shitcoin just because i liked the logo. I lost everything.”
- Altcoins - Altcoins are simply alternative coins to Bitcoin. They’re the coins that wear leather jackets and smoke weed in the high school parking lot. KIDDING! Kind of. These are even more high risk investments.
✨ Example: “I’m gonna try my hand in the altcoin market, buying some Litecoin and Ripple.”
- Mining - Miners solve complex math problems to find cryptocurrencies in the blockchain and get rewarded with cryptocurrency. Miners also process payments.
✨ Example: “My friend just got into crypto mining.”
- FUD - Fear, uncertainty and doubt. It’s when people spread rumors about coins to drive the value down so they can be purchased cheap.
✨ Example: “Don’t believe the FUD. Bitcoin’s not in a bubble.”
- HODL - Hold on for dear life. It means hold on to your crypto even when it’s falling. It’s the equivalent of buckling up and hanging on riding with an insane Uber driver.
✨ Example: “Bitcoin’s price is falling, but I’m hodl-ing because I truly believe it's value will come back.”
Exchange - a site where you buy and sell cryptocurrencies. It’s like Etsy without the artisanal inspirational quote signs.
BTFD - Buy The Fucking Dip. It’s buying after a large price drop, in hopes that it will be worth more in the future.
✨ Example: “Bitcoin’s price is sinking. I’m gonna buy the fucking dip!”
"To the Moon" - An extreme rise in the value of a cryptocurrency. It’s basically what Beyonce says to her bank account every day.
✨ Example: “I’m not selling, Bitcoin is going to the moon!”
*NEW MONEY content is to help educate and get women excited about investing. However, we are not financial experts. All content is for informational and entertainment purposes only.