🔥👍Essential Vocabulary for Beginners in Web3:
Understanding the Major Cryptocurrencies:
- Bitcoin ($BTC): Leading cryptocurrency, recommended for uncertain investors.
- Ethereum ($ETH): Dominant in the cryptocurrency ecosystem, suitable for those grasping the concept of value currency.
- Solana ($SOL): A viable alternative for those skeptical of Ethereum's future.
- Binance Coin ($BNB): Preeminent in crypto trading platforms, ideal for those unfamiliar with platform coins.
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Key Concepts:
- Blockchain: Decentralized transaction ledger run by individual nodes.
- White Paper: Detailed project overview, focusing on background, technical vision, and occasionally team introductions.
- Whitelist: Early access to project tokens, divided into free and paid options. Beware of scams.👍⚡
- Mint: Exchange or casting of tokens, commonly used in NFT scenarios.
- NFT: Tradable digital assets.
- Telegram: Messaging software.
- CEX/DEX: Centralized and decentralized exchanges, respectively.
- FOMO/FUD: Emotional reactions in the market.👍
- GAS: On-chain transaction fees.
- CX: Pyramid schemes.
- DYOR: Do your research.
- Value Capture: Project's ability to retain token value.⚡
- Gamefi: Integration of tokens and economic systems in gaming.
- KYC: Real-name authentication.
- Oracle: Bridges traditional Internet data to the blockchain.
- MEME: Tokens created spontaneously.
- Wallet Types: Cold (offline) and hot (online).
- Impermanent Loss: Loss in value when withdrawing from a liquidity pool.
- Market Stages: Primary, 1.5-level, and secondary markets.
- Liquidity: Ability to trade without affecting market price.💗
- Liquidity Mining: Earning fees by providing liquidity.
- DAO: Distributed organization or community.
- OTC: Over-the-counter transactions.
- OG: Early adopter.
- Pixiu: Unsellable coin.
- Left/Right Side Trading: Different trading strategies.🔥🌪️
These terms provide a foundational understanding for navigating the Web3 space.
