CRYPTO TERMINOLOGIES YOU SHOULD KNOW (SERIES 2)
1. *TOKENS* - Tokens are created on existing blockchains. I.e Every cryptocurrency created under BSC, SOL, ETH or any other blockchain is not a coin but a Token. E.g $cake (Bsc), $rope (Sol), $UNI (Eth). Tokens are the backbones of DEFI & exist to be used with DEX.
2. *MARKET CAPITAL* - The total trading value of a cryptocurrency. Calculated by (Current Price x Circulating Supply= Mcap)
3. *STABLECOIN* - A cryptocurrency that is tied to the value of the US dollar to make it more stable and less volatile. E.g USDt, Busd
4.*PUMP AND DUMP* - This is kind of like a scam where people who own a large share of a Coin encourage others to buy to artificially pump the price. Once the price reaches a high point, they sell off all that they own and the price falls drastically.
5. *BAGHOLDER* - This term is for someone left with a cryptocurrency after a pump and dump. E.g Everyone holding Shitcoins after they fall
6. *GAS FEE* - A fee for validating a transaction.
7. *REKT* Slang for âwreckedâ. It implies that the user lost a lot of money on cryptocurrency.
8.*MOON* - A belief that a Cryptocurrency will rise exponentially in price.
9.*HODL* - A drunken misspelling of the word âholdâ which is now a slang people use when they say they are going to wait and hold onto a cryptocurrency.
10. *NFT* - (Non Fungible Tokens) NFTs enable people to buy and sell collectibles like art, music and trading cards using smart contracts. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.
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