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40 Common Words Used in Crypto Market by Cryptocurrency Investors

40 Common Words Used in Crypto Market by Cryptocurrency Investors

1. WALLET - This is an online wallet(you can call it purse) where you store your coins. Example is Trust Wallet, Bread Wallet, etc.

2. EXCHANGE - This is an online platform where you can buy, trade and sell coins. Example is Binance, Remitano, etc.

3. ADDRESS - are numbers and alphabet which you can use to receive or send digital coins 🪙🪙🪙 or tokens.

4. ALTCOIN - This is any coin that is not Bitcoin. It's also called alternative currency 💵💵💵. Example is Etherum, XRP, AGX, etc.

5. TOKEN - Simply means coin

6. STABLE COIN - A coin that is tied to the value of something like the dollar which price cannot fluctuate. E.g. USDT, eNaira, etc.

7. GAS - A fee you pay for transaction, commonly used in Etherum because of it's high gas fee.

8. REKT - Simply means wrecked. When you lose all your money or most of your money while trading.

9. MOON - When the price of a coin has a positive movement. Continuous upward movement of coin price

10. HODL - drunken spelling of HOLD meaning to buy a coin and hold it to make profit.

11. P2P - Peer to Peer enables transaction between two entities without a middleman.

12. FOMO - Fear Of Missing Out is when you are worried if you don't buy a coin when others are, you may regret later.

13. BULLISH - When a coin is moving in a positive direction. Just like moon.

14. BEARISH - Movement in a negative (Downward) direction.

15. TAKE PROFIT - Selling or swapping or converting or withdrawing part of or all of your money on a particular coin after making profit.

16. STOP LOSS - Applying a point where you want to take out your money to a stable coin after losing part of money.

17. TARGET - Deciding how much profit you want to make on a particular trade.

18. FARMING - Staking your coins for a particular period of time while you receive rewards for doing so.

19. AIRDROP - A campaign strategy on a new coin to gain popularity.

20. ALL TIME HIGH - When a coin gets to a new price for the first time.

21. ALL TIME LOW - New low price of a coin for the first time.

22. BAG - If you hold a huge amount or numbers of a coin, you have a bag of it.

23. DIP - When a coin price is moving downward. This is good time to buy.

24. DApp - A computer program that utilizes a blockchain for data storage, runs autonomously, is not controlled or operated from a single entity, is open source and has its use incentivized by the reward of fees or tokens.

25. DUMP - Selling all you have of a particular coin.

26. ESCROW - A middleman🧑‍🦼🧑‍🦼🧑‍🦼 in a coin 🪙🪙🪙 transaction.

27. FIAT - Government owned currencies that are in cryptocurrency. Example USD, EURO, NGN.

28. FUNDAMENTAL ANALYSIS - This simply means to do a research on a coin.

29. LIQUIDITY - The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price.

30.  WHALE - A term used to describe extremely wealthy investors or traders who have enough funds to manipulate the market.

31. SHITCOIN - A coin with no potential value or use. 

32. SHILL - This is the holder/owner of altcoins who just wants to promote his digital currency for his own benefit.

33. FUD - Fear of Uncertainty & Doubt of rise or low in price of coin.

34. BTFD - Buy The Fucking Dip coin 🪙🪙🪙 at any point in time.

35. WEAK HAND - A coin holder prone to selling at the first sign of a deep in price.

36. JOMO - Joy Of Missing Out of buying a particular coin. This is the opposite of FOMO.

37. NOCOINER - A Nocoiner can be any person who doesn’t own Bitcoins at a particular time.

38. C2C - This is swapping or buying a Crypto with another Crypto.

39. SHORT -  This is margin bear position while LONG - Is margin bull position 

40. LAMBO - This is the status symbol that becomes an elusive goal for most investors. It’s a car industry reference that makes people believe everyone who has entered the cryptocurrency business will buy a Lamborghini very soon. 

NB: I tried to explain them in plain English for easy understanding. Notwithstanding, if you still have any questions try to DM me.

Please try to leave a comment for us to know what next or what you don't understand about it. Thanks.

The Benefits of eNaira to Nigeria Economy

What You Should Understand About eNaira Nigeria Cryptocurrency

All you need to know about the e-Naira set to be launched on October 1

The Central Bank of Nigeria (CBN) is set to launch the eNaira on October the 1st. Let us take a closer look at the eNaira, what it means for you, and how you can position to take advantage of its launch.

What Is the e-Naira?

The e-Naira will be a digit representative of the paper Naira currency issued by the Central Bank of Nigeria. The eNaira will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira. The e-Naira will not earn any interest to holders. The e-Naira is built on a blockchain open ledger technology. Creating the eNaira on the blockchain means you cannot have a duplicate or fake eNaira. Each eNaira note will be unique.

Is the e-Naira a Stablecoin?

A stable coin is a cryptocurrency backed by reserves. The keyword is reserves, but what kind of reserves? Stable coins are backed by holding an equal equivalent of FIAT money like the US dollar. FIAT means government-issued but usually not backed by any commodity, e.g., gold. Thus a stable coin like USDT is tied to a currency, the US dollar, and maintains a stable exchange value. Note, stable, not immovable. The eNaira technically is linked to the FIAT Naira, but is the Naira stable? Well, not exactly. To be a stablecoin, the eNaira has to be tied to a currency like the US Dollar or Euro or even the Yuan.

How Safe Is the e-Naira?

Think of the e-Naira in this way; you want to send N100 to an uncle in a remote village without a bank branch. A common practice is to buy mobile phone recharge cards of that value, load them to your phone, and text your uncle. Your uncle can then go to any phone card retailer and discount his N100 mobile phone credit for N95. The mobile retailer can redeem the call credits and pay cash because he trusts the person doing the exchange; however, he cannot tell if the mobile numbers are real.

The eNaira is designed to solve this verification risk by assuring all holders that each eNaira is a valid token. This authenticity is achieved by building the eNaira on the blockchain. Thus instead of buying phone credits, I will debit my bank account for N100, convert to eNaira, and transfer it to my uncle. My uncle can spend the funds directly from his phone or transfer and get cash. Every retailer is more likely to accept the eNaira because it can’t be easily faked.

How Will I Get the e-Naira?

The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks. Your bank will then retail the e-Naira to you. If your transaction value is less than N50,000 a day, you don’t need a bank account to get the eNaira; you can use a NIN verified phone number to buy eNaira. If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the eNaira.

Why Should I Use the e-Naira?

The eNaira has a low-cost advantage when compared to FIAT. The daily transfers between accounts are at no cost to the holder of the account. Lower transaction cost is a massive incentive as traders will pay no fees for withdrawals and deposits to and from their bank account. No transaction fees reduce the cost of commerce while improving safety.

How Will Dollar Remittance to e-Naira Work?

The e-Naira will be integrated into the CBN’s forex process, and this is to make it easier to receive remittances to Nigeria. These transfers could be from the CBN crediting e-Naira directly to the International Money Transfer Organisation (IMTO). A Nigerian abroad sending $100 to his uncle can debit his US bank account and credit $100 to an IMTO, who will buy eNaira from their corresponding Nigerian bank. The $100 is converted to e-Naira instantly at a far lower transfer fee which is a real benefit and a significant advantage the e-Naira will enjoy.

What About Inflation?

The street definition of inflation is too much cash chasing too few goods; however, not all inflation is this simple. Coins in Nigeria are scarce; thus, most merchants round up their prices to match with available currency, usually notes. This rounding up induces an artificial rise in prices because any cost-push does not cause the price hike but other factors, for example, selling eggs for N100 instead of N88. With the e-Naira, it becomes possible to transfer the exact cash price in the marketplace, especially in rural areas. This reduces the possibility of “round-up inflation.”

The e-Naira Can Be the ECOWAS Currency

The e-Naira can be used by any two parties who can credit a Nigerian banking institution with corresponding currency. This means a trader banking with UBA in Burkina Faso can settle his import bills from the Gambia using e-Naira. This will be the next level of the rollout. The financial institutions and FINTECH start to build out an ecosystem with eNaira as the base product.

The e-Naira Helps the Financially Excluded

The e-Naira will also bring in the vast majority of the unbanked Nigerians who have no bank account but have a phone into the formal financial economy. With the e-Naira, salary payments and payments for goods and services can be concluded. A plumber can accept payments on his phone, store them in his wallet, and make transactions with any vendor.

What Are the Risks?

Data security. The e-Naira is online, the BVN and NIN information is also online, the risk of malicious actors attempting to hack or gain access to the data is very low. The process of minting and burning eNaira tokens by the CBN has to be top-notch.

Overall, it’s a plus to the Nigerian economy, and it’s a positive progression towards a cashless society, with lower costs, and higher productivity.

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