When I was a newbie in the cryptocurrency world, I barely understand the terminologies that are connected to it. "What does that word mean?", "What is its simplest definition that can easily understand by my young mind?". These are the questions that are needed to be answered that's why I decided to adjust. I conducted simple research about crypto terms on Google and I can say that it helps me a lot.
In this article, I want to share with you the basic terms that you need to know before diving into the cryptocurrency sphere. These are the terms that I've already encountered or heard of for four months of being exposed to cryptocurrency.
Disclaimer: I'm not a professional in this kind of field so you are free to correct me if I'm wrong. This is not also financial advice, please conduct your research.
Fiat
I encountered this word in some articles here on read.cash and also in some posts of users in noise so I searched it. According to all of the sources that I've gathered 'Fiat' or 'fiat currency' is a currency that is declared by the government to be a legal tender. In the USA, the U.S dollar is their fiat currency so in our country it is Peso.
HODL
I thought at first that it was 'HOLD' in jumbled letters but I realized that it has a broader meaning in the cryptocurrency world. "Hold On for Dear Life" is a strategy wherein you will buy certain crypto and then hold it for long period in the hopes that the price or value will increase in the future.
Wallet
This is not the physical wallet that we are using to store our physical money. However, It is a place to store our cryptocurrency holdings and secures that no one aside from you can access. It has tight security that's why if you ever forgot your password or you didn't take down note of your seed phrases there is a big possibility that you lose all of your cryptocurrencies. That's why you should have a backup for security purposes.
By the way, I am using Bitcoin.com wallet as my primary wallet in storing my Bitcoin Cash earnings on read and noise.cash 😊 You can try it if you want.
DYOR
This one, I thought that this is a brand of luxury perfume 🤣 sorry for my innocence but at least now I know.
"Do Your Own Research" is an advise that is commonly used by cryptocurrency enthusiasts. From the word itself, it means that we should conduct our own research first before making any investments. You can search some articles on different websites such as Reddit, forums, etc. This practice and mindset can save you from potential scams in the future.
Whale
It is a huge animal in real life but in the cryptocurrency world? It is an investor or a group of investors that can greatly affect the value of any coin. If these whales decided to buy a huge amount of coins then the value of the coin increases but when they all sell? Expect the sudden dip.
I just learned this word from my virtual friends out there 🤣 Knew word and knowledge unlocked for me 😅
Closing Thoughts
I know that these are just a few terms but I will make a part two about it once I encountered new terminologies in cryptocurrency. I will also conduct further research to increase my knowledge since I want to fully understand how the crypto world works.
Author's Note
Article No. 31 (September 14, 2021)
Good evening readers! I know that some of you know the terms already but for those who don't, I hope that you get some knowledge from this article. I want to thank my readers, silent readers, if I have any, commentators, and sponsors for supporting me always on my writing journey. I am not here if I didn't meet you so thank you so much!
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Reference
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Finay, nalaman ko na din yung sa whale hihi. Thanks for this informative article 🤗