The novel read.cash platform continues to gain new users, some of whom are completely new to cryptocurrencies. You may know what Bitcoin Cash #BCH is but be unfamiliar with common terms used in the digital currency world. While there are numerous terms (words used), let’s take a look at the more common ones you should know.
A hot wallet is a digital wallet that is connected to your Internet. Simple enough, right? We have that capability here on read.cash. Use it.
On the other hand, there is a hardware wallet. This is actually nothing more than an electronic device used to store your cryptocurrency keys. We all have these: USB devices. Be sure to use a reputable USB if you are going to store your currency.
One thing to watch out for is what is called the pump and dump scheme. This works when swindlers spread fake information for the purpose of increasing a cryptocurrency’s value (this is the pump, as in pump me up), and then cashing out their currency (the dump). To avoid this, be aware of false news you hear or read and check serval sources to determine if it is true.
Whale is the term for an individual who owns quite a lot of cryptocurrency. We have a few on read.cash who are very generous.
Mooning is what we are looking for with Bitcoin Cash. This occurs when the value of #BCH is quickly rising over a small period of time. It also applies to all cryptocurrencies. Right now we have seen most cryptocurrencies experiencing a dip. This is when the price is falling. Wise advice leans towards not selling when this occurs but rather buying more! This is called Buying the Dip. If you cannot afford to buy #BCH then by all means hodl it. In other words, keep what you have. It’s just a slang word for hold.
Mining is the term for using your choice of computer hardware to process and validate cryptocurrency transactions. Some people use multiple computers or highly expensive networks of computers to mine for cryptocurrency. Of course, your electric bill will skyrocket accordingly. And it isn’t wise to mine for low value cryptocurrency.
Another term is fomo (fear of missing out). Fomo can have several causes, but probably the most common one is not being aware of what’s happening with your cryptocurrency. With this a person does not know whether to buy or sell. Its cousin is called FUD. This refers to fear, uncertainty and doubt. Mass media platforms typically print or broadcast bad news about a cryptocurrency which can cause panic among owners of coins.
As new digital currencies come into the market, the term that is used is airdrop. Most of the new ones give free coins away to early users. This is a simple marketing strategy and low risk because you don’t have to buy anything, only sign up, and create a user name, email and password. I signed up for a new one today (by invite only) and received 6,197 coins which will debut in 2022 for $1 each.
In your spare time get to know as many terms as you can so as to become more knowledgeable about the digital currency world. In this way when you invite your friends and family you will be able to speak with some authority on the matter.
Interesting I learn something new here..