✍Aenco Academy #9 : Learn this 12 Beginner’s Crypto Jargon✍
We witness a surge lately in community members inquiring more on the fundamentals of cryptocurrency and how to start their first investment — most of them revealed that they are relatively new to the realm of Crypto. So we did some organizing and came up with 12 crypto jargon for our new members. Buckle up, and join us this week on “Aenco Academy #9 : Learn this 12 Beginner’s Crypto Jargon”.
We always hear people talking about heading to the moon — when crypto enthusiasts say something is ‘mooning’ or ‘going to the moon’, it means spiking price and positive growth. Even our email are using the word moon and header: ‘email@example.com’.
It looks like a typo of ‘Hold’ — and it was a typo at the beginning. It evolves into a real crypto-specific word meaning to ‘hold’ the coin instead of dumping it after an anxious member misspelled the word when making a critical decision on whether to hold the coin or not.
Whale is a gigantic animal: when it moves, water near it get pushed aside as waves, if not splashing out like fireworks; this serves as a good analogy with the power of influence — a whale is crypto world means they hold a lot of crypto asset and whenever they sell or buy, it influence the market significantly.
We all experienced mobile or software updates in the modern age, and a fork in the crypto world means a change or an update of the cryptocurrency’s code, or protocol. Normally, developer will be the one who update a cryptocurrency’s code. A fork can be either a hard fork or a soft fork (we can explain that in our future posts!)
We wrote a post on Mining Coal or Coin last year, and mining cryptocurrency is getting more popular under COVID-19; but the misconception lies in the phrase ‘mining coins’, since people don’t directly mine coins, but they are rewarded with coins whenever they mined a block. Whereas mining a ‘block’ means solving hard problems through specific software
It just means someone who is inexperienced in mining and trading cryptocurreny. More time it refers to new investor in the crypto world. It could be interchangeably used with ‘newb’ — and they are also applicable in the gaming industry.
Rumor says Satoshi is the legendary creator of bitcoin. However, as of today, no one could properly identified the real identity of Bitcoin’s creator.
8. Smart contract
It’s basically a digital agreement document indicating the terms and condition between buyers and sellers. Smart contracts are stored in blockchain, thereby making all records of the contract(s) trackable. An example: you can check Aenco’s contract address here.
9. Public Key
Security is a major concern in the digital world, so a key is needed for storing data — a public key, or sometimes referred to a cryptographic key, means to encrypt readable messages to unrecognizable chain of data. There is also a private key that decode the unrecognizable messages (we can discuss that later!)
10. Wallet Address
Like a physical address that receives formal emails (and food delivery, too), a wallet address is the chain of data, usually comprising of 26 to 30+ characters, that send and receive cryptocurrencies.
Most people like a free airdrop — it is like money dropping from the ‘moon’, where people receive free tokens. Airdrop is a distribution of cryptocurrency tokens in the crypto world, and the time taken for completing the airdrop depends on number of wallet addresses it needs to cater to.
Ever seen someone pinging you on starting to do abritrage instead of mining bitcoins? Arbitrage traders generally takes “buying low, selling high” as their motto: they buy and trade like other cryptocurrencies traders but they are earning profit from exploiting price gaps between exchanges.
We hope these 12 crypto jargon will enhance our Aenco community’s understanding of what goes on in a world of crypto. If we missed anything on this list, let us know in the comments!
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