Explanations of Terms Used In Crypto Space — First Round
Are there some technical terms bothering you as you are new to this field? We’ve collected some technical terms in crypto world explained briefly for you to understand them better.
- A day in crypto world is a year on earth: indicating the daily price fluctuation of digital currencies is that of traditional financial instruments in a year.
- Cutting leeks: “leeks” refer to newbie investors, when they invest digital currency at the peak price, the market plunged due to massive sell-offs by insiders or top investors. Those who were buying high and selling low end up losing their money, this behavior to have the leeks “harvested” is called “cutting leeks.”
- Airdrops: an airdrop is a distribution of a digital currency token or coin to users for free through completing some kind of missions. An airdrop is implemented as a way of gaining attention and new followers.
- Coin providers: people who provide and trade digital coins.
- Bull market: price goes up with a promising prospect.
- Bear market: price falls continuously and the market is bleeding red.
- Mining: an approach to gain digital currency coins by using mining rig to perform the computational algorithms, whoever solves blocks first may gain rewards. The term comes from mineral mining for their operation principles are similar to each other.
- Moving bricks: the simultaneous buying and selling of the same asset in different exchanges in order to take advantage of different spreads offered by brokers.
- Bottom fishing: refers to buying digital currency at the low point (bottom point).
- Private sale: a way to invest in digital currency projects, and the best approach for project leaders to raise funds in the early stage.
- Token: it is named “通證” or “代幣” in Chinese, refers to a certificate or a right to perform some operation in blockchain. It is not yet a “currency” before entering the market.
- ICO: Initial Coin Offering, the term comes from Initial Public Offerings, IPO; refers to blockchain project leaders issuing their digital currency in exchange for other cryptocurrencies that are available in the market, it is also a way of project financing.
- STO: Security Token Offering, it is an extension of ICO upon securities regulatory requests, a security token is an asset-backed coin, which is equal to an asset in the real world (stock, bond, commercial debt, precious metals, futures commodities, real estate, funds, and so forth.)
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