Crypto terminologies na those big big grammar for d crypto space wey crypto users dey use communicate. Dis terms go make you understand crypto and how to invest as a beginner or professional. Today, we go breakdown all this big grammar so that everybody go fit relate with am easily. Make we start with the Latest Crypto terminologies for inside 2023/2024.
Latest Crypto terminologies explained in Nigerian Pidgin – 2023/2024
- AIRDROP – Crypto Program for new project(coin) to use get more users for the coin.
- ALTCOIN – Any coin wey no be BITCOIN, na ALTCOIN.
- BAG – When you get plenty amount of a particular coin.
- BLOCKCHAIN- Dis na the online book where every buy or sell transaction you do dey enter for safe recording.
- BULLISH – When coin price just dey go up (pump).
- BEARISH – When coin price just dey go down (DIP).
- Cold Wallet/Cold Storage- An offline based wallet like flashdrive. e dey more secured than hot wallets, but if the flash drive loss, OYO.
- Centralized Finance- Financial activities wey central forces or third parties dey control.
- Centralized exchange (CEX)- This na crypto exchange wey get person wey dey control and supervise am.
- Decentralized Finance(Defi)- Financial activities no dey controlled by central forces or third parties.
- Decentralized Exchange(DEX)- This is a crypto exchange platform wey no get supervisor or controller. Na just you dey control and dem dey run P2P transactions here.
- DO YOUR OWN RESEARCH(DYOR) – Make you make your own findings about coin before investing.
- DCA(dollar cost averaging)- Na crypto method buying small small quantity of a coin so that price volatility no go affect your total investment.
- DIP – When Coin price dey reduce well well.
- DUMP – Selling everything you get for a particular coin.
- ESCROW – a middleman or third party for any transaction.
- EXCHANGES – Exchanges Na online Crypto Market place wey people dey buy or sell their cryptocurrency.
- FORK- The changing of a blockchain rule or Guide, this will result to a new blockchain from the formal ora new blockchain with same old rules. Bitcoin was forked to produce Bitcoin Cash.
- FOMO – Fear Of Missing Out . E mean say you go follow invest because of pressure, as everybody dey invest for that same coin so that you go miss out.
- FARMING – Na to donate your coin as investment so that you go dey collect small small profits.
- FIAT – Na d currencies wey government own and dey control. E.G Naira (NGN) USD, Euro.
- FUNDAMENTAL ANALYSIS – Analysis wey we dey make on coins by News, network etc.
- WALLET – Your crypto wallet na like your Crypto bank, where you go dey store all the coins you buy.
- WALLET ADDRESS – Dis na your crypto account number, wey people fit use send you cryptocurrency. Na combination of numbers and alphabets.
- TOKEN – A token na like coin or cryptocurrency.
- STABLE COIN – D price of dis type of coin no dey change or move, e dey always dey de same with the currency dem use join am with. For instance, USDT go always be $1, because dem join am to $1 (1;1).
- GAS FEE- The small money you go pay when you buy or sell cryptocurrency.
- REKT – REKT mean say you don go lose or your money for crypto trading.
- MOON – When the price of coin dey go up well well.
- HODL – Hold mean say make you no sell your coin, make you store am for your wallet for future profits.
- P2P – Peer to Peer mean say na only you and person go do business without another person or entity. Just you and the person go run the business.
- VOLATILITY – Dis na how price dey change easily for d crypto space, and na why risk dey high.
- TAKE PROFIT – Selling or swapping your coins after you don make profit for d market.
- STOP LOSS – Na price wey you set to close your trade incase e dey go against you, instead of you to lose all your capital.
- LIQUIDITY – Dis shows how easy we fit buy or trade coins.
- WHALE –The trader wey get massive possession of a coin, and fit cause wahala for market price by selling him bag.
- NODE- Computers wey dem dey use inside blockchain.
- HALVING- Program wey dey run for Bitcoin so that when dey mine certain amounts of Bitcoin (sometimes within four years) the number of new Bitcoin entering circulation go become half. E dey help reduce circulation supply and scarcity.
- HOT WALLET – Na online downloadable cryptocurrency wallet to use store your coins.
- Satoshi Nakomoto- The person or group of persons wey create Bitcoin.
- SMART CONTRACT- Na blockchain program wey dey run on em own wen certain conditions don reach for inside d blockchain.
- Vitalik Buterin- The founder of Ethereum, 2015.
Now, make we look at those price statistics wey go help know whether to invest for any coin.
Understanding Price Statistics
- MARKET CAPITALIZATION – Dis na how much investors don invest for inside the coin. Na the current price of the coin multiplied by d circulation supply. Dis information go help us know if coin don run leave us, or e dey early for us to invest in. For me, coin wey em market cap reach $1M don leave, and I no go pursue am unless I go use plenty capital.
- FULLY DILUTED MARKET CAPITALIZATION – Dis na same with market cap, just unless say dem dey multiply the current price with the total supply.
- CIRCULATION SUPPLY – Dis na the amount of the coin wey dey available for exchanges and for trading. D lesser the circulation supply, d more d scarcity and the better for the price to increase. For me, any coin wey pass 500M circulation supply no dey reasonable to buy, except na for longterm profit.
- TOTAL SUPPLY – Dis na the whole amount of the coin wey go dey available forever. Dis one na all the coins wey go fit dey mined for inside the blockchain.
- ALL TIME HIGH – Dis na d highest price wey any coin don reach since em existence.
- ALL TIME LOW – Dis na the lowest price wey any coin don reach since em existence.
- TRADING VOLUME (24H) – Dis na the amount of the coin people don trade (buy or sell) for d past 24 hours. Dis shows you say liquidity dey increase or reduce.
- LOCKED LIQUIDITY – Dis na how much of d coin wey d developers of d coin don lock, so that investors go dey safe to invest. E mean say d developers no fit dump the market on investors.
Locked Liquidity – Source Dexscreener