When it comes to cryptocurrency sometimes it can feel like a whole different language is being spoken! So we have put together a list of commonly used terms to help you navigate the world of crypto, and understand what the hell is being discussed.
All time high (ATH) The highest price that an asset has reached since its listing
All time low (ATL) The lowest price that an asset has reached since its listin
Bullish/bull Investors believe price will rise
Bearish/Bear Investors believe prices will drop
Defi Financial activities that don't require a bank. EG financial products become available on a public, decentralised blockchain.
dApps Decentralised apps. Open source apps built on the blockchain, free from control from a single authority
Exchange A marketplace where you buy and sell crypto.
Fiat Currencies that have value because they are minted by a central bank (ie AUD)
“Going to the moon” Meme style term used when crypto is rising sharply in value.
Hodl Hold on for dear life.
Halving A feature in bitcoins code that after every 4 years (approx) the amount of new BTC gets halved.
ICO Initial Coin Offering. The first time an organisation offers coins to the public to raise money.
Node A computer that is connected to the blockchain.
NFT Non Fungible Token. A digital asset that represents real-world objects like art, music etc that is stored on the blockchain.
Public Key Address where investors can receive crypto, a string of letters and numbers.
Private Key A string of letters and numbers that investors use to access their crypto.
"Pump and dump" When people work together to inflate the price of an asset and then sell at the top..
Proof of work A method to ensure that coins are not copied. Miners are rewarded for their effort, and mining capacity depends on computing power. Miners have machines and they are solving problems. Complex math equations computer have to use trial and error to control the block creation.
Proof of stake A method to ensure that coins are not copied. Instead of having the machines and buying/building more machines, they have the coins and they stake it. If people collude and do something they are not supposed to, coin goes down in value meaning there is an incentive to do the right thing.
The content of this podcast is for general information only and does not constitute financial advice or consider individual circumstances. Please seek your own independent legal, financial, taxation or other advice before making investment decisions.
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