17 Common Cryptocurrency Terms You Should Know

Altcoin

These are generally any cryptocurrency other than Bitcoin

Bearish

When a crypto asset falls to a downward slope in value

Bid Price

It is the price an individual is offering to buy cryptocurrency

Blockchain

It is a decentralized and distributed electronic ledger that records all transactions. It is transparent, immutable and secure

Bullish

When you believe a crypto asset is going to experience an upward hike in value.

Fiat Currency

Also known as paper money is the currency declared as the legal tender by a country’s government.

FOMO

It stands for “Fear Of Missing Out”. It is used to describe the feeling you need to get on the train when the price begins to rise.

FUD

Fear, Uncertainty and Doubt. An act of negativity without any cause, sometimes spread by individuals who want a cryptocurrency price to drop.

Gas

It is the fee required by the Ethereum network to process a transaction.

HODL

it describes the process of not selling cryptocurrency.

Liquidity

It is an asset ability to be sold or converted to cash without affecting its market price

Resistance Level

The level at which an asset’s price fails to breakthrough due to intense selling pressure.

Smart Contract

It is a computer program or transaction process intended to execute automatically, control, or document legally relevant actions according to the agreement’s terms.

Stable Coin

A cryptocurrency with extremely low volatility

Support Level

The level at which an asset’s price does not fall below due to intense buying pressure.

Transaction Hash

It is an identifier given to every transaction that is verified and added to the blockchain