Here are seven geeky bitcoin terms that you should definitely know. Familiar with how these work? Can you use them in a sentence? Luckily, we won’t be asking you to spell them for full points. And if you don’t know them, then we are here to help!
Crypto terminology has become something that is widely important to almost any trader. This is mostly because of the continued adoption of the bitcoin market. In modern times, trading bitcoin is perceived just as normal as speculating on just about any other stock or investment- meaning that you should know your terms, and know them well. So, if you are a crypto newbie, these terminologies and others become important for your day-to-day life in the market.
As more people interact with the cryptocurrency markets, the more expansive and important they become. Encouraging access and usability in a number of different groups. While there is quite a bit of crossover terminology from traditional markets (like the terms bearish or bullish) there are also quite a few terms that are entirely unique to crypto. With some even being cryptocurrency specific. If you have any interest in this area, some of these terms are quite necessary to know and understand. So why miss out on being a cryptocurrency terminology expert?
You won’t find the terms “Halving” or “mining pool” when it comes to certain cryptocurrencies, like Tezos or DASH as they use a completely different consensus mechanism from bitcoin. Other terms, like “fork” and “faucet”, are sure to be found all over the crypto sphere, ubiquitous throughout the market, but highly unlikely to be seen in traditional trading. These different terms all depend on different types of cryptocurrencies you are looking to start trading. So, because of this it would be quite important to understand as much information as possible on many cryptocurrencies instead of the so-called, more common ones, like Bitcoin or Ethereum.
Sometimes, terms can seem at odds to one another- especially when you think about things like “decentralized” and “whales”. While this does happen, looking a bit deeper into these individual terms can help shed light on how they could possibly co-exist within the same trading structure. The Cryptocurrency market is becoming more and more prominent in the trading world. Because of that most of these terms will appear more commonly throughout the internet and on more columns and articles about the subject.
So how did you do? Did you ace the quiz and find yourself nodding along to the explanations? Well if you did, then excellent work! But even if you weren´t familiar with these words, don’t worry! All of them are explained above, and others can simply be found with a quick look around the search engines. Cryptocurrency terminology is easier to understand than most people believe. So, if you want to be the best trader in the crypto market, then knowing all of the important terms is the best way to start.
Now you just need to find the next seven geeky cryptocurrency terms and see if you can school us!
This information was provided by the exchange platform Bitvavo.