HOME: Daily Terms

Term of Day for August 9th, 2020

Lambo

Short for Lamborghini. When you've earned enough from cryptocurrency to buy a Lamborghini. This has been a trending term during the price hike in 2017 and shared on social media platforms in the form of a meme.

EXAMPLE USAGE:

Candice: What does the lambo and crypto market have in common?
Danielle: What?
Candice: They're both hot!

Ha H.'s picture.
Ha H.
Posted on July 22nd, 2018

Term of Day for August 8th, 2020

FOMO

Stands for "fear of missing out". The anxiety felt when the price of a cryptocurrency skyrockets and you are not invested.

EXAMPLE USAGE:

Alex: Oh my god! Ripple is mooning!!
Vivian: What's the price currently at?
Alex: Five dollars.
Vivian: No way, I bought it at a dollar two days ago.
Alex: This FOMO is killing me, should I invest?

Ha H.'s picture.
Ha H.
Posted on July 22nd, 2018

Term of Day for August 7th, 2020

Cryptocurrency Exchange

A service, typically a website or application, that allows people to exchange cryptocurrencies with one another. In some cases, cryptocurrency exchanges also allow you to trade cryptocurrencies for fiat currency.

Cryptocurrency exchanges operate similarly to stock exchanges and the prices of cryptocurrencies at any given moment are determined on these platforms.

EXAMPLE USAGE:

I just traded some Bitcoin for Ethereum on a cryptocurrency exchange.

James C. doesn't have a picture.
James C.
Posted on July 10th, 2018

Term of Day for August 6th, 2020

Shitcoin

A cryptocurrency that is typically built on poor fundamentals, or any cryptocurrency in general that fails its intended uses.

Shitcoins are often the result of money-grabbing ICOs or outright scams/ponzi-schemes.

The term is also used loosely in disdain for any particular coin that an individual may not like.

EXAMPLE USAGE:

Ted: Hey did you hear about Gymcoin? Its a new cryptocurrency used to decentralize gym memberships world-wide.

Bob: Sounds like a shitcoin to me.

James C. doesn't have a picture.
James C.
Posted on July 8th, 2018

Term of Day for August 5th, 2020

HODL

A misspelling of “HOLD” that evolved and became “Hold on for dear life”. It reinforces that you should refrain from selling during a down market. Either sell when it’s worth more than your initial investment or hang on until it’s worth zero.

EXAMPLE USAGE:

Van: Bitcoin prices has dropped almost 30%, if they continue at this rate I'm going to sell if it drops by 40%.
Mandy: Why would sell at a loss, HODL.
Van: You have a great point.

Ha H.'s picture.
Ha H.
Posted on July 22nd, 2018

Term of Day for August 4th, 2020

BTM

A Bitcoin ATM. Works similarly to a regular cash ATM, except that cash deposited is exchanged in to Bitcoin or other cryptocurrencies, directly to your wallet or to a paper wallet that is printed by the machine.

Some BTMs work both ways, where you can send cryptocurrency to the machine and it dispenses cash.

EXAMPLE USAGE:

Bob went to the BTM and exchanged $500 in to Bitcoin.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018

Term of Day for August 3rd, 2020

Fiat Gateway

A service that allows you to convert fiat currency in to cryptocurrency.

Cryptocurrency exchanges that deal in fiat currency, cryptocurrency brokerages and cryptocurrency ATMs are all examples of fiat gateways.

EXAMPLE USAGE:

Coinbase is a fiat gateway because it allows you to purchase Bitcoin/Ethereum/Litecoin with fiat currency such as US dollars.

James C. doesn't have a picture.
James C.
Posted on July 10th, 2018

Term of Day for August 1st, 2020

Craig Wright

An Australian computer scientist who claims to be the main person behind Bitcoin, AKA Satoshi Nakamoto. Despite his claims, he has been unable to provide any substantial proof to back them up. He is currently facing a $10 billion dollar lawsuit.

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James C.
Posted on July 12th, 2018

Term of Day for July 31st, 2020

Stablecoin

A cryptocurrency that has its price fixed, tied to either a fiat currency or asset. Some examples are USDT being tied to the price of the US dollar and DigiDAO being fixed to the price of gold.

Typically (hopefully) these cryptocurrencies are backed by the asset they're tied to.

EXAMPLE USAGE:

USDT, also known as Tether, is a stablecoin because 1 USDT is backed by 1 USD.

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James C.
Posted on July 12th, 2018

Term of Day for July 30th, 2020

USDT

Also known as Tether, which is a cryptocurrency that is supposedly backed 1:1 by US dollars. This means that this cryptocurrency sees very little volatility, as it is a stablecoin.

Often used on exchanges as a way to trade USD value vs. cryptocurrencies. Also used as a safe haven during declining market conditions as the price is stable.

EXAMPLE USAGE:

I moved all of my Bitcoin to USDT because I think Bitcoin is going to drop.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018