RECENT: New Definitions

KYC

Stands for "Know Your Customer". Typically refers to an annoying obligation that exchanges and similar businesses must adhere to that involves verifying a customer's identity.

This is usually done to comply with anti-money-laundering and anti-terrorism laws in whichever country they operate in.

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James C.
Posted on March 15th, 2019

Transaction Fee

The fee paid when transferring cryptocurrency. The fee is typically paid to those facilitating the network, such as a Bitcoin miner.

EXAMPLE USAGE:

"I just paid a $2 transaction fee for sending $100 worth of Bitcoin."

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James C.
Posted on March 15th, 2019

Fiat

Regulated, government-issued currency that is not backed by anything of inherent value. Like the kind you use to buy a sandwich at the deli.

EXAMPLE USAGE:

US dollars, Mexican pesos and Chinese yuans are all forms of Fiat.

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James C.
Posted on March 15th, 2019

ATH

Abbreviation for All Time High. Refers to the peak price of a cryptocurrency.

EXAMPLE USAGE:

"Shitcoin is worth nothing compared to its ATH."

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James C.
Posted on March 15th, 2019

Moon

A verb used in place of "to the moon", referring to the price of a cryptocurrency skyrocketing upward.

EXAMPLE USAGE:

"Bitcoin will never moon again!"
"Bitcoin is mooning!"

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James C.
Posted on March 15th, 2019

Faucet

A website/service that provides you with an insignificant amount of cryptocurrency for doing trivial tasks (or nothing at all sometimes).

Typically a waste of time.

EXAMPLE USAGE:

I did a bunch of surveys on this Bitcoin faucet site and got a whopping $0.00004 worth of Bitcoin!

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James C.
Posted on March 15th, 2019

Pump and Dump

When an investor or group of investors create false demand for an asset that they have significant stake in. The false demand causes a sharp price increase, which is when said investor(s) dump their asset on the market at significant markup. The asset then devalues significantly due to the selling pressure and/or exposure of dishonesty.

EXAMPLE USAGE:

When someone tells you to buy Shitcoin because it is going to moon, it is probably a pump and dump.

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James C.
Posted on March 15th, 2019

Hot Wallet

A hot wallet is a method of storing cryptocurrency on a device that is connected to the internet, or some other form of network that is accessed by multiple devices.

Hot wallets are commonly used for the purpose of facilitating exchange quickly and conveniently, though they are vulnerable due to your private keys being stored on a network-accessible device.

EXAMPLE USAGE:

If you keep your cryptocurrency on an exchange, you are keeping your cryptocurrency on a hot wallet.

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James C.
Posted on March 15th, 2019

Cold Storage

When cryptocurrency is stored offline, as in not on any device that is interconnected with any other devices (computer, web server, phone, etc.).

This is done as a safety precaution to eliminate potential attack vectors such as someone hacking a computer/server and gaining access to funds.

EXAMPLE USAGE:

Tod holds his cryptocurrency in cold storage, by writing down his private keys on a piece of paper and keeping them in a bank vault.

James C. doesn't have a picture.
James C.
Posted on March 15th, 2019

QuadrigaCX

At one time, QuadrigaCX was the largest cryptocurrency exchange in Canada. Founded in November of 2013 by Michael Patryn and Gerald Cotten.

In December 2018, Gerald Cotten allegedly died during a trip to India. Cotten was the only individual with access to the exchange's cold storage, leaving $250M of customer funds in limbo.

James C. doesn't have a picture.
James C.
Posted on March 15th, 2019