HOME: Daily Terms

Term of Day for August 28th, 2018

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.

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Posted on July 12th, 2018

Term of Day for August 27th, 2018

Backtesting

Testing a trading strategy by using theoretical funds with live market data. This is done to determine whether or not the trading strategy is fruitful.

EXAMPLE USAGE:

Paul is backtesting his new trading script to see if it is profitable.

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James C.
Posted on August 7th, 2018

Term of Day for August 26th, 2018

Scamcoin

A cryptocurrency that operates with the sole intention of defrauding its users. Typically, coins that operate as ponzi schemes or ICOs that make false promises are the primary culprits of being scamcoins.

EXAMPLE USAGE:

Tim: I think I am going to invest in Bitconnect because it promises 1% daily interest!

Bob: Don't do it, that is a ponzi scamcoin.

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James C.
Posted on August 7th, 2018

Term of Day for August 21st, 2018

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!

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Ha H.
Posted on July 22nd, 2018

Term of Day for August 20th, 2018

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.
701-312-7468
Posted on July 22nd, 2018

Term of Day for August 19th, 2018

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.

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Ha H.
Posted on July 22nd, 2018

Term of Day for August 11th, 2018

Browser Miner

Code on a website that mines cryptocurrency using the visitor's computation resources.

For example, you go to a sketchy streaming site that lets you watch TV shows or movies for free, though it uses your CPU to mine Monero for the duration of your stay on the website.

EXAMPLE USAGE:

I was streaming some Spongebob on this website but I bluescreened because the browser miner maxed out my CPU.

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James C.
Posted on July 12th, 2018

Term of Day for August 10th, 2018

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.

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James C.
Posted on July 12th, 2018

Term of Day for August 9th, 2018

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.

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James C.
Posted on July 10th, 2018

Term of Day for August 8th, 2018

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.

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Posted on July 10th, 2018