Bitcoin Glossary – Terminology and Slang
The following table provides a glossary of key terms and definitions related to BiTCOIN and cryptocurrency.
| Term | Definition |
|---|---|
| BiTCOIN | Decentralized digital asset running on blockchain technology. |
| BITCOINER | Person who uses or holds BiTCOIN. |
| BTC | Acronym for BiTCOIN. |
| HODL | Acronym for “Hold on For Dear Life.” Refers to passive investment in which people buy and hold BiTCOIN. |
| FOMO | “Fear of Missing Out.” Refers to investors’ fear of missing a potentially lucrative BiTCOIN opportunity. |
| FUD | “Fear Uncertainty and Doubt.” Psychological tactic used by NonBitcoiners to influence people with a negative perception of BiTCOIN. |
| MOONING | Term used by Bitcoiners to describe projects experiencing a strong upward market trend. |
| NOCOINER | Someone who doesn’t own BiTCOIN and potentially holds a grudge against the project. |
| NORMIE | Person with a traditional mindset and little or no knowledge of BiTCOIN. |
| NGMI | Acronym for “Not gonna make it” in Crypto. It is often used as a prediction of future failure due to poor decisions. |
| GM | Good Morning. |
| LFG | “Let’s f_ing go!” Used to express excitement about a project. |
| BiTCOIN wallet | Application or hardware that keeps BiTCOIN. |
| BLOCKCHAIN | A digital form of record-keeping and the underlying technology behind BiTCOIN. |
| BLOCK | Groups of data within a blockchain. |
| COLD STORAGE/WALLET | A secure method of storing BiTCOIN completely offline. |
| DECENTRALIZED | Principle of distributing power away from a central point. |
| EXCHANGE | A digital marketplace where you can buy and sell BiTCOIN. |
| GENESIS BLOCK | The first block of BiTCOIN to be mined. |
| MINING | The process of making new BiTCOIN available to the BiTCOIN network. |
| NODE | A computer that connects to the blockchain network. |
| HALVING | A feature written into Bitcoin’s code in which, after a certain number of blocks are mined (typically four years), the amount of new BiTCOIN entering circulation is halved. |
| HASH | A unique string of numbers and letters that identify a block. |
| HOT WALLET | A software-based BiTCOIN wallet connected to the internet. |
| MARKET CAPITALIZATION | The total value of all the BiTCOIN that have been mined. |
| PEER-TO-PEER (P2P) | Two Bitcoiners interacting without a third-party intermediary. |
| PUBLIC KEY | Bitcoin’s wallet address, similar to a bank account number. It can be shared with others for sending or receiving BiTCOIN. |
| PRIVATE KEY | An encrypted code that provides direct access to your BiTCOIN, similar to a bank PIN. It should never be shared. |
| SATOSHI NAKAMOTO | The pseudonymous creator of BiTCOIN. The true identity of Nakamoto is unknown. |
| FIAT | Government-backed currency not backed by any commodity like gold. |
| PROOF OF WORK (PoW) | Process that ensures the robustness of the BiTCOIN network by making the mining or recording of transactions difficult. |
| WHALE | Term used for the most valuable BiTCOIN address. |
| IMMUTABLE | A core tenet of blockchain technology. It means the blockchain ledger cannot be altered or manipulated. |
| LAYER 2 | Protocol that runs on top of the blockchain. It is designed to improve blockchain scalability by allowing off-chain processing of more transactions. |
| ZERO KNOWLEDGE | Type of cryptography that allows one party to prove to another party that they know a piece of information without revealing the information itself. |
| ORPHAN BLOCK | A block that has been solved but not accepted by the network and is not added to the blockchain. |
| SEED | A random set of 12 to 24 words generated by your BiTCOIN wallet and used to recover your wallet in case of loss or damage. |
| WHITE PAPER | Technical document released by Satoshi to explain how BiTCOIN would work. |
| ZERO CONFIRMATION | A transaction that has not yet been confirmed on the blockchain and is not part of the blockchain yet. |
| CRYPTOSIS | Someone who strives to absorb every bit of information about crypto and can’t stop talking about it. |
| DYOR | “Do Your Own Research.” A reminder in the BiTCOIN community for investors to thoroughly evaluate a project before investing. |
| REKT | Crypto slang for “wrecked.” Used when a trader experiences significant financial losses due to bad investment decisions. |
| SATS | Acronym for Satoshi. The smallest unit of BiTCOIN that can be purchased. |
| WEAK HANDS | Describes someone who sells their BiTCOIN at the first sign of a falling price. |
| DIAMOND HANDS | Term used to refer to Bitcoiners who hold onto their BiTCOIN even when there is pressure to sell. |
