Bitcoin Glossary – Terminology and Slang

The following table provides a glossary of key terms and definitions related to BiTCOIN and cryptocurrency.

BiTCOINDecentralized digital asset running on blockchain technology.
BITCOINERPerson who uses or holds BiTCOIN.
BTCAcronym for BiTCOIN.
HODLAcronym 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.
MOONINGTerm used by Bitcoiners to describe projects experiencing a strong upward market trend.
NOCOINERSomeone who doesn’t own BiTCOIN and potentially holds a grudge against the project.
NORMIEPerson with a traditional mindset and little or no knowledge of BiTCOIN.
NGMIAcronym for “Not gonna make it” in Crypto. It is often used as a prediction of future failure due to poor decisions.
GMGood Morning.
LFG“Let’s f_ing go!” Used to express excitement about a project.
BiTCOIN walletApplication or hardware that keeps BiTCOIN.
BLOCKCHAINA digital form of record-keeping and the underlying technology behind BiTCOIN.
BLOCKGroups of data within a blockchain.
COLD STORAGE/WALLETA secure method of storing BiTCOIN completely offline.
DECENTRALIZEDPrinciple of distributing power away from a central point.
EXCHANGEA digital marketplace where you can buy and sell BiTCOIN.
GENESIS BLOCKThe first block of BiTCOIN to be mined.
MININGThe process of making new BiTCOIN available to the BiTCOIN network.
NODEA computer that connects to the blockchain network.
HALVINGA 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.
HASHA unique string of numbers and letters that identify a block.
HOT WALLETA software-based BiTCOIN wallet connected to the internet.
MARKET CAPITALIZATIONThe total value of all the BiTCOIN that have been mined.
PEER-TO-PEER (P2P)Two Bitcoiners interacting without a third-party intermediary.
PUBLIC KEYBitcoin’s wallet address, similar to a bank account number. It can be shared with others for sending or receiving BiTCOIN.
PRIVATE KEYAn encrypted code that provides direct access to your BiTCOIN, similar to a bank PIN. It should never be shared.
SATOSHI NAKAMOTOThe pseudonymous creator of BiTCOIN. The true identity of Nakamoto is unknown.
FIATGovernment-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.
WHALETerm used for the most valuable BiTCOIN address.
IMMUTABLEA core tenet of blockchain technology. It means the blockchain ledger cannot be altered or manipulated.
LAYER 2Protocol that runs on top of the blockchain. It is designed to improve blockchain scalability by allowing off-chain processing of more transactions.
ZERO KNOWLEDGEType of cryptography that allows one party to prove to another party that they know a piece of information without revealing the information itself.
ORPHAN BLOCKA block that has been solved but not accepted by the network and is not added to the blockchain.
SEEDA 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 PAPERTechnical document released by Satoshi to explain how BiTCOIN would work.
ZERO CONFIRMATIONA transaction that has not yet been confirmed on the blockchain and is not part of the blockchain yet.
CRYPTOSISSomeone 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.
REKTCrypto slang for “wrecked.” Used when a trader experiences significant financial losses due to bad investment decisions.
SATSAcronym for Satoshi. The smallest unit of BiTCOIN that can be purchased.
WEAK HANDSDescribes someone who sells their BiTCOIN at the first sign of a falling price.
DIAMOND HANDSTerm used to refer to Bitcoiners who hold onto their BiTCOIN even when there is pressure to sell.

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