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- Cryptocurrency is a digital coin persisting on blockchain and handled by a decentralized system.
- NFT are digital tokens representing the true ownership of the holder.
- Currently, total crypto market capitalization stands at $1.06 Trillion.
Cryptocurrency is a fascinating space which is always attracting investors and average folks. Some are fascinated by this space due to the mammoth profits it has provided, some because of the technology behind it, and some because of other reasons. If you are one of the folks new to this space, here are some terms you should know about as you are going to hear them frequently in the space.
NFT or Non-Fungible Tokens
NFTs are the cousin sisters of cryptocurrency, but with a small twist. They are not interchangeable like their sisters. You can exchange Bitcoin with Ethereum, but the same cannot be done with a Bored Aped Yacht Club (BAYC) NFT and a CryptoPunk. Putting it simply, NFTs can be a piece of art, whether it is an image, audio, video or anything digital persisting on blockchain, representing true ownership of the holder.
HODL or Hold On for Dear Life
You will hear this term whenever there’s a downfall in the crypto market and people are coming together to show their support. It simply indicates that folks are telling the community members to hold the assets as they are in this together. It is basically a twisted version of the term “HOLD.”
Crypto Winter
As the chilling term suggests, Crypto Winter is used for a period of heavy downfall in the cryptocurrency market. It means everything is cold down there. You will not hear the word too often as it is used for an unusual fall in prices where the assets are believed to stay for a while.
Bull Run
This term indicates a rise in the value of digital assets. Bull and Bear are the most common terms with respect to the stock prices. Both are used in a similar sense when it comes to cryptocurrency. If bulls represent an increase, Bears represent the downfall of assets.
Whales
A crypto whale is a person or entity with a digital wallet having a large sum of a certain asset in the wallet. Sometimes, a crypto whale possesses a kind of sum, which can solely manipulate the market of that certain virtual asset if they try to mobilize them.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
