The cryptocurrency space can be a bit overwhelming for persons who are new to it. Having to deal with a lot of languages and words that you are not familiar with will only compound issues. So, here are some terms you should get familiar with;
ICO: Initial Coin Offering is a form of crowdfunding done on the ethereum platform. It is similar to an IPO– initial public offering where a private company raises capital by offering the public its stock for the first time. However, an ICO involves creating a new token and raising money for it.
Airdrop: A blockchain project or ICO can distributes free tokens or coins to the crypto community after its network or fork goes live. Basically, airdrops refer to free tokens.
Bitcoin: it is known as world’s first cryptocurrency, it is a decentralised, distributed form of electronic payment that utilizes peer-to-peer transaction without the need for a financial intermediary.
Altcoin / Alt: Alternative coins refer to any coin that isn’t Bitcoin.
Crypto: Cryptocurrencies are generally referred to as crypto.
FIAT: It is a government backed legal tender such as the US dollar. In other words it is simply paper money.
Token: Cryptocurrencies can also be referred to as tokens. Although, tokens are usually a means of crowdfunding, created and distributed to the public through an ICO and released to fund project development. A token is a unit of value of any cryptocurrency.
Satoshis (Sats): This refers to the smallest unit of a Bitcoin. If a Bitcoin is broken down to a hundred millionths, it is known as Satoshis.
Satoshi Nakamoto: When Bitcoin was created, an anonymous personality simply known as Satoshi Nakamoto published the white paper. Although Satoshi created Bitcoin nobody knows who he is and why he chose to remain anonymous.
FOMO: An acronym for the Fear Of Missing Out. Usually people will buy tokens as a result of emotional impulses. They do not want to miss out of the opportunity to own such tokens even when they are at their all-time high.
All Time High (ATH): Like the name implies, it is the highest price a particular cryptocurrency has seen so far. It is usually not an ideal time to buy an asset.
FUD: This refers to Fear, Uncertainty, and Doubt. FUD might cause an economy depression as people are emotional about bringing down the price of a coin down. Although they are sometimes unnecessary, but it is sometimes smart to react to one.
Bearish / Bullish: When the price trend in the Market is stagnant or downward it is called Bearish. But when the when the price trend is upward, it is called a Bull market.
HODL: On a Bitcointalk Forum, someone mistakenly spelt HOLD as HODL and it has come to mean “Hold On for Dear Life.” One can choose to hodl a cryptocurrency when the market trend is down rather than selling it off.
Buy Low, Sell High / Buy High, Sell Low: To make profit, the aim is to buy a particular cryptocurrency at a low price and then Sell High. You could also Buy High, Sell Low to avoid total loses or just simply HODL.
Lambo: There is an assumption that when crypto traders become wealthy they buy a Lamborghini. The term “Lambo” has come to refer to what people will do when they become wealthy.
Whale: When someone owns a large amounts of cryptocurrency.
What other crypto terms do you know? Share your opinion with us in the comment section below.
Image credit: Pixabay
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Chilliz, the Sports Platform Partners with Binance Chain
Chiliz, the digital currency for sports and entertainment platforms, has announced a strategic partnership with Binance Chain, to bring about the usher in in of football giants such as Juventus FC and Paris Saint-Germain FC (PSG) into the growing cryptocurrency industry.
Chilliz released thannouncementent in a press release issued on the 17th of May 2019 signaling in a new phase of its growing business.
Chiliz raised more than $66 million through private placement in 2018, with Binance as one of its major investor amongst others.
Chiliz is a digital currency that fuels blockchain-backed platforms and products geared towards casual, mainstream consumers, starting with Socios.com, a tokenized fan influence mobile app. It aims to bridge the gap between mainstream users in a 3.5 billion people powered sports industry and blockchain technology.
While blockchain as a pervasive technology, continues to gain grounds globally by finding use cases, Chiliz takes it a step further to bring about real use cases with it socios.com platform.
Socios.com, the consumer-facing tokenized fan influence product from Chiliz, powered by the platform’s native currency $CHZ, will allow sports fans to participate in club-related polls and access exclusive rewards with the purchase of club-branded Fan Tokens.
Speaking on this development, Alex Dreyfus, the CEO of Chiliz and Socios.com said:
Integration of Binance Chain protocol will increase our access to the large liquidity pool of the Binance community, one of the largest and most vibrant communities in the cryptosphere. Through Socios.com, we will highlight blockchain to a more mainstream audience – an addressable audience of 3.5 billion fans around the world – as well as allowing global brands and household names the chance to access the crypto space.
Binance CEO, Changpeng Zhao, an equally excited partner to the Chiliz project had this to say:
Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology. I’m proud that Binance and Chiliz are leading that charge globally.
Alex Dreyfus further highlights the important of this partnership and the Binance Chain move undertaken as a strategic step for the Chiliz project. He continued by saying:
Binance Chain’s focus on usability, security and incredible one-second block time speed will be crucial to the success of the platform we are building, and for the eventual audience of hundreds of millions of sports fans
May 27th, 2019, has been set as the date for the unveiling of this partnership. The Binance team will be joining Chiliz for a meetup in Seoul, South Korea joined by the legendary Juventus FC striker, David Trezeguet to discuss more on the importance of fan engagement and the use of blockchain in football.
Further details to be released in the coming weeks of the technical integration of the partial migration of ERC20 tokens to BEP2 with competitions and giveaways to entice and engage the community.
Digital Assets Exchange Luno Launches Cryptocurrency Literacy Tour For Varsities in Nigeria
Luno has kicked off its cryptocurrency adoption program for Nigerian universities dubbed “Cryptocurrency Literacy Tour for Universities” launching out with the University of Lagos as the first of a series of tour where it will go about canvassing for the favourable adoption of cryptocurrency through knowledge in 6 Nigerian universities.
Luno, an exchange based off of South Africa was launched in 2013. It has since continued its growth trajectory by adding new users across 40 countries spanning more than 4 continents. It presently boasts of up to 3 million registered users across its platform with Nigeria as one of its biggest market.
Speaking on this development, Owenize Odia, the Country Manager for Luno said:
We are committed to educating our customers given the nature of the market and the tendency for people to fall into the wrong hands while online
With its debut tour kicking off in Unilag and having 300 youths in attendance, Luno is clearly taking the charge to bringing about perceptual shift and a favorable disposition towards cryptocurrencies which it says has not been properly understood. Through its representative Odia, it argues that the current financial systems was built for a non-digital age, ignoring the needs of the modern individual. Citing on the decentralized nature of a peer to peer digital currency like the bitcoin, it is not dependent on any central government or authority as obtainable with fiat.
She continued by saying
We are contributing by investing heavily into our Luno Learning Portal, which helps the public, the media, and other stakeholders educate themselves about the facts, opportunities, and risks in the cryptocurrency market,
In her post on LinkedIn, Odia assured the participants and other stakeholders that Luno would continue to focus on awareness initiatives such as this in Nigeria and Africa at large, thereby providing a reliable platform where just about anyone can visit either buy or sell cryptocurrencies.
AfricaBlockchainUG19 Conference Launches
Scheduled to Hold on the 3rd & 4th July by the BlockchainaUG’s Kwame Rugunda
The AfricaBlockchainUG19 Conference recently launched by the Blockchain Association of Ugandan’s Chairman Kwame Rugunda and some strategic partners is scheduled to hold in Kampala on the 3rd and 4th of July, 2019 according to a Tweet. This conference is expected to assist the Africa continent in tapping into the vast opportunities from the Fourth Industrial Revolution.
The conference according to data on the blockchain Uganda’s website featured will accommodate about 3000 delegates, 50 speakers and feature at least one Tech Expo. The conference is focused on Blockchain Technology, Artificial Intelligence, Robotics, Internet of Things, Drones technology, and Big Data.
The Blockchain Association of Uganda, BAU which is based in Kampala, Uganda is a membership organization that consists of individuals & organizations that are interested in promoting blockchain related technologies and capabilities.
The 2018 edition tagged “The Role of Blockchain Technology in Africa’s Transformation” featured key speakers such as the President of Uganda Yoweri K. Museveni, Former President of Mauritius Ameenah Gurib-Fakim, CEO of Binance Changpeng Zhao, the Governor of the Bank of Uganda, Tumusiime- Mutebile.
Meanwhile, this conference is coming at a time just after the Blockchain Africa Ladies Conference in Lagos, Nigeria which saw the attendance of speakers travel from the world coming over in April 2019 and its Second edition which will be holding in Ghana within the same quarter.
Uganda is one of the fastest blockchain growing nations in Africa and this can be attributed to the reception of the technology by the President as against those of other Africa countries. This reception is evident in the acceptance and activities of Top Cryptocurrency Exchange Binance in the Country.
More so, Uganda is one of the fastest growing economies in Africa and currently home to over 45 million citizens which is an increase of 3.27% from the previous year of which 17.5% are urban dwellers. The population Density in the country is rated at 229 per kilometer square with a land area of 77,147sq miles.
Tickets are currently on sale on the website and it can be purchased here to secure a sit at the AfricaBlockchainUG19 Conference.
Binance to Launch Charity Funds Solely for Embattled Persons CSW Slams Lawsuits
Binance announces plans of launching a charity donation crowdfunding scheme to help cover for legal fees for those who are facing a Craig Wright lawsuit against them as announced through the private twitter account of Chaopeang Zhao just few days back.
To think that CZ is done with Craig Wright by not only delisting his coin the Bitcoin Satoshi Vision (BSV) ultimately triggering others such as Shapeshift, Blockchain.com, Krakenfx, Satowallet, etc to delist also is an understatement. He shows he’s not even done with him yet and basically calls him a coward who goes about bullying only those he thinks he can bully.
CZ tweeted a poll
CSW is picking on the people who have a hard time fronting their legal fees. How about we do a @BinanceBCF charity program to raise money from the community for legal fees for anyone CSW sues?@PeterMcCormack @rogerkver @jihanwu
— CZ Binance (@cz_binance) May 7, 2019
With over 65% of those who participated in the poll going with the “I will Donate” option, I bet Craig Wright is seriously thinking wherever he is.
The billionaire early bitcoin investor of Australian descent has continually received criticisms on social media for slamming his critics with lawsuits. One of such critics who has been embroiled in a legal battle with CSW is Peter McCormack. He basically drew the attention that sparked the #delistBSV movement as initiated by Binance. He has been gifted $10,000 in BNB through the Binance Charity Foundation (BinanceCF) with CZ taking the lead in the donation and had this to say about the new movement started by CZ.
Hmmm. Thanks for this CZ but I really don't think people should donate their hard-earned Bitcoin to my fund. I got myself into, it is up to me to deal with. Also, it may cost more to fight it than what they want.
— Dr. Peter McCormack (@PeterMcCormack) May 7, 2019
While many praise this move by Binance CEO, others are not seeing from the same angle. Few are pointing out the extent of a rabbit hole CZ is dragging himself into which may turn out fatal not only to his person but also the behemoth corporation of an exchange he runs.
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