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.
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POST OAK MOTOR CARS NOW ACCEPT BITCOIN AS PAYMENT FOR THEIR LUXURY CARS
Are you hoping to be among the first crypto Hodlers to get a luxury ride with direct payment in cryptocurrency? If yes, then wait no further as more adoption, even in the automobile sectors of the gobal economy unfolds.
Tilman Fertitta, would be the first business man to sell off exotic cars like Bugatti, Bentley and Rolls-Royce using Bitcoin- the world first ever cryptocurrency.
Precisely on the 5th day of September 2018, the Hospitality business giant made the announcement via an official press release that it is be possible to purchase luxurious and classy carriages without prior regards buyers’ location worldwide with the use of Bitcoin and through a bitcoin payment processor called BitPay.
When asked about the move, Tilman, owner of Post Oak Motors had this to say “The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world purchase our vehicles faster and easier.
The Blockchain Revolution in Nigeria and the Need for Regulation.
In a recent strategic session organized by Mary Uduk, the Director General Securities and Exchange Commission of Nigeria (SEC) for the FINTECH Industry at SEC Towers Abuja. A critical analysis on the basics of the newest technology on the block (The Blockchain) in relation to the current plans to regulate the industry in the Nigerian Market, was the topic of discussion today.
In his presentation, Mr Ade Bajomo, the Executive Director Access Bank Nigeria and Vice President FinTech Association of Nigeria, took time to explain in simple terms the Blockchain Revolution currently taking place worldwide. He said; “Revolution refers to radical transformative change. It is a tumultuous and transformative event that attempts to change a region or society and in some cases, even the world”. Revolutions are the great turning points of history.
He also explained How Fintech is driving development and prompt execution in the financial sector of any economy. Moving on, he talked on the Future of Fintech; stating that the most recent discovery in the Space is the BLOCKCHAIN and that this discovery needs to be regulated.
At the end of his lecture, he answered few questions as regards security of the Blockchain in relation to the need for SEC to deliberately understand Blockchain technology, which would further help the active players institute the most desired regulation.
BanQu Launches First-ever Blockchain-based Technology in Supply Chain Management in Zambia
BanQu has pioneered blockchain-based economic identity solution in Africa. In the partnership with Anheuser-Busch InBev, BanQu has created a safe, secure, inalterable record and to generate economic opportunities for small holder farmers in Africa. Firms in the Supply chain management sector have embraced this innovation, banking on the software’s ability to enhance service delivery and improve profit margins.
The pilot done in June 2018 with leading brewer Anheuser-Busch InBev involved 2,000 Zambian farmers connected via the software’s mobile platform, as they reap and vend an estimated 2,000 tons of cassava for the production of high grade beer raw material -Starch used in beer production by the end of Zambian cassava farming season this August.
With this blockchain-based technology by BanQu, Anheuser-Busch InBev is able to track its product through every process in the supply chain with accurate record of vendors in the form of farmer profiles.
Zambian Breweries Agricultural Manager Chris Nicolle is excited about this development:
“This is one of the most exciting programs to be involved with. The scope and empowerment that the platform provides to the Small Holder is exceptional and I look forward to seeing the implementation of the project, from pilot to our full-time buying platform.”
The unbanked/underbanked farmers have something to smile about because with this solution, farmers are able to setup private digital profiles that can serves as a form of banking record as history is accumulated. With this record, farmers are able to connect to NGOs, Cooperatives, Banks for instruments like loans, grants and trainings for capacity building.
“Since 60% of the 2.7 billion unbanked and underbanked people already own mobile phones, these devices make the best platform for these people to connect to the global economy,” quoting BanQu Founder and CEO Ashish Gadnis.
He adds that
“BanQu is enabling the democratization of data, money, and eventually power, while delivering a distinct business advantage to global brands like Anheuser-Busch InBev and their localized company, Zambian Breweries, who believe in an inclusive agricultural model. Our goal is to strengthen this partnership across multiple crops and countries setting up a long-term, sustainable and responsible supply chain that directly benefits the small-scale farmers in the world.”
The World Health Organization (WHO) reports that 25 percent of
global alcoholic beverage consumption goes unrecorded. However, BanQu is trying to change the narrative with blockchain-bases solutions in Africa.
Nigerian Crypto Enthusiasts Create Crypto Education Classes
Adoption is the buzzword in crypto communities and the best way to drive adoption is through education. Truth be told, a lot of persons have heard about Cryptocurrency and Bitcoin however, they have a limited knowledge of what digital currencies are and what they entail. This need for proper education has led Cryset to partner with Workstation to create a week long Blockchain and Cryptocurrency workshop geared towards educating coworkers at Workstation as well as the general public about the technology and the space.
This event is scheduled to hold for 6 days and beginning on Monday, September 10 – Saturday, September 15, 2018 at Workstation, 7, Ibiyinka Olorunbe close, Victoria Island, Lagos.
The aim of the organizers of the event is to create a classroom environment where teaching and learning of Blockchain and Cryptocurrency concepts, markets and technology will take place.
The organizers are working with the largest Co working space in Nigeria with a community of over a 300 people comprising entrepreneurs, companies, developers, and millennials bringing this education down to the grassroot. Even though this is the first workshop more communities with be visited to spread the word.
Although the cryptocurrency market is currently down, this has not deterred Cryset, in fact, the company believes it is a great time to bring new people onboard. Cryset is all about creating real world use cases for cryptocurrencies as well as driving adoption of Blockchain in Africa.
The workshop will have a classroom ambience of a 25 students per class. This is to help the attendees learn in a conducive environment as well as ask questions and practice what they have been learnt. The tutors for this event include high profile thought leaders, entrepreneurs and educators in the Nigerian Blockchain and Cryptocurrency space.
The goal of this workshop is to give beginners a high-level introduction to Blockchain and get them to really understand, provide them with the tools, access and resources to guide them. This workshop will bootstrap them to a more knowledgeable position in the space.
The workshop curriculum
Day 1: What is the Blockchain
Day 2: Understanding Bitcoin and cryptocurrencies
Day 3: Introduction to Cryptocurrency trading
Day 4: How to Integrate Blockchain into your business (Blockchain for Enterprises)
Day 5: Investment opportunities in the Blockchain space
Day 6: Blockchain Software development, smart contracts and dApp.
The workshop is designed in a way that its starts from the foundation and builds on top of that knowledge base so their is proper understanding.
The first 2 days are foundational classes and the remaining are more specialized to what aspects of the space the individual would like to operate or be a part, developers, traders or business entrepreneurs there is something for you.
This is the first of its kind in the Nigerian Crypto space and it would be an exciting time for all those seeking knowledge in Cryptocurrency and Blockchain and how to benefit from it.
You can register for the workshop here