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Some Frequently Used Crypto Terms and What They Mean

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Have you ever been on a crypto forum and seen users chatting and in the midst of these chats you see some terms and phrases that and you have no single clue as to what they mean? and in bewilderment you move to ask for the meanings. But on the second thought you think no, “I don’t want to sound naive”, but ermm that doesn’t solve it, you would still love to know what they mean and stop feeling like an outcast. “what does HODL  mean?, “why do they keep saying to the moon?”, “and what the heck has a bear to do with the market?”.  

So many questions and assumptions pop up in your mind as to what each particular phrase might mean, but nobody seems to care they just keep on with their phrases and whatever news it is they are discussing. If you are one of these people, well dear friend do not be afraid for you do not thread these path alone, it’s a common experience.

As a newbie I remember the first time I saw someone use HODL and I called him out for bad grammar only to be put under the receiving end of nightmarish joke. The lesson was well learnt as it afforded me to go only and search for popular cryptocurrency terms and slangs and it was quite informative and I got delivered from the shackles of ignorance

Over the years I have come up with some of the popular crypto jargon and slangs since a friend of mine asked me to tell me the meaning FOMO through a private message while arguing on a crypto discussion group.

And today I will be giving you a brief preview into some of strange these terms, what they mean and how they came to be used in the crypto space.

 

So what are these terms

HODL

This is one of the most popular slang now used in the crypto sphere … HODL.  

It retains the honor of one of the most searched crypto term on goggle among other crypto jargon;

HODL (a misspelt form of HOLD) actually means to hold ones (currency) tokens or coins when there is a strong urge to sell, in hope that the hodlers (that is someone that HODLS) might make more profit on the crypto assets by refusing to sell at the present price

According to popular opinion, the slang came about as a result of a misspelling of the word hold, by a user on a bitcoin thread in Japan, who spelt the word as Hodl instead of hold, when trying to inform people of intention to Hodl is coins

To the moon

This one is very popular mostly by the adopters of a new crypto project or ICOs especially in their groups, some sort of rally call, it’s very popular was firstly used to refer to altcoins.

Personally, this is the most irritating and arguably the most overused crypto jargon in my opinion especially when they use it for really shitcoins that end of selling for close to nothing, and projects that end up dying.

To the moon, means the point where it reaches a high surge in the price increase, they say it has mooned way higher than what it is presently

Lambo

Well I’m biased in my opinion of this but this is the best crypto jargon

Because personally it resonates with the popular crypto dream of getting rich while  hodling, lambo to me is one of the most important parts of the crypto culture of getting successful and wealthy, the term Lambo has to do with the idea that if you Hodl your bitcoin and others crypto assets, it will moon and you will cash out and have enough money to afford to buy a Lamborghini according to some people they believe the choice of using the sport car brand has to do with the fact the logo of  the brand is also a bull, which is the next term we’ll discuss.

Bulls and bears

These terms are also very popular they are used to describe the state of the market, this one of the borrowed terms from the stock market, where bear market; means the state of the market is poor and the prices are and very low the animal bear was used because when it fights or attacks it hits downwards

Bull, on the other hand, has to with the state of the market when the price is high which like the bear term comes from the behaviour of the animal due to the way the bull fights when it launches an attack, its focus is upwards meaning the prices are going up.

Pump and Dump

I once heard a colleague use this to refer to a new token whose price increased dramatically and before an hour was up it fell so low, beyond recognition. Pump and dump are when a group of investors decide to invest(pump) in a particular cryptocurrency, just so that its price rises and attracts other investors who also cause it to increase further and when they think the price is high enough, they sell everything (dump it).

ATH

Simply means an All-Time High. A good example of this is 2017 when Bitcoin kept rising till it hit $25,000. ATH is the reason most hodlers hodl, they believe that in the nearest future the value of the currencies they are holding will shoot up once again, and this time stay that way.

 

FUD 

This is one of those strange-looking words, which most people (including me) when they first see it, they think it means some big thing or a technical term. FUD simply stands for fear uncertainty and Doubt. This word is used to refer to those who exhibit those qualities (fear, uncertainty, doubt) when it comes to making investments or buying a particular currency.

FOMO

Is one of those words borrowed crypto slangs, it is a word that had already been in use before it was introduced to cryptocurrency,  Fomo in crypto space actually means the Fear of missing out, and on Wikipedia fomo means “A pervasive apprehension that others might be having rewarding experiences from which one is absent”. It is used to refer to the fear a person feels when he sees a lot of people investing in currency and that he or she hasn’t invested in, especially when that currency look potentially profitable. Fomo has caused many people to jump into making investments that they wouldn’t normally make and has cost them a lot. 

Considering the use of a crypto dictionary

There are hundreds of new words, slangs and phrases sprouting up in crypto space every day, dues to the various activities and engagement of people, but where do we turn to for definitions? Is there a place we can find the meaning of these words? Yes, there are but seemingly very few. One of them is Cryptoground

They offer A to Z dictionary services for crypto terms, sites like these are very useful to crypto enthusiasts and very handy for beginners especially, but if you don’t still find what you need, the goggle button can still serve as a worthy alternative.

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Busted: Huge BTC confiscated by Irish Authorities From Notorious Drug Dealer

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An alleged notorious drug dealer who uses Bitcoin to make his transaction has now seen his bitcoin worth €52 million seized by the authorities of the Irish government.  A report which dominated news headlines on the 19th of Feb 2020, claimed that the cryptocurrency assets were seized by the Criminal Asset Bureau (CAB) after the case received a verdict from the high court which clearly stated that the assets were generated from his criminal activities.

The court accepted evidence from the prosecution team against the culprit, Clifton Collins, from Crumlin in Dublin’s south inner city proving that he was involved in the sale and distribution of drugs.

The judge who presided over the case, Mr Alex Owens, ruled that the Bitcoins should be forfeited under the proceeds of crime legislation

During and after the verdict, Collins age (49) did not contend with the application filed by CAB. The bureau’s initial investigation into his assets emanated from a garda investigation, which started in Feb. 2017 when Collins was stopped for random check while driving his 4×4 vehicle. During the search, a large quantity of cannabis was found in his vehicle which led to the need for further investigation that resulted in the discovery of a large number of suspected cannabis plants at the Famaught, Corr na Móna.

After the findings, Collins was then charged with a number of offences under the misuse of Drugs Act and duly arraigned before Bray District Court. He is believed to have heavily invested the proceeds from his drugs deals on Bitcoin at an early stage as a means to probably evade scrutiny from authorities while his cryptocurrency portfolio continues to rise over the years.

Following the seizure of Collins assets, there was a huge jump in the value of assets that has been confiscated by CAB in 2019 amounting to a whooping record of €62m. His case was among a series of applications brought by CAB before Justice Owens and it was unsurprising to see him fail to challenge the final verdict.

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Binance Reduces Deposit fees for Nigerian users to 150 NGN from 1.4%

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Leading cryptocurrency exchange and ecosystem giant Binance, has announced the reduction of deposit fees for Nigerians on its platform. The deposit fee was revisited by Binance and according to Binance, Nigerians can now deposit upto N18,000,000 at a flat fee of N150.

Prior this fee reduction, Binance users were charged 1.4% for deposits. This reduction thus allows Nigerian users on the exchange to deposit any sum upto 18,000,000 NGN at the cost of 150 NGN.

Recall that in the fourth quarter of 2019, Binance announced its partnership with Flutterwave, a global financial technology firm operating in Nigeria to allow users purchase cryptocurrencies on its platform using the Naira.

The partnership saw an integration which empowered Nigerians to purchase Bitcoin, Binance coin (BNB) and the stablecoin BUSD. At the time, the deposit fee was set as 1.4% with a daily cap per user of 430,000 NGN with minimum amount per transaction being 150 NGN.

CEO of Binance, CZ, was quoted saying at the time, “Africa has largeillustrated one of the demands and instrumental user of cases for cryptocurrency, notably for financial access, in the world’s second largest continent”.

According to Binance, the reduction in deposit fee will start as today, the 17th of February, 2020 and it is to show its greater commitment to ensuring the freedom of money is achieved.

The country Nigeria accommodates one of the largest growing cryptocurrency community in Africa and the world at large, with the growing interest in digital assets and how it relates to the needs of the populace, Nigeria has become one of the sort after places by crypto firms despite the regulatory uncertainty in the crypto business environment.

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Poloniex Acquires TRON-based Decentralized Exchange TRXMarket

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Poloniex in Press Release on the 27th of November, 2019 announced the acquisition of TRON-based Decentralized exchang TRXMarket, renames to Poloni DEX.

TRXMarket, the first TRON-based decentralized exchange executes all transactions via the TRX smart contracts that are stored safely and transparently on the blockchain.TRXMarket is also one of the 127 TRON Super Representatives, and has a huge transaction volume according to data from DApp Review.

According to the Press Release, “The excellent performance of the TRON public chain coupled with its considerable decentralized trading volume and rich experience in operations is exactly what Poloniex needed to expand its DeFi ecosystem.”

Speaking on why Poloniex decided to launch a decentralized exchange on the TRON Public blockchain instead of other popular chains, a spokesperson for Poloniex was quoted saying
“We recognize and value the rate TRON is expanding its ecosystem. Under the leadership of Justin Sun, founder of TRON, TRON’s ecosystem is growing at an exponential speed. After the official launch of TRON public chain in June 2018, within just a year, the total number of accounts on the chain of TRON has exceeded 4.1 million and the daily average number of transactions is over a million, securing a place among the top three public chains in the DAapp ecosystem. Additionally, TRON’s sidechain project, SUN Network, was successfully launched; the circulation of TRC20 protocol-based USDT exceeds 800 million; and, just one month ago, TRON adopted a new Staking mechanism and completed its MainNet upgrade.

It’s hard to imagine all these accomplishments TRON has made within just one year. On top of all that, TRON frees its users of transfer fees and transaction delays, which is DeFi-friendly. I think we have every reason to choose TRON as our underlying infrastructure over other public chains who are slow progressing and charge ridiculously high transfer fees. We need to be responsible for all our users.”

Founder of TRON, Justin Sun also commented on the acquisition “I’m very pleased to see that our strategic partner Poloniex successfully acquired TRXMarket, the top DEX in the community. This acquisition means a lot for the TRON ecosystem. It’s not only a move to expand the DeFi ecosystem, but also represents a starting point of TRON receiving recognition from world-leading exchanges. And TRC20-USDT also serves as a perfect solution for decentralized trading platforms to simplify the deposit and withdrawal process”

Founded in 2014, Poloniex is a world-leading digital asset trading platform registered in Seychelles. It is one of the world’s oldest digital asset trading platforms, offering fundamental services including digital asset margin trading, lending, and crypto-to-crypto exchange for the global blockchain ecosystem.

Poloniex which was founded in 2014 and registered in Seychelles is a leading cryptocurrency exchange offering crypto trading, lending, margin trading services to its users. It recently spin out from Circle which acquired it in February, 2018 to form a new compay called Polo Digital Assets Ltd.

The new firm according the PR issued will have the backing of a major investment group and it will enable it focus on the needs of global crypto traders with new features and continue beyond that with highly competitive pricing models for traders.

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500 Nigerian Devs to be Taken into Ethereum’s Pilot Project

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Following the announcement made by ConsenSys Founder Joe Lubin during the launching of  Devcon 5, which is targeted towards increasing the Ethereum developer’s community to one million, Ethereum.network will be joining forces with Bloceducare a project launched to drive blockchain education, customer support as well as advisory services to leverage on the potential and population of developers in Nigeria to attract developers into the Ethereum community.

 

The project which has been slated for a period of 15 weeks and tagged “500-Nigeria devs for Ethereum” has been designed by Awosika Israel Ayodeji the Creative Director of Bloceducare and commenced on Monday 4th November 2019 and run till February 15th, 2020 with the aim of increasing the number of Ethereum Developers within Nigeria, to achieve this the team intends to add five hundred developers into the global pools of ethereum developers under the onemilliondevs project.

500 Nigeria Devs for Ethereum

The pilot project will aim at having developers building relatable and straightforward use cases that can be implemented within their immediate environment. With ethereum.network financing the project, at the end of the program, developers who emerge as the top three will be rewarded $1,000 each while five other developers will be awarded $300 each for a job well done.

Cryptographic Development Initiatives in Nigeria(CDIN), which is a non-profit professional organization, also plays a role in this development as it aligns with its mission to address the gaps in the learning and practice of cryptography in Nigeria. Crevatal will also be partnering with the project to ensure the success of the project.

The partnership with the CDIN is very strategic considering the perfect alignment of this project with the just-concluded “Campus Blockchain Development Project (CBDP)” with its pilot phase in the National Campus Blockchain Hackathon event chaired by the Director-General of NITDA and the launching of the Blockchain Industry Association of Nigeria.

 

CDIN happens to play critical roles in the Nigerian blockchain and digital assets ecosystem with its network of partners and stakeholders which have been driving awareness, education, policy advocacy, industry dialogue and collaboration among relevant stakeholders in order to collectively unlock hidden potentials, create job opportunities, open new business horizons and enable economic transformation while discouraging criminal activities in the Nigerian Blockchain/Cryptocurrency ecosystem.

 

According to the president of CDIN (Fadele Adeolu), the “500 Ethereum Developer’s initiative” by Bloceducare is highly commendable and will go a long way to complement similar efforts and programmes being undertaken by other stakeholders in the space and agencies of government like NITDA and the Ministry of Communication and Digital Economy.

Finally, he calls on these strategic stakeholders, who have always been the secrets behind the development in the ecosystem to join forces with this project for the progress of the ecosystem and the nation at large.

The project is still open to sponsors in various categories such as media partners, branding, and developer participation.

 

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