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Rachel Welch

16 October 2022 259 Read Crypto

Understanding Crypto Abbreviations

Cryptocurrency has many acronyms and jargons. Some of the most common are BTC, LTC (light coin) and ETH (electronic currency). Learning these acronyms and jargons can help you understand the crypto market better. A common phrase in the crypto market is selling pressure, which means the majority of traders are selling. This is a warning sign that the market price is headed down. A recent example of selling pressure was when BitConnect stopped lending and staking.

Pump and Dump

There are several ways to tell if a cryptocurrency exchange is running a pump and dump operation. The first sign is usually an announcement by the admin stating what exchange they will be using and when they will start. This can be a free-and-all scheme or a more organized, ranked operation.

The purpose of a pump and dump is to cause a sudden increase in the price of a currency. The admin is usually taking less risk by buying at low prices before the pump starts and selling them at a high price during the dump. To avoid being caught in the middle of this, the accumulation should be slow and steady. If volume and price increase abnormally, the target currency may have been revealed.

Block explorer

A block explorer is an application that allows you to see live transactions on the blockchain. It can also tell you information about the blockchain, such as the height and the connection between each block. For example, a height of 0 refers to the first block in a blockchain.

Do Your Own Research

If you're considering investing in cryptocurrency, you should make sure you understand all of the different abbreviations that are commonly used. The most common of these is DYOR, which stands for "Do Your Own Research." The concept behind DYOR is to encourage investors to conduct due diligence before investing their money. This helps avoid scams and phony projects.

Cryptocurrency investment is a long-term game, and it requires research and due diligence. As with any investment, you should only invest your money if you are confident in your knowledge and understanding. To do this, it is vital to track market trends and observe price changes to make sure that you are buying or selling at the right time.