Week Three of Crypto-Lingo. I hope you have been taking notes.
- ELI5 – Explain to me Like I’m 5. This is important for both the person explaining and the person listening because if a person can explain anything crypto to a 5-year-old, they truly understand it and the listener knows they are hearing from an expert.
- Dead Cat Bounce – This is when a coin price recovers after a massive decrease. I have some absurd images going through my head and I’ll just leave it at that.
- BTD – Buy The Dip. Tells traders to buy a coin when it has a significant drop in the price. The price is expected to go back up, so it is a good time. It is similar to when you were in college, and you would make a b-line for the bar, during the last minutes of Happy Hour to buy four drinks because the price was going to go back up.
- Cold Storage – This is the process of people moving their cryptocurrencies offline, as a way of safekeeping it from hackers. Remember hiding your piggybank from your little brother? It is basically that, but more advanced.
- Fork – Similar to a fork in the road. It is when a blockchain splits into two separate chains. This usually happens when a ‘new governance rules’ are built into the blockchain’s code. Wikipedia does a great job explaining this.
- Node – A computer working to maintain a copy of the blockchain it possesses. It can be both a redistribution point or a communication endpoint. If I had to ELI5, it would say, remember doing connect the dot pictures where you would follow the numbers to create a picture. Well, each dot could be a [computerized] nod, where it can either lead to another line or end the line or ‘chain’.
- Smart Contract – The code that is arranged onto the Ethereum blockchain, usually in connection with how money flows. This code is a self-executing contract with the terms of the agreement between buyer and seller. The VolAir development team is finalizing our Smart Contract now. We have Development Updates every two weeks and the next one should have some exciting news - Stay Tuned!
- Vitalik Buterin – Oh, Vitalik… He is the primary co-founder of Ethereum. He is Elon Musk for Crypto; some people love him; some people hate him. Decide for yourself . He also wears some pretty sweet unicorn shirts too.
- The Flippening – The Future! Just kidding… This is the potential future event wherein Ethereum’s Market Cap surpasses Bitcoin, thus making Ethereum the most ‘valuable’ cryptocurrency. Think back to October when Jeff Bezos surpassed Bill Gates to be the wealthiest man in Seattle, excuse me, the US. Well, it would be the crypto version.
Check out our Reddit for some up to day information and the ability to use your newly found Crypto Knowledge.