When you first start using cryptocurrency to gamble online, it can be confusing. There are so many terms to learn and listening in on conversations about cryptocurrency can feel a lot like listening to another language.
That’s why we created this crypto glossary. If you memorize even half of these crypto terms, you’ll be well on your way to gambling with cryptos like an expert.
You won’t need to know all of these terms to be able to play at crypto casinos, but it can’t hurt to know them. If you’re going to get involved in the cryptocurrency community and are planning to make money trading cryptos, you definitely need to know these terms, at a minimum.
Key Cryptocurrency Terms
Address – Each cryptocurrency wallet has an address. This is usually a series of letters and numbers. You send cryptocurrency to a casino address or from your own address to move it or to complete a transaction.
Airdrop – This is when free cryptocurrency is given to members of a community in exchange for them using it and/or spreading news about it. This is literally free money.
Altcoin – This is short for ‘alternative’ coin. Bitcoin was the original cryptocurrency. Any other coin (Litecoin, Ethereum, Ripple) is technically an altcoin.
Arbitrage – Sometimes cryptocurrency prices are different on different exchanges. In this case, you can move crypto from one exchange to another to sell for higher prices than you bought at, often immediately.
Bitcoin – The first and most dominant cryptocurrency. It rules the roost and has the largest market cap by far.
Blockchain – A distributed ledger, or database, which everyone can read. They are secured by cryptography. Cryptocurrencies move around on blockchains, which keep an immutable record of all transactions.
BTFD – This is an acronym for ‘Buy the F***king Dip’. Many cryptocurrency traders buy after the price has dipped significantly.
Bull – Someone who is expecting prices to move up. Note that bull can also refer to a market in general. For example, a bull market is a market where prices are rising.
Bear – Someone who is expecting prices to move down. As with bull, this term can also refer to markets. For example, a bear market is one where the price of cryptos is going down.
Circulating Supply – The total number of coins a cryptocurrency currently has. This can range from millions to billions.
Coinbase – The most popular cryptocurrency exchange for new users. It allows you to buy popular cryptos for fiat currency. This is the best place to get your first cryptocurrency to gamble with.
Cold Storage – Taking your cryptocurrency offline, for example storing them on a hardware wallet and putting them away somewhere. If you win a Bitcoin jackpot and feel it will go up in value in the future, this might be a good idea.
DYOR – This is an acronym for ‘Do Your Own Research’. Most
people who give trading advice use this to absolve themselves of blame if trades go wrong.
Exchange – This is a website where you can buy and sell cryptocurrency. Some exchanges allow you to buy for USD/GBP/EUR/AUD, whereas others ask you to trade Bitcoin for other altcoins.
Fiat – This is a national currency such as the USD, EUR, GBP, or USD.
FOMO – This is an acronym for ‘Fear of Missing Out’. This tends to happen when prices rise quickly, causing more people to buy to catch the ride up, which in turn increases prices further.
FUD – This is an acronym for ‘Fear, Uncertainty, and Doubt’. This tends to move prices lower, creating more FUD, in a negative cycle.
HODL – This is a meme springing from a misspelling of ‘Hold’ in a famous cryptocurrency forum post. Some crypto enthusiasts prefer not to trade but instead by and hold. This is what HODL refers to.
ICO – This is an acronym for Initial Coin Offering. When a new project wants to raise capital, it may do so with an ICO, like a company might do with an IPO.
Market Cap – The total amount of fiat currency in the cryptocurrency ecosystem. You can visit various sites to find out what the current total market cap is. Note that each cryptocurrency also has a market cap.
Max Supply – The maximum number of coins a cryptocurrency will ever have. For example, Bitcoin’s maximum supply is 21 million.
Mining – Lending your computer power to help solve the next ‘block’ in exchange for cryptocurrency. There are individual miners operating from home computer, and there are huge mining conglomerates such as Bitmain.
Miner Fees – These are the equivalent of ‘transaction fees’. Miners who verify transactions get these for maintaining and operating the network.
Mooning – When a cryptocurrency price is increasing in value rapidly. For example, if you won Bitcoin at $5,000 and it was worth $8,000 a month later, Bitcoin would be mooning.
Private Key – A string of letters and number which allows you to access your wallet. This is like a password, but much stronger than the usual passwords. If you lose your private keys, you may never be able to regain access to your cryptocurrency.
Satoshi – The smallest unit of Bitcoin, the eight number after the decimal place. This was named after Bitcoin’s mysterious founder Satoshi Nakamoto. Sometimes crypto enthusiasts refer to satoshis as SATS.
Tanking – The polar opposite of mooning. This is when prices are falling quickly. For example, if you won Bitcoin at $5,000 and it was worth $3,000 a month later, it would be tanking.
Wallet – This is either a piece of software or hardware where you keep your cryptocurrency. You can download software wallets or buy hardware wallets like Trezors or Ledgers.
Whale – Someone who owns a large amount of a cryptocurrency. For example, there are people who own hundreds of thousands or even millions of Bitcoins.
Whitepaper – A paper outlining what a cryptocurrency aims to achieve and how it differs technically from others.
