Part 1 of Talk like a Wirexer taught us how to HODL, where to keep our crypto and some mysterious acronyms like ATH, ICO and KYC.
In case you’re still not talking like a Wirexer, here’s some more terminology you’ll likely come across in the cryptosphere.
Aw, cute. Wait, no, not that type of bear. Bearish in the crypto space refers to a market in which prices are falling, i.e. when demand is lower than supply. A bearish investor, or a bear, pessimistically believes that prices are sure to drop.
Not so cute, either. The opposite of bearish, bullish describes a market in which prices are rising or are expected to rise. That means demand is higher than supply. Bull investors are optimistic and HODL on to their coins until the price soars high enough for them to sell.
“Buy the dip” - means buying an asset after it’s seen a steep drop in value. It’s how some bulls like to acquire their crypto.
“Fear of missing out” - you may have heard this one in your everyday life. But believe it or not, FOMO actually originated in the world of crypto. It describes an urgent need to buy when everyone else is. Or it might cause you to HODL during a dip. It basically means to act out of emotion for fear of missing the boat.
“Fear, Uncertainty and Doubt” - this is the result of bad news being spread about a certain token, often via social media. The spreading of FUD can cause people to avoid the coin in question like the plague, which often results in a drastic drop in price.
“Wrecked” - this means completely destroyed or ruined. So in crypto terms: massive loss. REKT apparently started out - as an intentional misspelling - in online gaming. It was borrowed by the crypto community after a bitcoin crash, by one poor soul who wanted “a moment of silence for all of those #REKT on margin calls.” We hope they’re back on their feet.
A whale is an individual or entity who holds enormous amounts of crypto. With so much in their wallet, they’re able to manipulate currency valuations. Like real-life whales, their movements disturb the waters smaller fish swim in. Fun fact: only 100 wallets contain 31% of all bitcoin.
The Wirex Token is our very own cryptocurrency. It’s a utility token which helps reward user loyalty by unlocking a wide range of benefits. Stay tuned for more soon on how WXT can enhance your Wirex experience…
Nope, not a fridge. Cold storage is a way of storing your crypto offline. The idea is to deter hackers, who could potentially access your crypto in a traditional wallet with your private key.
Hot wallets are the opposite of cold storage. It’s basically any crypto wallet which is connected to the internet. They are slightly more susceptible to hackers, however.
That’s all for now! We hope you’ve learnt a thing or two. Let us know your favourites below - and if there are any other crypto terms you’d like to know.