In the previous article we analyzed the most commonly used terms related to mining and trading. Time to go for all our favorite abbreviations.
Dear experienced blockchain and cryptocurrency users, forgive us for some simplifications, we want to make life of less experienced colleagues easier, not confuse them even more 🙂
FUD and FOMO – the first is Fear, Uncertainty and Doubt, and the second is Fear of Missing Out. Psychological problems faced by newcomers to the stock exchange. FUD, roughly speaking, is the fear of making a mistake due to ignorance and uncertainty, FOMO is the fear of missing out on profits, buying and selling madly. Neither the first nor the second will lead to success. By the way, we wrote a short article about this: (link).
ATH and ATL – All-Time High and All-Time Low respectively. Cryptocurrency price peaks, highest and lowest.
DYOR – Do Your Own Research. The call is not to rely on advice, but to study the topic on your own before making transactions. In general, in any incomprehensible situation DYOR.
KYC – Know Your Customer, a verification procedure that users go through in centralized exchanges. Users of non-custodial wallets, for example, do not need this procedure.
DeFi – Decentralized Finance, a general term for all decentralized services. They are public and, as a rule, have the open source code. By the way, STON.fi also belongs to the DeFi ecosystem.
ICO – Initial Coin Offering, a way to attract shareholders (holders of tokens) by distributing these tokens. Users who come to a new project, as a rule, keep the issued tokens with them in the hope of increasing their value.