A Quick Guide to Crypto World Jargon, So Newcomers Can Understand the Scene Instantly

Want to mix in the crypto world? You must understand these jargon! Let's clarify 28 basics at once:

The crypto world is a gathering place for players, and blockchain is the core immutable ledger technology. Miners earn coins by validating transactions through computing power, and your digital assets are stored in a wallet, sent and received using an address.

During trading, some people like to go all in (betting everything to get rich), while others try to buy the dip (but often end up buying halfway down). You can set limit orders (basket orders) to automatically execute at a preset price, but be careful of slippage (sudden changes in transaction price). The worst is encountering a rug pull (when the project team runs away and it goes to zero).

Mentally, be wary of FOMO (fear of missing out and chasing prices), and learn to HODL (hold on for dear life). Benefits include airdrops (free token distribution). The technical foundation is smart contracts (on-chain automatic execution programs).

Cross-chain uses cross-chain bridges (common targets for hackers), miners earn MEV (the "queue-jumping fee" for adjusting transaction order). Scalability relies on Layer 2 (highways on the main chain). Flash loans allow you to borrow money without collateral, but they must be repaid instantly.

In the ecosystem, DeFi is decentralized banking, NFTs represent unique digital assets, GameFi claims to earn while playing (like working), and Meme coins rely on memes to gain popularity (such as Dogecoin). DAOs use tokens for voting to achieve decentralized governance.

Some projects are golden shovels (able to mine other tokens). Scientists use technology to farm in bulk (ordinary people can't compete). Investments can be held in a laid-back manner (buy and forget, let the ups and downs come as they may). The project party has times of token burning (coin burning) to reduce supply and promote price increases.

Understanding these, you can consider yourself initiated into the crypto world! Remember: HODL your belief, but stay away from FOMO emotions, and always be vigilant about withdrawal risks!