Bitcoin pt 2

Question 1

FOMO

Answer 1

The term “FOMO” stands for the phrase “fear of missing out”.

Question 2

Fork

Answer 2

a fork is a change in a digital currency’s rules or protocol from time to time

Question 3

FUD

Answer 3

Fear, uncertainty and doubt can be summed up using the term “FUD”.

Question 4

Gange

Answer 4

This name comes from the Indian river. It refers to a big decrease of the value of all cryptocurrency.

Question 5

Gas war

Answer 5

To do transactions with Ethereum you need Gas. So that your transaction take precedence over other people’s transactions, you need to increase the size and value of the Gas. This leads to a gas war and the person paying the highest fees will get this transaction done.

Question 6

Hard Fork

Answer 6

A type of fork that creates a permanent change to a digital currency’s protocol or rules.

Question 7

HODL

Answer 7

Cryptocurreny investors developed the term “HODL”, which stands for “Hold on for dear life”

Question 8

Initial Coin Offering

Answer 8

represents the first time that an organisation offers digital tokens to the public in an effort to raise money.

Question 9

KYC

Answer 9

Stands for “know your customer”

Question 10

Long- Long position

Answer 10

going long, also known as taking a long position, means making a wager that an asset will rise in value

Question 11

Market Cap

Answer 11

short for “market capitalisation”, which is a term for total market value.

Question 12

Mining

Answer 12

The process for creating new units of a digital currency

Question 13

Mining Incentive

Answer 13

is a reward that miners get for confirming transactions and mining them into blocks

Question 14

Moon / Mooning

Answer 14

When a digital currency moons, that means it rises sharply in value