Being new in the cryptocurrency space is both fascinating and sometimes difficult. In this article, I’ve listed the most common crypto slang terms and glossary for beginners to learn the basics. This post is meant to be an educative read for those of you who are new to cryptocurrencies and blockchain. These crypto terms are commonly used in everyday crypto talk and you should know at least a few of them to keep up with discussions on forums or with friends. Take your time to read a couple of them to get familiar with the crypto jargon and find out what the blockchain experts are talking about. We use this crypto lingo every day in the office so it’s time for you to start studying to pick up some new vocabulary and crypto words. The crypto slang terms in this article are listed in chronological order from A to Z with numbers at the end.
A
Alternative coin, Altcoin
An altcoin is any cryptocurrency that is not Bitcoin, hence the term alternative coin. Any coin or token that you see or read about that is not Bitcoin, is an altcoin. It’s that simple. Altcoins are used in many different blockchains and serve different purposes. The characteristics of an altcoin are usually a low market cap cryptocurrency that is very volatile with a brand new technology that is here to revolutionize the speed and volume of transactions, but that is seldom the case. The most popular altcoins are Ethereum, Binance Coin, Cardano, Solana, and Ripple.
Airdrop
When new cryptocurrency and blockchain projects are started they use airdrops to promote and advertise their campaign. Early users who sign up for the project are given free cryptocurrencies through so-called airdrops. To receive an airdrop you need a cryptocurrency wallet and sign up for a new cryptocurrency project that issues an airdrop event. Once the airdrop event has received enough signups, the airdrop is issued and all new members will receive their tokens. In some cases, the company behind the airdrop will ask for a small service in exchange for the tokens but usually, it’s free.
API (Application Programming Interface)
An API is used to connect two applications through computer programming and let them talk to each other and send information. For example, every time you send a message, post an image, or download a new app, an API is used to make that possible. An API is connected to the internet and sends data to a specific server. This server then performs an action that sends the data through the API and creates a readable format for us humans to understand.
ASIC (Application Specific Integrated Circuit)
An ASIC or Application Specific Integrated Circuit is a computer hardware chip designed a