A unique digital artwork existing as a single NFT with no duplicates. The scarcity of being the only copy in existence is typically the primary value driver.

An extra security layer requiring two forms of identification before access is granted. On crypto exchanges this typically means a password combined with a time-sensitive code from an app such as Google Authenticator. Enable 2FA on every exchange account without exception.

An attack in which a single entity gains control of more than 50% of a blockchain network's computing power (hashrate), giving it the ability to reverse transactions or double-spend coins. More realistic on smaller chains with limited hashrate. Bitcoin's scale makes a 51% attack practically and economically implausible.

A return of 100 times the original investment. A coin bought at £0.01 that reaches £1.00 has returned 100x. Used as a legitimate target on speculative altcoins — and frequently as wishful thinking.

A period in the market cycle during which experienced or well-capitalised investors buy and hold cryptocurrency steadily, typically near or below fair value, ahead of an anticipated price rise. Identifiable on-chain through rising long-term holder supply and falling exchange reserves.

Slang for "address." A crypto wallet address used to send or receive funds.

A free distribution of cryptocurrency tokens to wallet addresses, typically as a reward for early protocol use, community participation, or as a promotional mechanism. Some airdrops have generated significant value; many are worthless.

Early, non-public, or high-value information that gives a trader or investor a potential edge over the wider market. "Sharing alpha" means providing insight that most people do not yet have.

A market phase in which altcoins broadly and significantly outperform Bitcoin over a sustained period. Typically triggered by Bitcoin consolidating after a strong move, with capital rotating down the risk curve into smaller assets.

A metric measuring how many of the top 100 altcoins have outperformed Bitcoin over the prior 90 days. A reading above 75 is generally considered altseason territory; below 25 indicates Bitcoin dominance.

Any cryptocurrency that is not Bitcoin. Includes large platforms such as Ethereum and Solana, DeFi tokens, layer 1s, exchange tokens, meme coins, and thousands of more speculative projects. The term is broad and does not imply any particular quality or legitimacy.

A live or scheduled Q&A session in which a project founder, analyst, or prominent figure answers community questions in real time. Common on X, Discord, and Reddit.

Short for anonymous. Refers to a crypto project, developer, or social media user operating without revealing their real-world identity. Many respected analysts and builders operate as anons.

To buy into a token, NFT, or project quickly after launch, often without thorough research. Carries connotations of impulsive, high-risk behaviour. Used self-deprecatingly or as community shorthand.

A connection layer allowing two software systems to communicate. In crypto, APIs connect trading bots, data tools, and third-party apps to exchanges and blockchain data providers.

The practice of simultaneously buying an asset on one market and selling it on another to profit from a price discrepancy. Arbitrage opportunities arise when the same coin trades at slightly different prices across exchanges.

A specialist computer chip designed exclusively for mining cryptocurrency. ASICs are far more efficient than general-purpose computers. Bitcoin mining is now dominated by ASIC hardware, making it impractical for hobbyist miners on standard hardware.

The highest or lowest price a cryptocurrency has ever reached. Bitcoin's ATH of approximately $109,000 was set in January 2025.

Slang for a holding in a particular cryptocurrency. A bagholder is someone who continues holding a cryptocurrency that has dropped sharply in value, usually in hope of a recovery that may not come.

A price pattern on a chart resembling the outline of Bart Simpson's head — a sharp vertical spike upward, a flat consolidation, followed by an equally sharp drop back to the starting level. Common in thin crypto markets during low-volume periods.

The difference between a futures price and the current spot price. A positive basis (futures above spot) is contango; a negative basis (futures below spot) is backwardation.

A sustained period of broadly falling cryptocurrency prices, typically defined as a decline of 20% or more from recent highs. The 2022 bear market saw Bitcoin decline from approximately $69,000 to below $16,000 over roughly 12 months.

A token standard for the BNB Smart Chain, broadly equivalent to Ethereum's ERC-20. Most BNB Chain tokens use BEP-20.

The first and largest cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto. Designed as a peer-to-peer electronic cash system on a public, decentralised blockchain. Bitcoin is treated as the reserve asset of the crypto market.

The percentage of total crypto market capitalisation held in Bitcoin. Rising BTC.D means capital is concentrating in Bitcoin. Falling BTC.D often signals early rotation into altcoins — one of the most watched cycle indicators.

A regulated financial product tracking Bitcoin's price, allowing investors to gain exposure through a traditional brokerage account. Spot Bitcoin ETFs were approved by the US SEC in January 2024 and saw significant institutional inflows in the months that followed.

An unforeseen event with extreme market impact not anticipated by participants. In crypto, examples include the Terra/LUNA ecosystem collapse in 2022 and the FTX exchange failure.

A distributed ledger recording transactions in a sequence of cryptographically linked blocks. Once data is confirmed, altering it requires changing every subsequent block across the majority of the network — making blockchains highly resistant to retroactive tampering.

An experimental fungible token standard on the Bitcoin blockchain, using the Ordinals protocol to inscribe token data onto individual satoshis. Unlike Ethereum's ERC-20 tokens, BRC-20s cannot interact with smart contracts.

The inflation rate implied by the bond market, estimated as the nominal Treasury yield minus the TIPS real yield for the same maturity. Watched by macro-aware crypto investors as a gauge of where the market expects inflation to settle.

A protocol allowing users to transfer tokens or data between two separate blockchains. Bridges have been a frequent target of large-scale exploits due to the complexity of cross-chain security.

A rallying call to buy a cryptocurrency after its price has fallen, on the assumption that the dip is temporary and the broader trend will resume. BTFD is the more emphatic version.

A deliberate misspelling of "build," modelled on HODL. Refers to actively building or contributing to the crypto ecosystem regardless of market conditions.

A sustained period of broadly rising cryptocurrency prices and positive investor sentiment. The 2020–2021 bull market saw Bitcoin rise from approximately $3,800 to nearly $69,000 over roughly 18 months.

The deliberate and permanent removal of a quantity of cryptocurrency from circulation, typically by sending it to a provably unspendable address. Reduces circulating supply and, if demand holds steady, can be price-supportive. Ethereum burns a portion of every transaction fee via EIP-1559.

The point at which a significant portion of holders give up and sell their crypto, typically after a prolonged price decline. Capitulation events are visible on-chain through sharp spikes in realised loss and are frequently associated with market cycle lows.

A digital form of a country's sovereign currency, issued and controlled directly by its central bank. CBDCs are centralised by design and are fundamentally distinct from decentralised cryptocurrencies such as Bitcoin.

A cryptocurrency exchange operated by a central company that holds custody of user funds and manages order matching. Examples: Binance, Coinbase, Kraken. The risk is counterparty risk — if the exchange is hacked or fails, customer funds can be lost.

An on-chain metric weighting coin movements by how long those coins have been dormant. A spike in CDD can indicate that long-dormant, experienced holders are becoming active — often a meaningful signal in cycle analysis.

A crypto wallet not connected to the internet. Cold wallets (hardware wallets) are the most secure way to store significant crypto holdings. Examples include Ledger and Trezor devices.

A widely used measure of inflation tracking changes in the average price of a basket of consumer goods and services. Crypto investors watch CPI data closely because it directly influences central bank interest rate decisions, which in turn affect risk appetite in global markets.

The ability to move assets or data between separate blockchain networks. Improving cross-chain interoperability is one of the core infrastructure challenges in the broader crypto ecosystem.

A broad term for any digital asset using cryptographic techniques for security, operating on a decentralised network, and recorded on a blockchain or distributed ledger.

Excessive and uncritical devotion to a specific cryptocurrency, project, or founder to the point that valid criticism is ignored. Cult dynamics can lead to catastrophic investment losses when reality eventually overrides narrative.

Strong factional loyalty among supporters of different blockchain ecosystems, leading to hostile discourse, biased information, and poor investment decisions driven by identity rather than analysis.

The community of crypto investors, analysts, traders, and projects that use X (formerly Twitter) as their primary communication platform. CT is a major source of alpha, real-time market sentiment — and also significant misinformation.

A prolonged bear market in which prices remain depressed, development activity slows, and public interest in crypto falls sharply. The 2022 bear market was widely described as a crypto winter.

The mathematical science of securing information through encryption and decryption. The entire security model of Bitcoin and every other blockchain is built on cryptographic principles.

Informal term for the condition of being obsessively absorbed in learning about crypto — consuming articles, podcasts, data, and discussions around the clock.

Who holds and controls the private keys to a crypto wallet. Exchange custody means the platform controls your keys on your behalf. Self-custody means you hold your keys directly. "Not your keys, not your coins" is the core principle.

Founder and former CEO of Binance. One of the most influential figures in centralised crypto exchange history. Resigned as CEO in November 2023 following Binance's settlement with the US Department of Justice.

A movement of activists and technologists from the late 1980s onwards who advocated using cryptography as a tool for individual privacy and freedom. Bitcoin's creation drew directly on cypherpunk philosophy and technical foundations.

An application running on a blockchain rather than a central server, meaning no single entity controls its operation. Examples include decentralised exchanges, lending protocols, and NFT marketplaces.

An organisation governed by smart contracts and token holder votes rather than a traditional management structure. DAOs allow communities to collectively decide on protocol changes and treasury management without a CEO or board.

An investment strategy of buying a fixed amount of a cryptocurrency at regular intervals, regardless of price. DCA removes the pressure of timing the market and reduces the impact of volatility on the average entry cost over time.

A short-lived price recovery in a declining market before the downtrend resumes. Often mistaken by beginners as the start of a reversal.

A category of financial services built on public blockchains — primarily Ethereum — that operates without banks or intermediaries. DeFi encompasses lending, borrowing, trading, yield farming, and more, all governed by smart contracts.

Short for "degenerate." Slang for someone who engages in high-risk, impulsive crypto activity — buying speculative coins without research, using excessive leverage, or chasing new launches. Used both self-deprecatingly and as a term of community affection.

When a stablecoin loses its fixed value relative to its pegged asset. The Terra UST collapse in 2022 was a terminal depeg that wiped billions of dollars in value.

A peer-to-peer trading platform on a blockchain allowing users to swap tokens directly from their own wallets without a central intermediary. Popular examples include Uniswap, Curve, and Jupiter.

The disposition to hold a cryptocurrency position through significant price drops without selling. Implies conviction and resistance to panic. Contrast with Paper Hands.

Co-founder and CEO of Terraform Labs, behind the Terra blockchain and TerraUSD (UST). The Terra/LUNA ecosystem collapsed in May 2022, erasing approximately $40 billion in market value. Do Kwon was arrested in Montenegro in 2023 and extradited to South Korea to face fraud charges.

The original meme coin, created in December 2013 as a joke based on the Shiba Inu "Doge" meme. Despite its origins, Dogecoin developed a large community and saw extraordinary price appreciation in early 2021.

The percentage of total crypto market capitalisation held by a specific cryptocurrency. Bitcoin Dominance (BTC.D) and Ethereum Dominance (ETH.D) are the two most widely tracked metrics.

When someone's real-world identity is publicly revealed, voluntarily or otherwise. A developer voluntarily doxxing themselves can increase investor trust. Malicious doxxing targets anons without their consent.

Selling a large quantity of a cryptocurrency quickly, creating downward price pressure. Describes both coordinated selling by whales and panic selling by retail holders.

A disclaimer and genuine instruction to investigate a project independently before investing. No single source of information — including this one — should be your only basis for any financial decision.

An Ethereum Improvement Proposal implemented in August 2021 restructuring transaction fees. A base fee is burned with each transaction rather than paid entirely to miners, making ETH net deflationary under high network usage conditions.

A technical analysis framework attempting to identify recurring wave patterns in market price movements, driven by shifts in collective psychology. Used by some traders to forecast Bitcoin and altcoin cycles. Interpretation varies significantly between analysts.

The actual daily rate at which US banks lend to each other overnight, published by the New York Federal Reserve. A key macro data point for monitoring monetary policy conditions.

A programmable, decentralised blockchain introducing smart contracts and decentralised applications to the market. Ethereum is the foundation for the majority of DeFi, NFT, and Web3 infrastructure. Its native token is ETH.

The percentage of total crypto market capitalisation held in Ethereum. A rising ETH.D can signal capital rotating from Bitcoin into Ethereum, often ahead of a broader altcoin season.

The transition of Ethereum from proof-of-work to proof-of-stake consensus, completed in September 2022. The Merge reduced Ethereum's energy consumption by approximately 99.5%.

A platform where users buy, sell, and trade cryptocurrencies. Exchanges are either centralised (CEX — such as Binance and Coinbase) or decentralised (DEX — such as Uniswap).

The net movement of cryptocurrency into or out of exchanges over a given period (deposits minus withdrawals). Positive netflows can signal increased selling intent; negative netflows indicate accumulation and movement into self-custody.

The total quantity of a cryptocurrency held across all tracked centralised exchanges. Falling reserves typically indicate coins moving into long-term storage, reducing sell-side supply pressure. Rising reserves can signal growing selling intent.

A fraud in which project founders raise investment capital and then disappear with the funds, abandoning the project and leaving investors with worthless tokens.

A method of evaluating a cryptocurrency by examining the underlying factors determining its real value: technology, tokenomics, team, adoption, competitive landscape, and macro environment. Distinct from Technical Analysis, which focuses solely on price charts.

A false price breakout that traps traders entering a position expecting trend continuation, only for the price to reverse sharply. Common in low-volume crypto markets and frequently used to liquidate leveraged positions.

A sentiment tool measuring the market's emotional state on a scale from 0 (extreme fear) to 100 (extreme greed). Extreme fear readings have historically been associated with buying opportunities; extreme greed has frequently preceded corrections.

The central bank of the United States. The Fed's decisions on interest rates, quantitative easing, and balance sheet management have a direct influence on risk appetite in global financial markets, including crypto.

The benchmark interest rate set by the US Federal Reserve for overnight interbank lending. Rising rates tighten financial conditions and typically reduce appetite for risk assets such as Bitcoin. Falling rates tend to ease conditions and support risk-on positioning. One of the most important macro variables for crypto investors to understand.

Government-issued currency not backed by a physical commodity — US dollars, euros, pound sterling. In crypto, fiat is what most people use to buy crypto and what some eventually sell back into.

The anxiety-driven impulse to buy a rising cryptocurrency because you fear being left behind. FOMO is one of the most common psychological traps in crypto and frequently leads to buying at or near cycle tops.

Negative information — whether accurate or deliberately false — spread to create panic and drive prices lower. The ability to distinguish genuine risk from manufactured FUD is one of the most valuable skills in crypto investing.

A periodic payment between long and short traders in perpetual futures markets that keeps the futures price anchored near the spot price. Extreme positive funding signals overleveraged bullishness; extreme negative funding signals overcrowded short positioning.

A category of blockchain-based games incorporating financial mechanics allowing players to earn real cryptocurrency or tradeable tokens as in-game rewards. Axie Infinity was the most prominent early example.

Transaction fees paid to validators for processing actions on a blockchain. On Ethereum, gas fees fluctuate with network demand and are paid in ETH. Layer 2 networks were built in part to address the cost of high gas fees.

A code-hosting platform for software development. An active public GitHub repository is one indicator of genuine development activity. Projects with little or no GitHub commits are a red flag worth investigating.

"Good morning." Used as a daily greeting across crypto communities on X, Discord, and Telegram. A consistent marker of participation and positive community sentiment.

A bullish chart pattern in which a shorter-term moving average crosses above a longer-term moving average. On Bitcoin, the most watched instance is the 50-day MA crossing above the 200-day MA. Contrast with the Death Cross.

A candlestick on a price chart where the closing price is higher than the opening price, indicating upward movement over that period.

In social recovery wallet systems, trusted individuals, devices, or accounts that can collectively approve wallet recovery if the original owner loses access. Three of five designated guardians approving a request restores full wallet access without the original seed phrase.

A denomination of Ether (ETH) equal to one billionth of one ETH (0.000000001 ETH). Gas prices on Ethereum are quoted in gwei.

A pioneering cryptographer and one of Bitcoin's earliest contributors. The first person to receive a Bitcoin transaction, accepting 10 BTC from Satoshi Nakamoto in January 2009.

A pre-programmed event in Bitcoin's protocol reducing the block reward paid to miners by 50% approximately every four years. Halvings reduce the rate at which new Bitcoin enters circulation. Previous halvings occurred in 2012, 2016, 2020, and April 2024. Each halving has historically preceded a bull market.

A change to a blockchain's protocol that is not backwards-compatible, resulting in a permanent split into two separate chains. The most prominent Bitcoin hard fork created Bitcoin Cash (BCH) in August 2017.

The total computational power being used to mine and secure a proof-of-work blockchain. A rising Bitcoin hashrate is a positive indicator of network security and miner confidence.

A deliberate misspelling of "hold," originating from a famous typo in a 2013 Bitcoin forum post during a market crash. HODL means holding your position through volatility rather than panic-selling — typically with a long-term investment view. One of crypto's defining cultural terms.

Token fundraising methods. An ICO (Initial Coin Offering) sells tokens directly to the public. An IDO (Initial Decentralised Offering) is conducted on a DEX. An IEO (Initial Exchange Offering) is managed through a centralised exchange that vets the project.

The property of a blockchain making already-confirmed data extremely difficult to alter retroactively. Immutability is a foundational security property that makes blockchain records reliable and tamper-resistant.

A large financial entity — including hedge funds, asset managers, pension funds, sovereign wealth funds, and corporate treasuries — that deploys significant capital. Institutional involvement in Bitcoin has increased substantially since 2020 through spot ETFs, corporate treasuries, and regulated futures markets.

The ability of separate blockchain networks to communicate and exchange assets or data directly. Cross-chain bridges, and protocols such as Polkadot and Cosmos, are built specifically to improve blockchain interoperability.

A network of physical devices connected to the internet that collect and exchange data. Some blockchain projects target IoT use cases, using distributed ledgers to secure machine-to-machine data transfers and enable automated micropayments.

A cryptocurrency wallet connected to the internet, such as a browser extension (MetaMask) or mobile app. Convenient for regular transactions but more exposed to hacking risks than a cold wallet. Not recommended for storing significant long-term holdings.

The contentment felt from deliberately choosing not to chase a speculative investment or trade. The opposite of FOMO. A healthy JOMO disposition can protect investors from impulsive decisions driven by social pressure rather than analysis.

A timing tool developed in-house by The Markets Unplugged. It estimates the dominant market cycle for Bitcoin, Ethereum, and OTHERS, then projects forward high, low, and turn windows where significant moves have often clustered in previous cycles. The aim is not to predict a single candle, but to give crypto investors a simple timing map so they can plan DCA, trims, and risk decisions in advance instead of reacting to noise.

An identity verification process required by most regulated cryptocurrency exchanges, introduced broadly as part of anti-money laundering (AML) compliance frameworks. Involves submitting government-issued identification and, in some cases, proof of address.

Slang for Lamborghini, used as shorthand for life-changing crypto profits. "When Lambo?" is a playful way of asking when a specific cryptocurrency will generate the kind of returns that would fund a luxury sports car.

Layer 0 is foundational infrastructure beneath Layer 1 blockchains (e.g., Polkadot, Cosmos). Layer 1 is the base blockchain on which transactions are validated (Bitcoin, Ethereum). Layer 2 is a protocol built on top of a Layer 1 to improve speed, reduce fees, and increase throughput (Arbitrum, Optimism, Lightning Network).

The use of borrowed capital to amplify the size of a trading position. 10x leverage earns ten times the gain if price rises — and suffers ten times the loss if it falls. High leverage in crypto is extremely risky and can result in total loss of collateral.

A rallying expression of enthusiasm and excitement. Widely used on CT before significant announcements, price moves, or launches.

A Layer 2 payment protocol built on Bitcoin enabling near-instant, extremely low-cost transactions between parties who open a payment channel. Designed to make Bitcoin usable for everyday payments and micropayments at scale.

The ease with which an asset can be bought or sold without significantly moving its price. Bitcoin and Ethereum have high liquidity. Low-cap altcoins have thin liquidity and can move sharply on relatively small trades.

A position that profits when the price of an asset rises. Opening a long means buying — or holding — an asset in the expectation that its value will increase.

Size classifications for cryptocurrencies by market capitalisation. Low cap (typically below $50M) carries significantly higher volatility and risk. Mid cap ($1B–$10B) offers higher potential returns than large cap. High cap (top 10–20 assets) includes Bitcoin and Ethereum.

A visual meme adopted by Bitcoin holders who add laser-eye overlays to their profile pictures on X as a signal of extreme bullish conviction.

Mainnet is the live, fully operational version of a blockchain on which real transactions occur. A testnet is a parallel environment used for testing without real assets. Successful testnet performance is a prerequisite for mainnet deployment.

The total market value of all circulating tokens, calculated by multiplying the current price by the circulating supply. Used to compare the relative size of different crypto assets.

The maximum number of tokens that will ever exist for a given cryptocurrency. Bitcoin's max supply is 21 million BTC. Understanding max supply is essential for assessing long-term scarcity and inflation dynamics.

A cryptocurrency with little or no fundamental utility, whose value is driven almost entirely by community sentiment, social media momentum, and speculative interest. Examples include Dogecoin, Shiba Inu, and Pepe. Meme coins can generate extraordinary short-term gains and equally dramatic losses.

The most widely used self-custody wallet for Ethereum and EVM-compatible networks, available as a browser extension and mobile app. Allows users to interact directly with dApps, DeFi protocols, and NFT platforms.

Individuals or entities running proof-of-work hardware to validate transactions, secure the network, and earn block rewards plus transaction fees.

The creation of a new digital asset on a blockchain. Minting an NFT creates a unique, permanently recorded token. Also used for creating new stablecoins.

The belief or hope that a cryptocurrency's price will rise dramatically. "Mooning" describes rapid upward price movement.

A portion of a position retained after taking profits on the majority, intended to capture any further upside without risking already-secured gains.

A Japanese Bitcoin exchange that once handled approximately 70% of global Bitcoin trading volume. Hacked in 2014, resulting in the loss of approximately 850,000 BTC. The creditor repayment process stretched across a decade, with distributions continuing into 2024.

A wallet security configuration requiring more than one private key to authorise a transaction. A 2-of-3 multisig requires two of three designated keyholders to sign. Used by institutions and DAOs to eliminate single points of failure.

A core Bitcoin on-chain valuation metric comparing Market Value (current market capitalisation) to Realised Value (realised capitalisation). A high MVRV indicates a large share of supply is sitting on significant unrealised profit — historically associated with cycle tops. A low or negative MVRV has historically marked deep value zones or capitulation lows.

A disclaimer used across crypto content to clarify that the author is not providing regulated financial advice and that readers should conduct their own research before making investment decisions.

A unique digital asset recorded on a blockchain where each token is distinct and cannot be exchanged on a one-for-one basis with another. NFTs can represent digital art, music, collectibles, gaming items, and access rights.

Slang for someone whose decisions or mindset suggest they will not succeed in crypto. Used self-deprecatingly or critically about poor strategy or behaviour.

Someone who owns no cryptocurrency and is typically dismissive or sceptical of its value. Often used on CT to describe commentators who have consistently predicted Bitcoin's failure.

A computer that connects to a blockchain network and maintains a copy of the ledger. Nodes validate transactions and help secure the network. Running your own Bitcoin node gives independent verification of the chain without relying on a third party.

Someone unfamiliar with crypto culture or terminology. Used broadly and without malice to describe people new to the space.

Data recorded and verifiable on a blockchain. On-chain analysis uses this data — wallet movements, transaction volumes, holder behaviour — to assess market conditions and cycle positioning without relying on price charts alone.

"Original gangster." Used in crypto to describe early adopters who were in the space before mainstream awareness. Being an OG implies deep experience and credibility.

The total number of outstanding futures or options contracts that remain open and unsettled. Rising OI alongside rising prices suggests new money entering. Rising OI with falling prices can indicate growing short positioning.

Services supplying real-world data — price feeds, weather, sports results — to blockchain smart contracts. Without oracles, smart contracts can only access data already on-chain. Chainlink is the most widely used oracle network.

A continuously updated list of outstanding buy and sell orders for a trading pair on an exchange. Analysing the order book reveals where demand and supply are concentrated.

A TradingView chart metric representing the total market capitalisation of all cryptocurrencies excluding Bitcoin and the largest altcoins. A rising "Others" is one early signal that speculative capital is rotating into smaller coins.

Trading conducted directly between two parties outside a public exchange order book. OTC desks handle large orders for institutional buyers and sellers who want to avoid moving the market.

Market conditions in which a cryptocurrency has risen (overbought) or fallen (oversold) quickly enough that momentum indicators suggest the move may have been excessive and a reversal may follow.

Selling a cryptocurrency position quickly at the first sign of price weakness. The opposite of diamond hands. Used to describe a lack of conviction.

A network in which participants transact directly with each other without a central authority. Bitcoin was explicitly designed as a peer-to-peer electronic cash system.

A reference to the first known real-world commercial Bitcoin transaction: on 22 May 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas. At Bitcoin's January 2025 ATH, those coins were worth approximately $1.09 billion. 22 May is now celebrated annually as Bitcoin Pizza Day.

Monthly business surveys tracking manufacturing and services sector conditions. Readings above 50 indicate expansion; below 50 contraction. Watched by macro-aware crypto investors as a leading indicator of economic conditions.

A secret cryptographic code that proves ownership of a wallet and authorises transactions. Anyone who has your private key has complete, unrestricted access to your funds. Never share it with anyone — ever.

Cryptocurrencies designed with enhanced anonymity features obscuring transaction details including sender, receiver, and amounts. Monero (XMR) and Zcash (ZEC) are the most established examples.

The wallet address you share to receive cryptocurrency — effectively a public-facing account number. Safe to share openly. Your public key is mathematically derived from your private key but cannot be used to reverse-engineer it.

A coordinated scheme to artificially inflate the price of a low-liquidity token through buying and promotion, then sell holdings at the elevated price, collapsing the price and leaving later buyers with losses. Illegal in regulated securities markets; rampant in unregulated crypto.

A consensus mechanism in which validators (miners) compete to solve computational problems to add blocks. Energy-intensive but considered the most battle-tested security model in existence. Used by Bitcoin.

A consensus mechanism in which validators are selected based on the amount of cryptocurrency staked as collateral. Significantly more energy-efficient than proof of work. Used by Ethereum since September 2022.

The complete set of cryptocurrency holdings owned by an individual or entity. Portfolio management involves balancing allocation across assets, managing risk, and adjusting positions in line with cycle analysis.

A form of computing using quantum mechanical phenomena to process information in fundamentally different ways from classical computers. Advanced quantum computers could, in theory, threaten some cryptographic foundations of current blockchains. The practical risk is considered distant, and the crypto industry is actively developing quantum-resistant cryptography in anticipation.

Physical or traditional financial assets — property, gold, bonds, equities — that have been tokenised and represented on a blockchain. RWA tokenisation is one of the fastest-growing institutional blockchain applications.

The inflation-adjusted yield on government bonds, calculated as the nominal yield minus the expected inflation rate. Rising real yields tighten financial conditions and frequently weigh on risk assets including crypto. Falling real yields tend to support risk-on positioning.

An on-chain metric valuing each Bitcoin at the price at which it last moved on-chain, rather than the current market price. Whether Bitcoin is trading above or below the market-wide on-chain cost basis is a structurally meaningful signal.

On-chain metrics recording the total value of profit or loss when coins are spent above or below their last acquisition cost. Spikes in realised loss are a hallmark of capitulation events and are frequently observed near cycle lows.

Suffering severe or total financial losses on a position. Derived from "wrecked."

A framework describing broad shifts in market sentiment. In risk-on environments, investors favour equities, high-yield assets, and crypto. In risk-off, capital moves to cash, government bonds, and defensive assets.

A public plan published by a project team laying out upcoming development milestones and protocol upgrades. Tracking whether a team delivers against its roadmap is a key part of fundamental analysis.

A scam in which project developers remove liquidity, steal raised funds, or abandon a project entirely, leaving investors with near-worthless assets. Most common in new, unaudited DeFi protocols and low-cap token launches.

The percentage gain or loss on an investment relative to its original cost. Formula: (Current Value − Original Cost) ÷ Original Cost × 100.

The smallest unit of Bitcoin. One Bitcoin equals 100,000,000 satoshis. "Stacking sats" means accumulating Bitcoin in small increments over time.

The pseudonymous creator of Bitcoin. Published the Bitcoin white paper in October 2008 and launched the network in January 2009. Nakamoto's true identity has never been confirmed. Their original wallet holds approximately 1.1 million BTC that has never moved.

Founder and former CEO of the FTX exchange. FTX collapsed in November 2022 following revelations that customer funds had been misappropriated. SBF was convicted on all counts of fraud and conspiracy in November 2023 and sentenced to 25 years in prison in March 2024.

The US government agency regulating financial markets and enforcing securities law. The SEC's classification of specific crypto tokens as securities has been a defining source of regulatory uncertainty in the US market.

A sequence of 12 or 24 randomly generated words serving as the master backup for a crypto wallet. Anyone who has your seed phrase can access and drain your wallet entirely. Write it on paper. Store it securely offline. Never enter it online. Never share it with anyone under any circumstances.

The cryptographic hash function used in Bitcoin's proof-of-work algorithm. Mining involves finding a SHA-256 hash output below a specific numerical target. Difficulty adjusts approximately every two weeks to maintain a 10-minute block interval.

A database partitioning technique adapted for blockchains, splitting the network into smaller parallel segments (shards) to improve transaction throughput. Part of Ethereum's long-term scalability roadmap.

A derogatory term for a cryptocurrency with little genuine utility, poor fundamentals, or outright fraudulent intent. Applied to obvious scams and failed projects alike.

Promoting a cryptocurrency while appearing objective, typically because the person promoting it holds a financial position or is paid to do so. Widespread on CT.

A position that profits when the price of an asset falls. A trader opens a short by borrowing and selling an asset, then aims to buy it back at a lower price. If the price rises, the short-seller suffers a loss.

A self-executing programme deployed on a blockchain that runs automatically when defined conditions are met, without requiring a trusted intermediary. The foundation of DeFi, NFT platforms, DAOs, and most Ethereum-based applications.

A recorded state of a blockchain at a specific block height, capturing all wallet balances at that moment. Used to determine eligibility for airdrops, governance votes, and token distributions.

An on-chain metric indicating whether coins being spent on a given day are, on average, being sold in profit or at a loss. SOPR above 1 means spent coins are realising gains; below 1 means realising losses. A key on-chain cycle indicator.

A cryptocurrency designed to maintain a stable value, most commonly pegged to the US dollar. Examples include USDT (Tether), USDC, and DAI. Traders use stablecoins to hold capital within the crypto ecosystem without converting back to fiat.

Locking cryptocurrency in a proof-of-stake network to support security and transaction validation in return for rewards. Terms, yields, and lockup periods vary significantly across protocols.

The ability of a blockchain to handle increasing transaction volumes without degrading in performance or becoming prohibitively expensive. Solving scalability without sacrificing security or decentralisation is the core challenge of blockchain design.

A dark web marketplace operating between 2011 and 2013, using Bitcoin as its exclusive currency. Its operator, Ross Ulbricht, was convicted in 2015. Silk Road was the first large-scale real-world use case for Bitcoin and, for years, the primary source of regulators' concerns about the currency's use in crime.

To buy all available NFTs in a collection at or near the current floor price, typically as a deliberate effort to reduce available supply and push the floor price higher.

A method of evaluating and predicting price movements by analysing historical price charts, patterns, and statistical indicators. TA does not consider a project's fundamentals — it works solely from price and volume data.

The most widely traded stablecoin, pegged to the US dollar and issued by Tether Limited. Used across global exchanges as a dollar equivalent for trading, settling positions, and preserving capital.

US government bonds whose principal value adjusts with inflation. Used by macro investors to gauge real (inflation-adjusted) interest rates. Rising TIPS real yields can create headwinds for risk assets.

A digital asset built on an existing blockchain rather than being the native currency of its own chain. The term is sometimes used interchangeably with "coin," though they are technically distinct.

The economic design of a cryptocurrency: how it is issued, distributed, how supply changes over time, what it is used for, and who holds it. Strong tokenomics can sustain long-term demand. Poor tokenomics — especially excessive inflation or concentrated insider holdings — often leads to structural price deterioration.

A period following a token launch during which team members, seed investors, and early backers are contractually prevented from selling their holdings. Lockups protect the market from large insider sell pressure immediately after launch.

TradingView metrics. TOTAL2 shows the combined market cap of all cryptos excluding Bitcoin. TOTAL3 excludes Bitcoin and Ethereum. Monitoring TOTAL3 helps identify when capital is rotating into smaller altcoins beyond the two largest assets.

Community advice to step away from charts, social media, and trading screens and reconnect with the physical world. Affectionate shorthand for: you have been online too long — go outside.

The most widely used charting and technical analysis platform among crypto traders, offering real-time price data, hundreds of indicators, drawing tools, and a community of published analyses.

The interest rates paid by the US government on bonds of different maturities. Rising long-dated yields can tighten financial conditions and reduce risk appetite. A key macro variable for crypto investors.

The total value of assets deposited in a DeFi protocol at any given time. TVL is widely used as a proxy for a protocol's size, adoption, and relative health.

A permission granted to a smart contract allowing it to spend a specified amount of a token from a user's wallet. Required before interacting with most DeFi protocols. Unlimited or forgotten approvals are a common attack vector — regularly revoking unnecessary approvals is good security practice.

An index measuring the US dollar's strength against a basket of six major currencies. A rising DXY typically pressures risk assets including Bitcoin. A weakening DXY tends to create a more supportive backdrop for crypto.

Ticker symbol for Tether's stablecoin. See: Tether.

The specific real-world problem or application a cryptocurrency or blockchain project is designed to address. Identifying whether a genuine use case exists — and whether the project is the best solution for it — is central to fundamental analysis.

A token providing access to a specific product, service, or feature within a platform. Its value is derived from demand for that utility rather than from governance rights or profit-sharing.

The accounting model used by Bitcoin. Each UTXO represents an amount of unspent BTC available as an input in a future transaction. Bitcoin's UTXO model differs fundamentally from Ethereum's account-based model.

A participant in a proof-of-stake network selected to create and verify new blocks by staking cryptocurrency as collateral. Validators earn transaction fees and staking rewards. Dishonest or negligent validators can have their staked funds slashed as a penalty.

A project or product announced and heavily marketed but unlikely ever to actually exist or function as described. In crypto, vaporware typically has polished branding, an active community, and no working technology.

Co-founder of Ethereum. Published the Ethereum white paper in 2013 at age 19 and has remained a central technical and philosophical voice in Ethereum's ongoing development.

Crypto slang for a hypothetical future in which a cryptocurrency has reached an extraordinarily high price. Used similarly to "the moon," but with more dramatic overtones.

A community expression of optimism, solidarity, and long-term conviction. Used as a rallying call during downturns and as a marker of shared belief in the space's future.

Software or hardware that stores private keys and allows you to send, receive, and manage cryptocurrency. A wallet does not store coins directly — it stores the keys that control coins recorded on the blockchain.

A term for the next iteration of the internet, built on decentralised blockchain infrastructure, designed to give users ownership of their own data and digital assets rather than ceding control to centralised platforms.

Investors who sell their positions quickly under pressure, typically at the first sign of price weakness or negative news. Contrast with diamond hands.

Playful expressions asking when a crypto price will rise dramatically or generate life-changing returns. Used across CT, often ironically.

Individuals or entities holding large enough quantities of a cryptocurrency that their trading decisions can noticeably move market prices. Tracking whale wallet activity on-chain is a common analytical approach.

A technical document published by a crypto project explaining the problem it addresses, its proposed solution, the underlying technology, and often its tokenomics and roadmap. Reading the whitepaper is a fundamental step in evaluating any project.

The native digital asset of the XRP Ledger, developed by Ripple. Designed for fast, low-cost cross-border payment settlement. XRP has been at the centre of prolonged legal action by the US SEC over whether it qualifies as a security.

Deploying cryptocurrency into DeFi protocols to earn returns via transaction fees, lending interest, or token incentives. Returns can be substantial. So can risks — including smart contract exploits, token inflation, impermanent loss, and protocol insolvency.

A cryptographic concept in which one party proves the truth of a statement to another without revealing any of the underlying information. ZK cryptography is foundational to the next generation of blockchain privacy and scalability solutions.

A specific cryptographic mechanism enabling a prover to convince a verifier that a claim is true without revealing the claim's content.

A Layer 2 scaling solution bundling multiple transactions into a single cryptographic proof verified on the main chain. ZK-Rollups offer fast finality and strong security guarantees and are increasingly preferred for high-throughput Ethereum applications.

Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge. A compact, fast-to-verify form of zero-knowledge proof. Used in privacy coins such as Zcash and in ZK-Rollup infrastructure to verify large amounts of computation with minimal on-chain data.