6 Crypto Terms that you should know

In the crypto world there are many terms users’ needs to know. These terms are known as industry jargon and are used frequently which not only help the users but give them confidence to become part of the industry, as they are aware of the developments happening in the industry.

Let’s see which are some of the popular terms.

KYC: Know your clients or Know your customers (KYC) is very popular, as now all the centralized crypto exchanges use this service to know their users. Without this, no centralized crypto exchange can do business with banking integration. 

KYC also helps crypto exchanges to make their exchanges clean from any illegal activities.

2FA: Known as Two-Factor Authentication (2FA) is a security service that is especially useful to users to secure their account from any possible hacks. As 2FA is an application which can only be activated on users’ mobile phones, breaching any users’ crypto account without this is not possible.

The only thing is that the user needs to activate this service.

Many crypto exchanges don’t even allow any withdrawal of funds for their crypto exchange without activating 2FA service.

DYOR: Do Your Own Research (DYOR) is paramount for every user who wants to invest in any crypto project. Because investing in digital assets is very risky and due to its volatile nature, users who wish to invest must do proper research before investing their hard-earned money.

HODL: Also known as holding crypto assets if the markets are red. Users must cautiously hold their assets for the long term to get good returns. As the crypto market is in a very nascent stage of development, holding crypto assets for long can help users make their fortune. 

FOMO: Fear Of Missing Out (FOMO) is the anxiety associated with not being informed or missing out on information, occasions, adventures, or choices that could improve one’s life.

This term is quite common in the crypto industry, as users can feel they missed a project for not investing in early, so they make a mistake and invest in it without doing proper research. So, when you come across any new project, never rush to invest in it. 

FUD: It is very common in the crypto sector. It is used to instill fear, uncertainty, and doubt in the minds of potential crypto users. FUD is typically a tactic to sway opinion by spreading unfavorable, suspect, or incorrect information, and it’s a manifestation of the appeal to fear about a crypto project to cause it harm.  

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