Maya Crypto Glossary

Before entering the world of cryptocurrency, knowing their jargon would help you a lot in understanding its system. Here are a few words you need to know for your cryptocurrency journey.

All-Time-High

Ask price

The lowest price that a seller is willing to sell their crypto tokens or units. It could also be the minimum amount they want to receive from the bidder.

The price bidders are trying to buy an asset for.

Altcoin

A combination of the words “alternate” or “alternative” and “coin.” In the world of crypto, altcoin is a term used to refer to any cryptocurrency that is not Bitcoin.

You can look at it as an Alternative coin for bitcoin. It is the term for any cryptocurrencies aside from bitcoin.

Basket

A “sampler” or collection of digital currencies managed as a single asset through the use of smart contracts. This allows a new investor to try multiple cryptocurrencies at a time without a huge commitment. A crypto basket is also sometimes called a crypto index fund.

It is a collection of digital currencies managed as a single asset.

Bid price

The highest price a buyer is willing to pay for a cryptocurrency token or unit. The higher the demand for a certain cryptocurrency, the higher the bid price.

The price of the asset the bidder is trying to sell.

Bitcoin (BTC)

The first and most valuable cryptocurrency. It was invented in 2008 by Satoshi Nakamoto and was officially used in 2009.

In this Industry, it is the first and most valuable cryptocurrency

Bitcoin ATM (BTM)

A kind of automated teller machine that can be used to buy Bitcoin or other cryptocurrencies using cash. However, it can’t be used to convert Bitcoin or other cryptocurrencies to cash.

It is an automated teller machine for users to buy and sell Bitcoin.

Block

A term that refers to individual data structures or units within the blockchain. One block contains a record of transactions, which becomes permanent once they’re verified. This block will be added to the blockchain and a new block will be created for a new transaction.

When users buy or sell coins, it forms into a transaction that makes a block. The block has a limit of how much data it can handle.

Blockchain

A type of online database or ledger, which records transactions in units called “blocks.” Once the data in one block is verified, it will be added to the blockchain and become permanent. If you need to add or change information, it will be stored in a new block.

When the block reaches its limit, a new block is formed to continue the chain, resulting in a blockchain. It forms a digital ledger of the transactions made where it would be impossible to change, hack, or cheat the system.

Bear market

This refers to a period when the value of assets is consistently on the down trend. Usually, it is when the market is down for at least 20% for two consecutive months or more.

It is a period when asset prices consistently fall.

Bull market

The opposite of a bear market. During a bull market, prices are experiencing an up trend. This is often caused by investor confidence in a cryptocurrency or in the industry in general.

It is a period when asset prices consistently rise.

Cardano (ADA)

A blockchain platform that uses proof of stake (validation) instead of proof of work (mining). It was developed in 2015 and officially launched in 2017. The primary cryptocurrency of Cardano is called ada.

Chainlink (LINK)

A blockchain oracle network that uses the same coding language as Ethereum, and can be used to transfer data from off-chain sources onto the blockchain. The token of the Chainlink network is called LINK.

Coin

Refers to a cryptocurrency token. “Coin” is usually used for Bitcoin and Ether, although it can also be used to call any other “cryptoasset.”

It serves as the token in the cryptocurrency world. You can use it for trading or use it as a form of currency.

Cold Wallet/Cold Storage

A form of storage for your cryptocurrency that is not connected to the internet to protect it from hacking and other cybersecurity threats. Often, cold wallets are USB flash drives or offline computers.

It serves as the digital wallet for your cryptocurrency. Most cold wallets are in a form of physical device that looks like an USB drive. This will help you protect your crypto from hacking and theft.

Cryptocurrency

A type of digital currency that is protected and verified using cryptography. It is not governed by a central bank or any singular authority.

Cryptography

Literally translated to “secret writing” or “code writing.” This is the technology used to create secure transactions in a blockchain network. It also guarantees the independence of cryptocurrencies.

Dead Cat Bounce

A trend or behavior where there is a short-term recovery in the middle of a steady decline in price/value.

It is when a prolonged decrease in price had a temporary recovery.

Decentralized Finance (DeFi)

Refers to financial services like those supported by banks, but are conducted on public blockchains like Ethereum. DeFi is global, peer-to-peer, and doesn’t require formal paperwork.

Digital signature

Similar to an electronic fingerprint, a digital signature uses cryptography to prove that a message (in this case a crypto token) came from a reliable source and has not been altered during the transmission.

Similar to an electronic fingerprint, it is an e-signature made up of Public Key Cryptography.

Ethereum (ETH)

A blockchain-based platform that facilitates smart contracts and can be used by developers to create their own decentralized apps. Ethereum’s cryptocurrency is called Ether, and is the second-largest cryptocurrency after Bitcoin.

It is a network, currency, and software platform that can be used by developers to create new applications. It is the second largest cryptocurrency after bitcoin. Its currency is called ether.

Exchange

A website or app where you can buy and sell cryptocurrency. A crypto exchange is often referred to as a marketplace for cryptocurrencies.

This is where you can buy and sell cryptocurrency. Some says it is the digital marketplace of cryptocurrency

Faucet

A website or app with a reward system in which users can receive small amounts of cryptocurrency after completing certain tasks. Some tasks include watching videos, doing quizzes, and completing a captcha.

A reward system in cryptocurrency on a website or app that rewards users for completing tasks.

Gas

The fee required to conduct a transaction or execute a contract on Ethereum. The price of gas is measured in gwei (small units of ether), and is determined by miners based on supply and demand.

It is a fee collected by Ethereum to the developers to use the system.

HODL

Stands for “hold on for dear life” although it was also an early crypto meme that arose when a Bitcoin forum user mistakenly typed “I AM HODLING” instead of “I AM HOLDING.” HODL now refers to an investment strategy where you hold onto your cryptocurrencies, waiting for it to increase in value before trading.

It is a passive investment strategy where instead of trading their both cryptocurrency, they hold onto it and wait for it to increase its value.

Halving

Also called a halving event, halving is when both the rate of mining and the amount of rewards for mining is cut in half. This controls the amount of Bitcoin in circulation, creating scarcity and affecting its value.

It is in the Bitcoin code that means after a certain number of blocks mined, the amount of new Bitcoin entering circulation will be halved that can affect the Bitcoin’s price.

Hot Wallet

A hot wallet is usually an app or an online account that you use to store, send, and receive cryptocurrencies. It’s easier to manage than a cold wallet, but it’s always online so it’s also more prone to cyber-attacks.

It is similar to cold cash but this one is connected to the Internet. You can easily access your crypto on the internet but this is more susceptible to hacking and cybersecurity attacks than offline wallets.

Inflation

The process in which currencies lose value, which results in the increase of the price of goods. Cryptocurrencies like Bitcoin are designed to be inflation-proof or at least experience very low rates of inflation.

Increase in prices and fall in the purchasing value of money

Insurance Fund

A fund or wallet used to cover a trader’s losses, usually due to leveraged trading.

It is used to cover unexpected losses from leveraged trading.

Initial Coin Offering

The cryptocurrency industry’s equivalent of initial public offering (IPO). An initial coin offering or ICO is where a company attempts to raise funds by selling a new cryptocurrency.

If you’re familiar with Initial Public Offerings in stocks, it is the same with ICO where funds are raised for a new cryptocurrency project.

Market Capitalization

The total value of all the coins of a cryptocurrency that has been mined so far, calculated by multiplying the number of coins in circulation by the price of one coin. Usually shortened to “market cap.”

It is the total value of all the coins that have been mined.

Mining

The process where new units of cryptocurrency are created. Mining usually involves solving an equation in the blockchain; once the computer solves the equation, it gets awarded a small amount of cryptocurrency and it gets recorded in the blockchain.

It is a process where new cryptocurrencies are made available

Mobile Wallet

An app installed on a mobile device and serves as an individual’s crypto wallet.

It is a crypto wallet that is installed on a mobile device

Non-fungible Tokens (NFT)

Assets found on the blockchain that contain unique cryptographic codes and metadata. The codes can point to files like photos and videos. Unlike cryptocurrencies, however, NFTs cannot be traded directly.

It is the units of value representing the ownership of digital items such as art or collectibles. You can usually find NFTs in Ethereum blockchain

Order book

A record of a specific asset’s buy and sell activity, including details like real-time prices, volume, ask prices, and bid prices. Asks and bids are placed in two separate columns; bids on the left and asks on the right.

It displays the open orders from buyers and sellers in real-time with prices and volume.

Passive Income

Money generated, usually through investments, in which the person does not have to be actively involved or working to earn such profit. These include rental income, peer-to-peer lending, and cryptocurrency.

It is a profit or money produced by investments that do not require the earner to be actively involved.

Peer-to-peer (P2P)

Refers to the exchange of assets between two traders (peers) without the involvement of any third party or intermediary. Bitcoin was created with the initial goal of peer-to-peer exchange of digital currency.

Two traders interacting with a third part or intermediary.

Polkadot (DOT)

A blockchain platform that uses proof of stake consensus algorithm. Its currency is also called Polkadot. It distinguishes itself from other platforms by allowing other types of data or assets, not just crypto tokens, to be transferred or exchanged.

Polygon (MATIC)

Previously known as Matic Network. Polygon is a blockchain scalability platform that can be used to build and connect other blockchain networks compatible with Ethereum. Polygon’s token is called Matic and is an ERC20 token.

Public Blockchain

A public blockchain is open for everyone to access. It is completely decentralized and permissionless, so everyone can create new and validate new blocks of data to be added to the chain.

It is a blockchain that is open for everyone to access

Public Key

A cryptographic code that is similar to your bank account number. It is used for identification and allows you to send and receive cryptocurrencies with proper authorization.

This is similar to your bank account number. You can give this to other people or institutions so they can send you money or take money from your account when you authorize it.

Private Key

A string of numbers and letters that serve as your password. It proves ownership of a blockchain address and gives direct access to the cryptocurrency contained in a wallet. Just like your bank account password and OTPs, don’t share your private key with anyone.

This is an encrypted code that will give you direct access to your cryptocurrency. Never share your private key and treat it like your bank account password.

Quant (QNT)

A blockchain platform that lets developers create “mDapps” or decentralized apps that can run on multiple blockchains. QNT Crypto or simply QNT is the token, which is built on Ethereum.

Satoshi

The smallest unit of Bitcoin, named after Satoshi Nakamoto who is the (presumed) technical author and creator of Bitcoin.

It is the smallest unit of Bitcoin recorded on the Bitcoin blockchain.

Slippage

Refers to the difference between the expected price of an order (whether buy or sell) and the actual price at which the order executes. Slippage is mainly influenced by how much trading is happening at a time.

It is the difference between the price that the traders expected the trade to execute at and the price at which it actually executes

Solana (SOL)

A public blockchain platform, whose individual cryptocurrency unit is called sol. Launched in 2019, Solana can be used to power smart contracts, NFTs, and digital apps.

Supply and Demand

An economic law which states that the price or value of a commodity will rise if the demand is higher than the supply, and vice versa. In crypto, the demand can increase or decrease depending on awareness and the number of ways the cryptocurrency can be used.

It is the level in an economy that shows the market’ willingness to buy or sell assets.

Tether (USDT)

A cryptocurrency on the Ethereum blockchain using the ERC-20 token standard for USD transactions. As a stablecoin, it was originally designed to maintain a value of USD 1.00 for each issued coin.

Trading Bot

Refers to a program designed to automate cryptocurrency asset trading on behalf of the trader. As a result, users won’t need to micromanage their transactions and will only need to input a set of parameters for the bot to follow.

Uniswap (UNI)

A decentralized exchange (DEX) on Ethereum that allows for the trading of ERC20 tokens. It distinguishes itself through its use of the “Constant Product Market Maker Model” pricing mechanism. It’s also designed to function without having to rely on middlemen or charge for platform fees.

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Our Approach to Privacy

To provide you with the best customer experience, PayMaya Philippines, Inc. (PayMaya) is committed to protecting your privacy and staying transparent with the way we handle your personal information. For this we have designed a privacy policy that will help you understand how we collect, use, store, share and protect the personal information you have entrusted us.