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If you haven’t read part 1 yet, definitely check it out to find out why there's is so much web3 jargon and to learn some new terms like DAO and copycat (it has a new meaning, sort of). 

Is web3 and crypto slang the same?

Yes and no. Crypto is an element of web3. Crypto currencies have been made possible by technology which is referred to as web3 technology. Think about it in terms of web2. Social networks were made possible because of web2 technology. Social networks and web2 technology aren’t the same thing, but you wouldn’t have social networks without web2 tech.

So crypto slang and jargon would technically come under the web3 umbrella but there is web3 slang that wouldn’t necessarily be crypto slang.

Read next: 6 Metaverse healthcare applications that will help provide more equality, transparency and privacy

Web3 and crypto slang and jargon

1. AMA

AMA is an acronym for “Ask Me Anything”, it is commonly used by people who are willing to open themselves up for a session where the community can ask them any kind of question. A lot of NFT projects hold regular AMAs to keep up the engagement between their NFT holders and the community.

2. ATH

All time high (verb) to reach the highest price an asset ever reached.

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3. ATL

All time low (verb) to reach lowest price an asset ever reached

4. Bear Market

A prolonged period of decline in a financial market.

5. Cold wallet

An offline device used to store cryptocurrency. Cold wallets can be physical devices or just sheets of paper containing your private key. Since cold wallets are not connected online, they are generally considered a safer method of storing cryptocurrency.

Read next: Helping the Unbanked Earn Crypto with Tanya Hardie

6. DEX

A decentralized exchange (DEX) is a peer to peer marketplace where trades occur directly between users without the need for a central authority. Some well known DEXs include Uniswap, Pangea Swap, dYdX, and 1inch.

7. Wallet

A wallet is an application or piece of hardware that stores your cryptocurrency. They're similar to bank accounts because they allow you to access your funds. You can also buy things online with them. For example, if you wanted to buy something on Amazon, you would go to Amazon's website and enter your wallet address into the "Pay with Bitcoin" section. Then, you'd send money to that address and Amazon would ship you the item.

Come back next week for part 3!