The bid-ask spread is the difference between the highest bid price and the lowest ask price for an asset. It's like the gap between what buyers are willing to pay and what sellers are willing to accept.
Example
"A wide bid-ask spread indicates that there's a lot of disagreement on the value of the asset, or that there's low liquidity."
"Market makers try to profit from the bid-ask spread by buying at the bid price and selling at the ask price."
The bid price is the highest price that a buyer is willing to pay for an asset, like the maximum offer someone makes at an auction. It's always lower than the ask price, which is the lowest price a seller is willing to accept.
Example
"I set my bid price at $50,000 for one Bitcoin, but so far no sellers have taken me up on it."
"If you want to buy an asset, you need to either meet the current ask price or wait for a seller to accept your bid price."
BEP-95 is an extension to the Binance Smart Chain that introduces real-time burning of gas fees, kind of like a built-in deflationary mechanism. It's like a digital incinerator that's always running in the background, making BNB scarcer over time.
Example
"With BEP-95, a portion of every transaction fee on the Binance Smart Chain is automatically burned, reducing the supply of BNB."
"Some people believe that BEP-95 could make BNB more valuable in the long run, since there will be fewer tokens in circulation."
BEP-721 is the standard for non-fungible tokens (NFTs) on the Binance Smart Chain, similar to ERC-721 on Ethereum. It's what makes each NFT unique and one-of-a-kind, like a snowflake or a fingerprint.
Example
"If you want to create NFTs on the Binance Smart Chain, you need to use the BEP-721 standard."
"BEP-721 NFTs can represent all kinds of digital assets, from art and collectibles to in-game items and virtual real estate."
BEP-20 is the standard for tokens on the Binance Smart Chain, just like ERC-20 is the standard for Ethereum tokens. It's like the rulebook that all the tokens have to follow to play nice with each other.
Example
"If you want to create a new token on the Binance Smart Chain, you need to follow the BEP-20 standard."
"BEP-20 tokens can be traded on decentralized exchanges like PancakeSwap, just like ERC-20 tokens on Uniswap."
"NGMI" is an acronym that stands for "Not Gonna Make It." It's an internet slang term that’s often used to express a sense of hopelessness or a lack of confidence in something, reflecting feelings of frustration or disappointment.
When someone says "NGMI" in the context of cryptocurrency, they’re expressing their doubt that a crypto-related matter like a newly launched project will achieve remarkable growth.
In the volatile world of cryptocurrencies, making accurate predictions about price movements is incredibly difficult. While NGMI may be used as a joke or a way to express doubt, it's always wise to approach investment decisions with careful analysis rather than getting caught up in the hype.
Example
I’m so bearish on NFTs right now, if you’re not taking profits you’re NGMI.
WAGMI is an acronym for the phrase “We’re All Gonna Make It.” It is a slang term used on social media platforms among traders and investors to convey a sense of optimism or encouragement.
Crypto investors often employ the term WAGMI to uplift their fellow investors when a cryptocurrency project they have invested in shares positive updates that indicate forthcoming adoption. This term finds usage in project-related posts or within the comment sections, creating a supportive atmosphere. On Twitter, the hashtag #WAGMI is commonly utilized to express solidarity for both the project and its community members. Additionally, phrases such as GMI (Going to make it) and YGMI (You're going to make it) serve the same purpose and carry similar connotations as WAGMI.
