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Crypto-currency terms explained for beginners Ripple, XRP, HODL, whales and why you need to know these crypto terms

by , 11 July 2019
Crypto-currency terms explained for beginners Ripple, XRP, HODL, whales and why you need to know these crypto terms
Q. "It drives me nuts that I can't get a straight answer on what the difference between ripple and XRP is. Maybe you can help me?"

A. Ripple is a software solutions company that offers banks a software called Ripple Connect. This software uses ILP (InterLedger Protocol) to transfer US dollars between banks for a minimal fee.

The Ripple company basically sells and licenses software to financial institutions to help make the sending of money abroad faster, cheaper and easier.

XRP, on the other hand, is the actual crypto-currency which exists independently and outside of Ripple Connect, which offers fast transactions and is high in liquidity for investors and traders.
 
Whenever you buy XRP you are buying the crypto-currency which has different properties than other crypto-currencies.
 
You can read more about the differences from an article Joshua Benton, Analyst for South African Investor wrote recently by going here…
 
 
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Q. "I have seen two terms as of late that I can't seem to wrap my head around.  One is HOD and the other is HODL. I understand that they both pertain to trading crypto-currencies.  Could you maybe differentiate the two?"
 
A. Basically HOD is a trading abbreviation term that stands for High Of the Day. It's a jargon term that traders use to describe what the highest trading price is or was, that took place on any market for the day.  
 
This term applies to all crypto-currencies, commodities, indices, stocks and any other markets you can buy, sell or monitor.  
 
HODL is a trading abbreviation that stands for Hold Onto Dear Life. 
 
Essentially, HODL is a strategy used where an investor will keep buying into a market, even if the market drops in price.
 
The HODL strategy is also known as the ‘Averaging Up’ strategy which I believe is the worst trading and investing strategy you can apply… You can read more about why I am against it by clicking here.
 
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Q. “Quick one - What does it take to be a crypto- whale?” 
 
A. In short, it takes a lot of money to become a whale.
 
Basically, a crypto whale is yet another anecdotal term that describes an investor who is heavily invested in a crypto-currency. 
 
For example, to be qualified as a Bitcoin whale you'll need to own around 1,000 to 10,000 bitcoins in your digital wallet.  
 
Please note: If you have a trading question at any time, feel free to ask by clicking here…
 
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Timon Rossolimos,
Analyst, Red Hot Storm Trader


Crypto-currency terms explained for beginners Ripple, XRP, HODL, whales and why you need to know these crypto terms
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