Cryptocurrency is a fascinating new technology that has already had a significant influence on the financial sector in its brief life. In 2009, the first cryptocurrency, Bitcoin, was released.
People, the blockchain and cryptocurrency craze is here to stay. So if you’ve been watching it from afar, hoping for the high crypto fever to subside, you may find yourself waiting indefinitely.
Like any new technology, bitcoin has spawned a slew of new terms and phrases, many of which have subtle or creative implications that the ordinary person may be unaware of. Learning these sophisticated terms and acronyms can help a crypto novice purchase the dip and HODL through a wave of FUD. (By the conclusion of this post, you’ll understand precisely what I’m talking about.)
Popular Cryptocurrency Slang Terms to Know
1. FOMO
“Fear of Missing Out,” or FOMO, is an acronym meaning “fear of missing out.” FOMO is a phenomenon that affects people from all walks of life. It’s a frequent investor psychological state in which an investor feels a mixture of terror and jealousy for not being able to participate in a dramatic market move that others are profiting from.
When a dramatic bullish breakout happens in cryptocurrency, nervous investors debate whether or not to purchase into an already high-priced market in the hopes of riding out the rest of the advance. FOMO may apply to any financial market, but it is most widely heard in crypto markets, which are mostly made up of inexperienced retail investors attempting to establish a well-balanced portfolio while navigating very erratic price movement.
2. HODL
“Hold on for dear life” is what HODL stands for. HODL is a famous cryptocurrency meme that is a misspelling of the word “hold” (which some people mistook to mean “hold on for dear life”).
During a moment of market turmoil in late 2013, an agitated investor ranted on a Bitcoin forum about how investors are ill-suited to trade highs and lows and should instead simply purchase and hold in their own crypto wallet.
Since then, HODL has grown in popularity, and it is frequently mentioned during market rises, with investors instructing other investors to HODL during periods of high price volatility.
“The price of Bitcoin is decreasing, but I’m planning to HODL my way through it!”
3. FUD
“Fear, Uncertainty, and Doubt” is the acronym for “fear, uncertainty, and doubt.” FUD, as it’s known in crypto circles, is a psychological technique for instilling negative emotion about a certain asset in order to discourage future purchases or even to encourage selling or short-selling.
The goal is to depress the price of an asset so that the FUDer may either accumulate at a cheaper price or inflict financial anguish on others who may be holding the token for a rival crypto project.
Fear, uncertainty, and doubt can be transmitted in a variety of ways, including bad fundamentals, dubious project leadership, stagnant or negative price movement, unclear roadmaps, a lack of acceptance, limited network utilization, and the inability to trade in some areas.
4. Shill
Shilling is the act of promoting a service or investment, especially one of low quality, using propaganda or misleading or exaggerated narratives in exchange for a cash reward.
Shillings have a bad connotation and are commonly utilized in pump-and-dump tactics, but they can also be used in other situations. A cryptocurrency project developer may shill their project to help it get users and flourish, while a casual investor may shill a failing coin in their portfolio to sell it for a profit at a better price.
“It’s typically frowned upon when people peddle coins on social media for their own personal benefit,” says one statement.
5. Rekt
Rekt, a deliberate misspelling of “wrecked,” is a crypto slang word for an investor’s portfolio or investment being easily vanquished. It’s trending on social media as a way to warn of overleveraged holdings being liquidated, resulting in significant financial losses.
“After the price of XRP plummeted, my position was rekt,” says the speaker.
6. Sats
Satoshis, often known as “sats,” is the smallest unit of Bitcoin – 0.00000001 BTC to be exact. One satoshi is equal to 100 millionth of a Bitcoin and is named after the credited founder of Bitcoin, a developer named Satoshi Nakamoto (which may really be a pseudonym for a group of persons).
Being the ability to denominate arbitrary fractions of a Bitcoin is vital since Bitcoin is easily divisible and frequently traded in fractional quantities. This is especially crucial given the fact that the price of Bitcoin has grown dramatically over the course of its decade-long existence, making it far more expensive for new investors to purchase a single Bitcoin.
“Stacking sats,” a related popular term, refers to an investing method in which an investor collects satoshis, or fractions of a Bitcoin, in order to enhance a Bitcoin holding.
7. Whale
A whale is a crypto entity that holds a large holding in a certain coin. A Bitcoin whale, for example, may be a corporation with 50,000 bitcoins that can affect markets with a single trade.
“A whale liquidated a large stake this morning, as a result of which the price of Bitcoin is plummeting.”
8. Pump and Dump
The term “pump and dump” isn’t just used in the bitcoin world; it’s also used in the stock market. In regulated securities, it is called market manipulation and is banned. A pump-and-dump situation occurs when investors hype or inflate the price of an item, such as a cryptocurrency, before selling their holdings and before the price collapses. They inflate it, then dump it before it plummets.
“I was caught up in a pump-and-dump operation involving a new coin, and now my position is underwater,” says the speaker.
9. Bagholder
You never want to be caught holding the bag, but in the crypto world, that’s exactly what a “bagholder” is. A bagholder is someone who purchased into a position at a high price and then watched their assets collapse in value.
“Sell your stock immediately before the price lowers, or you’ll be the bagholder,” says the speaker.
10. When Lambo?
Lamborghinis — yes, the high-end sports vehicles — got connected with crypto culture at some time. The majority of this is due to the fact that those who make a lot of money from crypto were able to purchase them. As a result, the phrase “when Lambo?” has become associated with the success of a cryptocurrency. It effectively asks when the item in issue will appreciate to the point that its owner will be able to purchase a Lambo.
“I recently purchased into Coin X…. When Lambo?” says the speaker.
11. Flippening
The hypothetical — and some argue inevitable — the moment when the value of Ethereum surpasses that of Bitcoin is referred to as “flipping.”
“I’m stocking up on ETH in preparation for the Flippening,” says the speaker.
12. No Coiner
A “no-coiner” is a person who is negative about cryptocurrency and does not believe it has a practical case. As a result, they have no assets, crypto tokens, or coins. They’re what’s known as a “no-coiner.”
“I just received an earful from some no-coiner about how Bitcoin is going down the tubes,” says the speaker.
13. Vaporware
“Vaporware” is a glamorous, cool notion or idea that will almost certainly never materialize or come to reality. It can also refer to hypothetical cryptocurrency with no obvious application.
“The idea sounds amazing, but it’s just vaporware – it’ll never get off the ground,” says the speaker.
15. Cryptosis
When someone is bitten by the crypto bug, they can’t stop talking about it. This is known as “cryptosis.” All-day, constantly, the afflicted reads, writes, talks, and generally consumes knowledge about cryptography.
“I introduced my brother to Bitcoin, and now he has a bad case of Cryptosis,” says the speaker.
14. BTD/BTFD
BTD stands for “buy the dip” and is a phrase used in the financial markets to describe entering a long position during a suspected momentary drop in the price of an asset. It is most typically employed in bull markets to boost optimistic mood and increasing prices, but it may also be used in bad markets to purchase at a solid historical value for a longer-term investment horizon.
BTFD stands for “Buy the [Expletive] Dip,” and it is an enthusiastic exclamation of BTD that is commonly employed during frenetic bullish rallies.
“Some propose to BTD when the market pulls back,” says the phrase.
15. KYC
Since being implemented by regulatory authorities in 2017, KYC, or “know your customer,” has become a kind of identification verification needed by several crypto exchanges.
Broker-dealers (exchanges) must make a good-faith attempt to gather personal information and maintain a record for each account with each individual client, according to SEC Rule 17a-3(17). KYC assures that consumers are suitable for their trades or investments, that they are who they claim to be, and that their transaction histories are recorded for tax purposes. Because the two criteria are so closely related, KYC-AML (Anti-Money Laundering) is frequently hyphenated.
KYC is a long-standing regulatory practice in traditional finance, but it has sparked controversy in the crypto world.
16. Buy the dip (BTD)
Purchasing an asset after its price has declined is known as buying the dip, or BTD. It’s the same reasoning as when you persuade yourself to buy something on sale at the mall.
Buying the dip is purchasing Bitcoin at a lower price in the hopes of a future price increase.
17. WAGMI/NGMI
We’re all going to make it is abbreviated as WAGMI. It’s frequently used in the crypto community to provide the optimism and inspire people not to give up.
The acronym NGMI stands for “not going to make it.” It expresses the belief that you made a poor judgment and that your investment will fail.
Both phrases are utilized in the bitcoin realm, but they are more popular in the NFT space—specifically, Twitter and Discord groups.
18. Diamond hands/paper hands
Diamond hands, like HODL, refers to holding Bitcoin despite strong market pressure to sell.
Investors who sell their shares too soon are known as “paper hands,” and they do so for a variety of reasons, the most common of which being fear of risk and vulnerability to panic.
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