The moment you decide to invest in cryptocurrency, the earlier you get yourself acquainted with various slang. As you dive deeper into the industry, you may be at loss if you don’t understand some common abbreviations used in the industry. Words such as FOMO, HODL, WHALE, To The Moon, and more can get you confused if you don’t understand their meaning. Therefore, understanding what each slang means advances your knowledge about the crypto settings. That is why this article seeks to enlighten you on these words. Here, we shall discuss twenty (20) slangs used in the crypto world.
FOMO refers to Fear of Missing Out. It refers to a situation where an individual feels an urgent need to invest in a coin before the price increases. Here, they do what everyone is doing by buying a coin before its price hikes.
FUD implies Fear, Uncertainty, and Doubt. It is a psychology trick used to cause fear and doubt about the decline of a particular coin. Most times, people that benefit from a coin spread fear and doubt to inhibit other investors from venturing into that coin.
A Bagholder refers to an investor who still holds on to a coin despite a significant decline. That is, the investor still decides to keep the coin despite a decrease in its price.
- Buy The Dip (BTD)
A dip refers to a decline in the value of a particular coin. Most time, it occurs during a bearish market when trading activities reduce, corporate profits fall,band investors pull out to avoid taking a significant risk. At this point, BTD implies buying a coin when the price declines.
HODL simply means hold on to dear life or hold your coins. It refers to a situation when you keep your coin even at a crashing point with the hope of seeing it increase in value. Originally meant to be called “hold” on a Bitcoin forum, hodl remains one of the most famous slang in the cryptos community.
Rekt implies “wrecked” which simply describes a significant loss as a result of bad trade or investment. It is a term derived from the gaming industry. When a player completely crashes out of a game, he becomes wrecked. Concerning crypto, an investor becomes “rekt” when he suffers a significant loss from a particular coin.
- Mooning/To The Moon
This implies that a coin is about to increase in value and trading volume. Here, investors celebrate as their token increases in price. An example is when Bitcoin moved from $20,000 to over $50,000 in 2021.
A whale refers to an individual or organization that owns a large amount of the overall cryptocurrency. Here, the amount owned has to be a minimum of 5% to be called a whale. For instance, a news release by Whale Alert reveals that an anonymous user moved about 12,000 worth of Bitcoin ($620,000 as at time of writing). Such a user is considered to be a whale.
- Do Your Own Research (Dyor)
DYOR entails performing your research before investing in a cryptocurrency. Since investing in cryptos is always a risk, it is best advised to do your research before buying a coin. This way, you get to minimize risks and avoid significant losses.
JOMO is an expression that is used to celebrate when one isn’t onboard on a plan that eventually turns out to be a scam or rumor. JOMO involves being happy for not falling for a scam.
- Pump and Dump
Pump and Dump is a financial scam or fraud where an individual manipulates prices by spreading false information. Here, the individual artificially inflates the price through misinformation. The misinformation involves buying a coin at a cheap price only to sell it a higher one.
Shitcoin refers to an altcoin that has little or no value. This coin may not survive in the long run and crash out easily.
Shill occurs when users heavily promote a coin, project, event, or token for their benefits. At first, this term didn’t originate in the crypto world. Nonetheless, it is an acceptable term today. Anyone trying to “shill” is probably an individual who has invested in a coin that isn’t increasing in value. Such individuals will promote the coin so that people can buy it and ultimately, pump the price.
- When Lambo?
You have to be rich for you to own a Lamborghini. Since crypto is one of the ways of enriching oneself, lambo signifies a price increase. So, if you are hoping to see a coin increase in value, you can ask yourself “When Lambo?”
Vaporware refers to a digital currency that was created as a result of positive awareness but has no support. Since it doesn’t have support, its price tends to go down fast.
Sats is a short form of Satoshis. It refers to the smallest unit of a Bitcoin which is valued at 0.00000001.
Bitshaming refers to mocking traders who are not rich. Since they do not perform a thorough technical analysis of the market, they make bad decisions that result in a significant loss rather than profits.
Faketoshi refers to any individual claiming to be Satoshi Nakamoto, the founder of Bitcoin. Since Satoshi is not known, many individuals have claimed to be him in the past. However, research proved that their claim was wrong. Hence, the term “Faketoshi”
- No Coiner
No coiner refers to someone who owns any Bitcoin. Such individuals believed Bitcoin was a scam and missed the opportunity of buying at a lower price.
Cryptosis implies the desire to know information relating to cryptocurrency. Individuals like this dig up every piece of information relating to cryptocurrency and read about them.
Several slangs exist in the crypto world. However, as you dive into the setting, you will get to understand what other terms mean.