Are you new to cryptocurrency and feeling overwhelmed by all the terms? Cryptocurrency has its own language, full of jargon, codes, and slang. Don’t worry – help is at hand!
The world of blockchain and cryptocurrency can feel overwhelming to a novice. With any culture or hobby come unique words, phrases, and acronyms unfamiliar to outsiders. Unfortunately, the crypto world lacks an ‘outsider’s guide’ that can help newcomers quickly understand the language.
In this article, we look at some of the most common crypto slang novices should know. By becoming familiar with these words, you will be able to bridge your knowledge gap and navigate conversations like a pro!
Key Takeaways Of Crypto Slang:
- Cryptocurrency has its own language, comprised of jargon, codes, and slang.
- Understanding the popular crypto slang terms gives insight into how investors behave.
- Shilling is an unethical practice used to deceive investors in order to make personal profits.
What Crypto Pros Know: A Glossary of Cryptocurrency Slang Terms
It is important to understand cryptocurrency slang because it can help you navigate the digital currency field with ease. The terms associated with cryptocurrencies such as FOMO (fear of missing out), HODL (hold on for dear life), and DYOR (do your own research) are used frequently in the world of cryptocurrencies, so understanding them will give you a better understanding of how these markets work and how investors behave.
Additionally, knowing key terminology can make conversations and interactions between investors, traders, developers, and other users much smoother by helping to create a universally accepted language.
16 Crypto Slang Terms to Know
1. FOMO
FOMO is a common psychological state among investors that stands for “fear of missing out”. In the crypto world, FOMO refers to when a sharp bullish breakout occurs and anxious investors debate whether or not to buy into an already high-priced market. This phenomenon can apply to any financial market but is especially prevalent in the volatile crypto markets.
Altcoins are any cryptocurrencies that are not Bitcoin. Ethereum is the second-most popular altcoin and experts recommend investing in more mainstream cryptocurrencies such as Bitcoin, Ethereum, and Litecoin due to their stability and liquidity. Investing in altcoins can be risky due to their volatility, so it’s important to do your research before investing in any cryptocurrency.
2. HODL
HODL is an acronym that stands for “hold on for dear life” and is used by investors in the cryptocurrency market. The term originated on a Bitcoin forum during a period of market turbulence in late 2013, when one user misspelled the word “hold” as “hodl”. This typo was then turned into a backronym, with the phrase “hold on for dear life” attached. HODL has since become popular among investors, who use it to encourage others to buy and hold crypto despite price volatility.
The idea behind HODL is that investors should not be swayed by short-term price movements but instead focus on the long-term potential of their investments. By holding onto their coins even during periods of market volatility, investors can benefit from any potential gains in the future. This strategy has been adopted by many cryptocurrency traders and has become an important part of investing in digital assets.
4. Shill
Shilling is a deceptive practice that has been used for centuries to promote services or investments for personal gain. It involves using false or exaggerated narratives to entice people into investing in something, often with the intention of profiting from it. In the cryptocurrency world, shilling is the promotion of a particular cryptocurrency for personal benefit. This is usually done by investors who have already invested in the currency and want to increase its price so they can make more money.
Shilling is unethical and illegal in many countries, as it manipulates markets and misleads investors. It also has a negative connotation and is generally frowned upon by those in the crypto community. Shilling can be done through various channels such as social media, forums, blogs, and other online platforms. It’s important to be aware of this practice when investing in cryptocurrencies so you don’t fall victim to shillers who are only looking out for their own interests.
5. Rekt
Rekt is a slang term used to describe the feeling of major losses from cryptocurrencies. It is derived from the word “wrecked”, which is often used in gaming when a player gets completely destroyed. Whenever someone loses a significant amount of money on a cryptocurrency, they are said to be getting rekt.
The term has become increasingly popular among cryptocurrency traders and investors as it succinctly captures the feeling of despair associated with losing large amounts of money in the volatile crypto markets. Rekt can also be used to describe situations where traders have made bad decisions or taken excessive risks that have resulted in losses. The term serves as a reminder for traders to remain vigilant and not take unnecessary risks when trading cryptocurrencies.
6. Sats
Satoshis, commonly abbreviated as “sats,” are the smallest unit of Bitcoin – 0.00000001 BTC. This means that one satoshi is equivalent to 100 millionth of a Bitcoin. Stacking sats is an investing strategy in which an investor accumulates satoshis to increase a Bitcoin position. This strategy allows investors to denominate arbitrary fractions of a Bitcoin, which is essential due to the rising price of Bitcoin and the need to welcome new investors into the market.
The ability to stack sats has become increasingly popular among investors looking for ways to accumulate more Bitcoin without having to purchase large amounts at once. By stacking sats, investors can slowly build up their positions over time, allowing them to take advantage of any dips in the market while still maintaining a healthy portfolio. Additionally, this strategy allows investors to diversify their portfolios by investing in different types of cryptocurrencies and assets.
7. Whale
Whales are a powerful force in the cryptocurrency market. They are individuals who own more than 5% of any cryptocurrency coin, and their large positions can cause markets to move accordingly. When whales make large purchases or sales, it can significantly impact the price of a particular coin. This is similar to institutional trading in traditional securities markets, where large investors can influence prices by buying or selling large amounts of stock.
Whales may be well-established investors who have been in the market for some time, or they may simply be incredibly wealthy people who have decided to invest in cryptocurrencies. Whatever their background, these whales have an outsized influence on the market and can cause prices to go up or down depending on their actions. As such, it is important for traders and investors to keep an eye on whale activity when making decisions about which coins to buy or sell.
8. Pump and Dump
Pump and dump is a form of market manipulation that is illegal in regulated securities. It involves investors hyping up the price of an asset and then selling their holdings before the price falls again, leaving those caught up in the scheme with losses. Pump and dump schemes are particularly common in the cryptocurrency market, where users will hype up a coin based on false or misleading information to drive up its value. Once the prices have risen, they will then sell their coins, causing the price to drop again.
This type of market manipulation can be extremely damaging for investors who are unaware of what is happening. Not only do they suffer losses when the price drops, but it also creates an atmosphere of distrust in the markets as people become wary of investing in assets that could be subject to pump-and-dump schemes. It is important for investors to be aware of this type of activity so that they can protect themselves from becoming victims of such scams.
10. When Lambo?
The term “when Lambo?” has become a popular phrase in the crypto world, referring to the idea of buying a Lamborghini with profits made from investing in cryptocurrency. It is used as an expression of excitement and anticipation for the potential success of an investment, and has become associated with crypto culture due to people making a lot of money from crypto being able to buy them.
Lamborghinis have become a symbol of wealth and success in the crypto world, representing the potential gains that can be made through investing in cryptocurrencies. The phrase “when Lambo?” is often used as a way to express optimism about an asset’s future value, and it serves as a reminder that big rewards can come with taking risks. While it may seem like just a fun phrase, it also serves as motivation for investors to strive for success in their investments.
11. Flippening
The Flippening is a term used in the cryptocurrency world to refer to the potential moment when Ethereum surpasses Bitcoin in value. This event is seen as inevitable by some cryptocurrency enthusiasts, and many are investing in Ethereum in anticipation of this happening. The Flippening could be a major milestone for Ethereum and could mark a shift in the crypto landscape.
The idea of the Flippening has caused mixed reactions among those involved with cryptocurrencies. Some people fear an apocalypse, while those in the crypto world fear the Flippening. If it happens, it will mean that Ethereum has become more valuable than Bitcoin, which would be a huge accomplishment for Ethereum and its supporters. It could also mean that other cryptocurrencies will gain more attention and investment from people who may have previously been focused on Bitcoin. Whatever happens, it’s sure to be an exciting time for those involved with cryptocurrencies!
12. No Coiner
No-coiners are individuals who have a pessimistic view of the cryptocurrency market and do not own any crypto assets. They often express their negative opinions about digital currencies, believing that they are too risky and volatile to be trusted. No-coiners do not invest in or own any cryptocurrency, as they believe that there is no use case for it.
No-coiners are often vocal about their views on crypto, which can be quite damaging to the industry. They may spread misinformation or fearmonger about the risks associated with investing in cryptocurrencies. This can discourage people from investing in digital currencies, leading to a lack of adoption and growth within the industry. Despite this, many no-coiners still remain open to learning more about cryptocurrencies and blockchain technology, so long as they feel comfortable with the level of risk involved.
13. Vaporware
Vaporware is a term used to describe an idea or concept that will likely never exist. It is often heavily marketed and hyped up, but despite the hype, it never actually gets completed. Vaporware can refer to prospective cryptocurrencies with no apparent use, as well as software projects that never get developed. The idea behind vaporware is that it sounds great but has no chance of becoming reality.
The term “vaporware” was first coined in the 1980s when companies would announce products that were not yet available for sale. This was done to generate interest and excitement for the product before its release date.
Unfortunately, many of these products were never released and thus became known as vaporware. Today, vaporware is still used by companies to create buzz around their products before they are ready for sale. However, due to increased competition in the market, more companies are being held accountable for their promises and must deliver on them or risk losing customers.
14. BTD/BTFD
The term “buy the dip” (BTD) is a classic investing strategy that involves entering a long position during a brief decrease in an asset’s price. This strategy is used to buy at good historical value for a longer-term investment horizon, and is commonly used in bull markets to support the bullish sentiment and rising prices. The exuberant exclamation of BTD, “Buy the Dip” (BTFD), is typically used during manic bullish rallies.
Both BTD and BTFD strategies are designed to capitalize on short-term market fluctuations, allowing investors to purchase assets at lower prices than they would otherwise be able to. By buying during dips, investors can potentially benefit from future increases in asset prices as the market recovers from its temporary decline. While this strategy can be risky if not done correctly, it can also be very profitable when done right.
15. Cryptosis
Cryptosis is a condition where someone becomes obsessed with crypto. It involves reading, writing, discussing, and consuming information about crypto all day. It can be caused by introducing someone to Bitcoin or other cryptocurrencies. Cryptosis is an insatiable desire for knowledge about cryptocurrency and its associated technologies. Symptoms of cryptosis include researching forums, discussing cryptocurrency with friends, and minimizing risks when trading.
Cryptosis is not a life-threatening condition but it can have serious consequences if left unchecked. People who suffer from cryptosis may become so consumed with the topic that they neglect their other responsibilities such as work or family obligations. They may also become overly focused on making money through trading which can lead to financial losses if they don’t take proper precautions. For those who are affected by cryptosis, it’s important to remember that there are more important things in life than just cryptocurrency and to take breaks from the subject every now and then in order to maintain balance in their lives.
16. KYC
KYC, or know your customer/client, is a verification process used to verify the identity of a user. This process is becoming increasingly important in the cryptocurrency space as exchanges must comply with regulations and keep their marketplaces safe. KYC involves collecting personal information from users such as name, address, date of birth, and other identifying documents. The exchange then verifies this information against public records to ensure that the user is who they say they are.
The purpose of KYC is to prevent fraud and money laundering by ensuring that only legitimate customers are using the platform. It also helps protect users from identity theft and other malicious activities. By verifying each user’s identity, exchanges can ensure that their customers are not engaging in any illegal activities on their platform. Additionally, KYC helps exchanges comply with anti-money laundering laws and other regulatory requirements. Overall, KYC is an essential part of keeping cryptocurrency markets safe and compliant with regulations.
Are there any common misunderstandings about cryptocurrency slang?
Yes, there are some common misunderstandings about cryptocurrency slang. For example, terms such as “FOMO” or “HODL” are often misunderstood outside of the crypto community. FOMO stands for “fear of missing out” and is used when a customer sees that the market is moving in a certain direction and wants to join it quickly. HODL stands for “hold on for dear life” and refers to investors who want to hang onto their investments for a long time even if prices start to dip below expectations. There are also misunderstandings about other popular cryptos accepting tokens such as Bitcoin, Ripple and Ethereum—these coins each have their own set of rules and regulations they must adhere to in order to remain legitimate.
How do different countries use cryptocurrency slang?
Countries around the world use different slang to describe cryptocurrency. For example, in German, “Bitcoin” is commonly called “Bitkon,” while in Spanish it is referred to as “bitméns.” In China, cryptocurrency keywords such as “digital currency” are censored, so instead people refer to the currency as “blockchain asset” or “leek coin.” In French, “crypto franked” is used to describe holding a large amount of cryptocurrency.
All these slang terms are used to create an almost secretive language among crypto traders and investors from around the world.
Final Thoughts About Crypto Slang
Crypto slang is an important part of the cryptocurrency world and understanding it can help novices navigate the space more easily. KYC, FOMO, HODL, and mining are all terms that are commonly used in the crypto community and understanding them can help users make better decisions when trading or investing in cryptocurrencies. Additionally, different countries use their own slang to describe cryptocurrency, so it ’s important to be aware of the different terms used in each region.
