Сrypto Slang-The Cryptocurrency Terms You Need to Know
Just like every other markets has lexicon of their lingo, the cryptocurrency market has a large vocabulary of its own too. New crypto traders and investors will definitely feel isolated if they are not familiar with the slangs such as FUD, HODL, SATS and REKT used daily.
This article is meant to educate you on some of the cryptocurrency slangs that every beginner should know. If you are planning to dive into the cryptocurrency space? These are the top crypto terminologies and slang you’ll need to know.
Crypto Slang Terms
The term “FOMO” is an acronym for “Fear of Missing Out”. It is widely used in both the traditional financial markets and the cryptocurrency market. It talks about the feeling of regret or anxiety that is associated with the inability to invest in an asset with rapidly rising value.
In the cryptocurrency world, the term “FOMO” is used in situations where there’s a rapid increase in the value of a coin or token. A situation that causes investors to feel that they will miss out on that opportunity if they don’t purchase the coin or token soon.
This slang term was derived from the accidental misspelling of “hold” in an internet forum rant during Bitcoin’s early years. A user in the forum misspelled “hold” as “HODL” in a post about not selling Bitcoin in spite of a sudden decline in price and it being unfit for swing trading. Now, the term refers to holding on to an asset even during a market crash, which means having the view of investing long-term.
The term “FUD” is an acronym for “Fear, Uncertainty, and Doubt”. It shows the deliberately misleading or negative information given about an asset. Although the term is used in traditional financial markets, it is also used by cryptocurrency investors who believe that certain information is deliberately withheld or put out in order to mislead them about the value of certain assets. Hence, stopping or preventing further buying more and triggers more selling.
The aim of “FUDsters,” or those who aid in the spread of FUD, is to reduce the price of an asset so as to purchase a large amount for themselves. FUD as a psychological tool, can be used to announce poor basic analysis, untrustworthy project leadership, low network usage, a perceived lack of adoption, or the inability of a network to process transactions.
“Rekt” is simply the phonetic respelling of “wrecked”. It is used by cryptocurrency users to describe financial ruin or loss in an online social setting. The term is usually used to describe a person who has lost a lot of money in the market. It is often used on social media to describe massive financial losses that happen when excessively leveraged assets sell out. The term can be used for genuine cases. It can also be used in an ironic manner if real losses aren’t experienced.
“Sats” is an abbreviation of “satoshis”, which is the smallest Bitcoin unit. One “sat” (or satoshi) is one hundred millionth of a Bitcoin, or 0.00000001 BTC. The unit’s name is derived from Bitcoin’s fictitious creator, Satoshi Nakamoto
As Bitcoin’s price hikes, certain investors find smaller denominations of Bitcoin more preferable for estimating the prices for goods or services and keeping track of their assets. It is necessary to be able to express any fraction of Bitcoin as a monetary unit because it is easily divisible and mostly traded in fractional amounts. This is important because it has become more costly for investors to acquire one complete Bitcoin owing to the hike in its price in recent years.
A person who recommends or advertises a product or asset publicly is called a “shill”. The term is used to refer to a person who gives a faux-impartial endorsement of something they have a stake in. It also refers to someone who tries to influence or control the market.
The act of excessive promotion is known as “shilling”. It is usually done through false narratives or propaganda aimed at increasing the value of the product or asset being shilled.
The term “whale” is used to describe someone who has invested in a large number of digital assets. It also describes someone who has a lot of determining power in the market’s price direction.
The term “bagholder” refers to a person who continually holds a position of investment in a digital asset regardless of its losing value. It also refers to someone stuck in a losing investment.
The term “No Coiner” refers to a person who has no ownership of any digital asset. It describes a person who has no investment in the cryptocurrency market or a person who generally expects the worst from the cryptocurrency industry.
The term “When Lambo” is used to ask for the point when a digital asset will increase to a certain value. This is because Lamborghinis have been connected to crypto wealth for many years due to their product popularity among heavy cryptocurrency investors. A variation of this slang, “When Moon” refers to a rapid appreciation in value for an asset whose value illustratively reaches the moon.
Pump and Dump
The term “pump and dump” refers to a scheme where investors artificially increase the price of a digital asset and sell their holdings once the price increases. These schemes do not occur in the cryptocurrency market alone. They also occur commonly in traditional equity and commodities markets.
The term “vaporware” refers to digital assets or services that were announced but were released in an unusable condition or were never released. It is often connected to projects that look promising and interesting in theory, but which are unlikely to succeed at every launch. The term also refers to an overhyped digital asset with no real-world value.
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