The world of crypto is rife with acronyms, slang, and technical language. Here is everything you need to know to participate in the discussion of Crypto World.
In its brief history, cryptocurrency has had a significant impact on the financial industry. It is an intriguing new technology. The first cryptocurrency, Bitcoin, was introduced in 2009.
Like any new technology, cryptocurrencies have given rise to a slew of new terms and expressions with complex or sophisticated meanings that may not be obvious to the average person.
If you've ever wondered, "What exactly is a rug pull?" You're not the only one who finds acronyms like NGMI, IYKYK, and BTD confusing. To keep up, read on as we list some of the strangest and most popular crypto slang expressions. WAGMI! (You'll realise soon.)
Here are 36 Common Crypto Slang and Expressions:
Bag and Bagholder
A bagholder is someone who holds on to their possessions despite a steady decline in their worth. They may continue to keep their investment even when an asset's worth virtually disappears, typically in the anticipation that its price would soon increase (or simply out of fear of losing).
Ape
When someone purchases a token or NFT soon after it opens without first carrying out adequate research, this is known as apeing.
BTD
BTD is a term that encourages purchasing an asset at a discount from its market value. The phrase "buy the dip" is represented by the acronym, which means to take advantage of the chance to purchase additional cryptocurrency at a lower cost. The belief is that the price will eventually recover and probably appreciate.
Bitcoin Maximalist
Bitcoin Maximalists, as its name suggests, think that Bitcoin is the only cryptocurrency with real value and the only digital asset that is worthwhile to support.
Cryptojacking
In a form of cybercrime known as cryptojacking, a hacker uses the processing resources of an unwitting victim to covertly mine bitcoin on the hacker's behalf. Cryptojacking, also known as "malicious cryptomining," emerged as a significant issue in 2017 when the price of Bitcoin and other cryptocurrencies rose.
Paper Hands/Diamond Hands
The expressions "diamond hands" and "paper hands" are used to indicate traders' willingness to take risks.
No matter the state of the market, a trader with diamond hands will hang in there until the very last second. The phrase denotes a strong desire for danger. Diamond-handed traders wait until their tokens have realised their full potential in their eyes before caving and selling them.
A trader with paper hands, on the other hand, will sell their position as soon as things start to go south. They essentially panic sell. For high-volatility tokens, traders with paper hands often have a limited risk tolerance and tend to close their positions early in order to avoid losses.
While the trading mentality of "diamond hands" is frequently observed in long-term market players, "paper hands" is more noticeable among swing traders and day traders.
Cryptosis
The term "cryptosis" describes someone who is obsessed with cryptocurrency and tries to learn everything there is to know about it.
Flippening/Flappening
In order to indicate a potential flip in the biggest cryptocurrency, the phrase "flippening" was created in 2017. It specifically refers to a hypothetical scenario in which Ethereum (ETH) surpasses Bitcoin (BTC) as the most valuable cryptocurrency overall (the total number of tokens in circulation multiplied by the value of 1 token).
Charlie Lee invented the phrase "the related flappening" in 2018 to characterise Litecoin's (LTC) market capitalization victory against Bitcoin Cash's (BCH).
DYOR
Do your own research, or DYOR, is the acronym. It's frequently used in the crypto world to urge investors to research a project before investing.
FUD
FUD, or "fear, uncertainty, and doubt," is a marketing and communications buzzword. It is a psychological strategy used to persuade people to have a bad opinion of something, such as a service, industry, or brand, typically by spreading rumours or stirring up fear.
FUD in the crypto space typically falls into two groups:
1. The intentional act of inciting widespread anxiety, apprehension, and scepticism about a specific project in order to influence pricing downward.
2. General mistrust of cryptocurrencies as an asset class, which can lead to the dissemination of exaggeratedly negative or "false news" about the subject.
Whether intentional or not, FUD can have an impact on the market value of a currency, a business, a project, and even an entire market. It can be compared to FOMO's antithesis. People may succumb to FOMO while the markets are soaring; when the markets are down, FUD might spread more quickly.
FOMO
The acronym FOMO, which stands for "fear of missing out," is the concern that a trader or investor may miss out on a lucrative opportunity. It was a significant factor in both Bitcoin's price's sharp spike and decline in 2017.
This anxiety may cause people to act rashly and base investment choices on feelings rather than reason and logic. FOMO has a significant impact on bitcoin values and significantly increases market volatility. Additionally, it may cause far bigger financial losses for investors.
GM
GM stands for "Good Morning," as a greeting. In the world of cryptocurrency, it's used to spread cheer, say hello to others, and foster community online. Particularly on Twitter, users frequently begin their days with a GM tweet, to which their followers frequently reciprocate with a GM tweet.
IYKYK
If you know, you know, or IYKYK, is an acronym. It suggests that only a small group of people will understand a post or message. The acronym can also be used humorously to criticise someone for disclosing information that is already well-known.
HODL
The acronym HODL, which stands for "hold on for dear life," was really created by mistyping the word "hold," which has persisted and now refers to "keep." It alludes to the buy-and-hold tactic. As a result, a cryptocurrency trader who purchases a coin but has no immediate plans to sell it is referred to as a "hodler" of the coin.
The first instance of the word was a misspelling that appeared in a 2013 online post to the Bitcointalk forum. A hodler's main objective is to ride out the market's ups and downs while keeping an eye on the long term.
Moon/Mooning
When a cryptocurrency is mooning, it signifies that its price is so sharply rising that it is metaphorically travelling to the moon. This term is used to characterise a cryptocurrency that is anticipated to have a significant upward market trend. Investors looking to time the best sale of their bitcoin to receive the most price for it might utilise this event to help them.
Some examples of expressions you might encounter are:
"Bitcoin is travelling to the moon". (The cost of Bitcoin is rising rapidly)
"When moon?" (How soon before prices begin to decline is the optimum time to sell?
‘Prices are mooning’ (prices are increasing through the roof)
Moonbois or moonboys are those who have an excessive amount of optimism in a coin's potential.
LFG
LFG stands for "let's f-ing go!" and is used to convey enthusiasm for a task.
No-coiner
Someone who is extremely critical of cryptocurrency and thinks that cryptocurrencies have little to no value is referred to as a "no-coiner." Bitcoin (BTC), Ethereum (ETH), and all other digital currencies are not held in the portfolios of "no-coiners," who believe that the cryptocurrency industry is doomed to failure.
NGMI/WAGMI
Not Going to Make It is abbreviated as NGMI. When it comes to cryptocurrencies, it's frequently used to foretell future failure as a result of bad decisions, like selling a token at the bottom despite all indicators from the market that its value is rising. It can also be applied as a moniker to make fun of those who oppose cryptocurrency or don't grasp its fundamental ideas.
We're all going to make it, on the other hand, is the acronym for WAGMI. The crypto community frequently uses the acronym to promote positivity and confidence in a project. It is also used to inspire the neighbourhood to stick together and never give up.
Normie
A traditionalist who knows little or nothing about cryptocurrencies.
Rekt
Rekt, which stands for "wrecked" in cryptocurrency, is what happens when a trader suffers a significant financial loss as a result of a poor trade or investment.
The Pump and Dump
Pump-and-dump schemes, a type of fraud, entail increasing the price of an asset artificially by false or deceptive positive information. Usually, a huge number of people will purchase a specific asset at a cheap price all at once, increasing the demand and price of the corresponding asset.
The original group will then sell (dump) the assets to make a rapid profit, leaving those who bought later typically suffering significant losses. This sudden increase in price will then encourage others to step in and buy too.
Rug/Rug Pull
A rug pull is a particular kind of cryptocurrency scam in which a development team drops a project before it is finished, draining all assets and leaving investors with a worthless currency. The phrase "pulling the rug out from under someone" inspired its name. Scam victims often claim that they "got toughened."
Shill
Shilling is the practise of promoting a certain coin to generate interest and persuade new investors to invest. Shillers may also include anyone who receive compensation for promoting a particular coin or token.
Sats
The smallest unit of Bitcoin (BTC), known as Satoshis, is short for the enigmatic coin's creator, Satoshi Nakamoto. Cryptocurrencies may be broken into smaller pieces just like fiat money. Therefore, it is useful to think about Sats as cents to a dollar. Unlike dollars, which are divided into 100 cents, bitcoins are divided into 100 million Satoshis.
Vaporware
A blockchain or software project that is still in its conceptual stages and does not yet have a usable end result is referred to as vaporware. It's possible for a vaporware project to receive months or even years of promotion before going on sale. It might not even be developed in other circumstances.
Whale
A whale is a person or organisation that holds significant holdings of a particular cryptocurrency. The quantity of coins or tokens possessed must be substantial enough to have an effect on market pricing should holders decide to purchase or sell, even if there is no formal criterion for being deemed a whale. In essence, they have enough money to rig the market.
A whale's trades may temporarily increase volatility due to the scale of their orders, particularly in assets with little liquidity. As a result, investors like to maintain tabs on the known industry whales to be ready for when they move.
A whale trader who is pessimistic about the market and thinks prices will decline is referred to as a "bear whale" in this context.
Weak Hands
Someone who sells his cryptocurrencies at the first indication of declining prices is known as a weak hand. People with weak hands typically lack confidence in their tactics and are readily alarmed by unfavourable news or an asset's price movement.
When Lambo?
When Lambo?, which is frequently spelled "Wen Lambo? ", is Italian for "When will you buy a Lamborghini?" It is employed humorously to make fun of those who are solely interested on a coin's cost.
Many wealthy cryptocurrency investors used their Lamborghinis as a status symbol in the early days of the industry to demonstrate their success. After then, Lamborghinis were associated with the success of cryptocurrencies, and many members of the community would ask, "When Lambo?" in reference to the time when a cryptocurrency investment would be sufficient to purchase a Lamborghini.
Airdrop
A way of sending cryptocurrency to many of users simultaneously is called an airdrop. To promote awareness and interest, new projects may airdrop and distribute their tokens. Before sending the token to your cryptocurrency wallet, some companies may ask you to fulfil certain requirements, like discussing the idea on social media.
Altcoin
Alternative coins, or altcoins, are often used to describe cryptocurrency tokens and coins other than Bitcoin. Even if several of these coins, including Ethereum and Tether, have gained popularity, Bitcoin is still the biggest cryptocurrency by market cap (the total value of the circulating supply).
ATH
Investors might wish to know when the price of their coins will reach a new record high (ATH). Other forms of investing frequently make use of all-time highs as well.
DeFi
Decentralized finance, or DeFi, refers to alternative financial services and products being developed in the cryptocurrency space, such as lending platforms and savings accounts.
Dust
An insignificant sum of cryptocurrency that remains inactively in a wallet. If you don't have enough to meet the necessary conditions to trade it on a cryptocurrency exchange, this occurs. Or, the value of the dust can be lower than the costs associated with transferring or using it.
Not Your Keys, Not Your Coins
A phrase used to describe the idea that anyone controls a crypto wallet can access the wallet. To protect the privacy of their private key, cryptocurrency aficionados could prefer to create and use their own wallets. The private key is often kept by the exchange and your coins are stored there if you use a public exchange like Coinbase or Gemini.
Scamcoin
A digital currency that was established with the intention of defrauding investors.
Seed Phrase
A method to exemplify a crypto wallet's private key. If you build a crypto wallet, you desire to keep the seed phrase or private key very safe and protected. The private key is what provides you the capability to send the crypto that's present in the wallet. Somehow if you lose your private key, you could lose all the crypto coins which are present in the wallet.
The Lesson and Conclusion
Many investors are still learning about cryptocurrency, but it is already transforming how people view and use money. Because it is both a freestanding network and what some people refer to as a store of value, cryptocurrencies and traditional finance share some similarities.
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