Cryptocurrencies have become a big topic in the last few years. Ever since Bitcoin breached the price of over $19 thousand two years ago, there’s been a lot of buzz around the cryptocurrency market. Following the Bitcoin frenzy, almost 5% of Millennials invested in digital currencies since 2015.
Being a high-tech industry, cryptocurrencies force investors to follow trends and learn new lessons month after month. If you want to find your place in the cryptocurrency sun, you need to understand both the standard and alternative glossary.
In this post, we will show you 23 most frequently used cryptocurrency slang terms and phrases. Let’s check them out here!
Mining is the essence of cryptocurrency business. It means using software to solve cryptographic problems and earn new digital coins.
Satoshi is the smallest element in Bitcoin structure. It’s worth one hundred millionths of a Bitcoin. Satoshi got its name by Satoshi Nakamoto, a legendary cryptocurrency character who allegedly invented Bitcoin.
All-Time High (ATH)
All-Time High is the phrase used to describe the highest price any given digital currency has reached so far. This is when digital coins become very interesting for the wider audience, but it’s definitely not the right time to buy them.
Correction is the next logical step in the cryptocurrency evolution. When a given coin reaches the All-Time high, it gradually stabilizes at a slightly lower price. In the dynamic cryptocurrency market, corrections and stabilizations usually don’t last for too long.
Whales are the richest of all cryptocurrency traders. They own a bunch of Bitcoins or other digital currencies, which makes them powerful enough to influence the entire market. They can buy or sell dozens of coins in one transaction, thus making a big confusion and forcing the coin price to go drastically up or down.
With the market price of over $6 thousand, Bitcoin is by far the strongest cryptocurrency. However, there are many other coins such as Ethereum, Stellar, or Litecoin. All those non-Bitcoins are called Altcoins in cryptocurrency slang.
DYOR is one of the most popular cryptocurrency acronyms. It’s an abbreviation formed from the initial letters of Do Your Own Research. It’s always good to hear someone talking wisely about the market, but every investor needs to DYOR before making concrete moves.
FOMO is the famous Fear of Missing Out. It happens when people buy coins at their highest prices just because they are too afraid of missing out the next big thing in the cryptocurrency universe.
Airdrop represents a distribution of tokens in the initial stage of the coin offering.
Buying the Dip
Buying the dip essentially means taking coins when their price is down. Although you must sometimes invest in All-Time highs, buying the dip is much more lucrative in the long run.
The Flippening is the prediction that Bitcoin will lose its supremacy in the future. Anita Hensley, a cryptocurrency expert at Essay Service, says that “the flippening doesn’t look like a realistic option at the moment, but lots of investors really believe altcoins like Ethereum could end the rule of Bitcoin”.
When investors make a terrible move – such as selling coins right before their prices skyrocket – we say they got rekt. The term derived from the good old expression “wrecked”.
FUD is another cryptocurrency acronym that stands for Fear, Uncertainty, and Doubt. Some traders use it as the tactic to cause mass panic and bring down the price of a given coin.
OCD suggest the Obsessive Cryptocurrency Disorder. It happens to some Bitcoin owners who obsessively monitor price changes and follow the latest cryptocurrency news around the clock.
Lambo is the status symbol that becomes an elusive goal for most investors. It’s a car industry reference that makes people believe everyone who has entered the cryptocurrency business will buy a Lamborghini very soon.
To the Moon
To the Moon resembles the All-Time high. It’s a statement that explains a cryptocurrency is reaching the peak value. Some investors even ask “when Moon?” to find out when to sell their coins.
HODL is another acronym that tells people to Hold On for Dear Life. You will hear this expression a lot when coins start entering the usual corrections after their “To the Moon” phases.
Pump and Dump
A group of investors may sometimes work together to create online hype and boost the value of a coin. This way, they increase the price artificially and sell it upon reaching the All-Time high. It’s not an ethical tactic, but it’s there and you should try to avoid the FOMO effect.
Bag Holder is a person who is holding onto a currency that drops in price to the point of being worthless. These people are essentially optimists without a cause.
Vaporware is a virtual asset that has been built up by hype, but has nothing to back it up and is only going down in value.
Shill is the owner of altcoins who just wants to promote his digital currency for his own benefit.
A Nocoiner can be any person who doesn’t own Bitcoins. However, the term is generally used to describe cryptocurrency pessimists and skeptics who don’t believe in real value of digital currencies.
A Shitcoin is a weak token with no real strength or utility. This kind of coin is usually promoted by fake authorities who just want to do the pump and dump trick.
If you want to become a reputable stakeholder in the cryptocurrency universe, you must learn the market-related language. This doesn’t only include standard terms and expressions but also the slang commonly used by digital currency traders.
In this post, we explained to you words such as lambo, fomo, altcoin, and 20 more expressions. Did you already know these terms? Do you know other examples of cryptocurrency slang? Feel free to let us know in comments – we’ll be glad to find out more about this exciting topic!
Mary Whitman is a writer, editor and cryptocurrency investor, based in Adelaide, South Australia. Follow Mary on Twitter.