The cryptocurrency world can be very confusing because many slangs and abbreviations are used on a regular basis, particularly in articles. Because newcomers to the cryptocurrency space find it difficult to understand these slangs, we decided to compile a list of popular slangs used in the cryptocurrency world to help make understanding easier for newbies and even veterans in the space who may be unaware.
- FOMO (Fear Of Missing Out)
In the cryptocurrency world, FOMO refers to an obsessive fear of missing out on a profitable opportunity. Surprisingly, the slang has been added to the Oxford English Dictionary.
- FUD (Fear, Uncertainty, and Doubt)
In the cryptocurrency world, this term refers to a psychological trick used to spread doubt and fear, which could cause the price of a specific coin or the entire cryptocurrency space to fall.
- DYOR (Do Your Own Research)
A lot of unknowns and uncertainties exist in the cryptocurrency world. This slang encourages cryptocurrency investors to conduct thorough research before making any investment decisions. It is, without a doubt, the most important ideology in the world of cryptocurrency.
- Cryptosis or OCD (Obsessive Crypto Disorder)
This is a desire to learn everything there is to know about cryptocurrency. It’s a non-fatal disease brought on by the cryptocurrency craze. Constant talking, reading, and listening to information about cryptocurrencies is a symptom, which is usually accompanied by the purchase of bitcoin or altcoins.
The term “rekt” refers to selling cryptocurrency too soon or too late. To put it another way, to suffer losses without being able to cope with emotions.
A Shitcoin is a cryptocurrency with no value or distinguishing feature. Based on one’s subjective opinion, it is seen as a poor investment. The term is also used to describe coins that serve no purpose other than to be a means of exchange.
This is an abbreviation for “Satoshi,” the pseudonym used by the creator of bitcoin. It is the smallest unit of bitcoin that is stored on the blockchain. Satoshi is a reference to the one hundred millionth bitcoin (0.00000001 BTC).
Refers to transaction fees on the Ethereum network.
When someone promotes a particular digital coin or blockchain project, they use shill. Shilling is a marketing ploy used in the cryptocurrency world to raise awareness of certain coins that may or may not have any value. This is why it is recommended that investors DYOR.
Mainnet is a blockchain that conducts real-world cryptocurrency transactions, routing funds from senders to recipients.
AirDrop is a free token distribution service. Tokens can be used to popularise a brand new coin that has yet to be listed on exchanges. Only preliminary token sales have taken place so far.
Money, but not real money, because it is kept in cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.
- Pump and Dump
Degens are usually the ones who do it. This involves inflating the price of a coin and then profitably selling large quantities of it, causing the price to fall and bankrupting anyone foolish enough to buy into the scheme. Dogecoin is frequently pumped and dumped.
- The Flippening
When a coin becomes more valuable than bitcoin, it is called flippening.
A degenerate, also known as a “degen,” is someone who invests a lot of time and money in new or unaudited coins in the hopes of making quick money. Degens don’t buy coins because they believe in the technology; instead, they see them as a way to get rich quickly.
- Bag Holder.
A term used to describe a trader who purchased at a high price and then failed to sell, leaving him with worthless coins.
- Weak Hands
Those who can’t wait and sell when the market is down at a loss.
“Buy The Fucking Dip” – When people are fleeing for their lives and selling out of fear, this is the time to invest.
Whales are individuals or companies who hold large amounts of bitcoins. Their buy/sell activity has the power to move the market.
When markets are highly volatile big players, referred as whales, are usually considered as the source behind the market volatility.
The bitcoin ecosystem, which includes all blockchain technologies, is referred to as “cryptoland.” Cryptoland is distinguished by the proposal and adoption of open-source protocols that are incentive-compatible within the network, rather than relying on trusted third parties.