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.
- Rekt
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.
- Shitcoin
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.
- Sats
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).
- Gas
Refers to transaction fees on the Ethereum network.
- Shill
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
Mainnet is a blockchain that conducts real-world cryptocurrency transactions, routing funds from senders to recipients.
- AirDrop
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.
- Cryptoloot
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.
- Degen
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.
- BTFD
“Buy The Fucking Dip” – When people are fleeing for their lives and selling out of fear, this is the time to invest.
- Whale-
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.
- Cryptoland
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.
More Stories
How To Protect Yourself From Testnet Scams
Ampleforth’s Decentralized Stable Coin ($AMPL), – Quixplained
How To Protect Yourself From Chargeback Scams