You may see bitcoin enthusiasts on Twitter say something like, "Don't listen to FUD, just HODL your bitcoin and head to the moon."
So what does that mean? To make sense of such crypto-slang. Let me explain it to you.
Here we will explain what HODL and other terms mean.
1. HODL
Example: "Stay strong, HODL even when the price drops."
In early bitcoin forums, someone posted a message that spelled the word "hold" wrong, and readers interpreted it as an acronym "hold on for dear life," Saddington explains. "Now, it's become a meme of sorts, so that when the prices are highly volatile, bitcoin buyers say 'HODL!'" Saddington describes himself as "a long-term HODLER."
“HODL” is probably the most famous typo among the crypto community. Originally intended to simply mean “hold” on a Bitcoin forum, HODL means to hold onto a coin even if it’s crashing, hoping for a bullish market in the future.
2. FUD
Example: "If someone tells you bitcoin is a bubble, they just have FUD."
This one is simple, Saddington says. FUD means "fear, uncertainty and doubt." Bitcoin followers advise to HODL your coins despite the FUD of those outside the community.
The crypto community’s sentiments swing like a yo-yo from time to time, causing prices to rise or drop. FUD in cryptocurrency is a psychology trick used to spread doubt and fear which would cause that certain coin to drop in price.
3. Sats
Example: "How many sats are you buying at this price?"
"Sats" is short for "satoshis," a term derived from the first name of , Satoshi Nakamoto. It refers to the smallest fraction of a bitcoin that can be sent, which is 0.00000001 of a bitcoin. Instead of looking at bitcoin in terms of a dollar value, "real traders look at sats, or satoshis," says Saddington.
4. Whale
Example: "There must be a whale behind this coin's movement."
"A whale is someone who owns a lot of cryptocurrency," Saddington says. "According to statistics and the addresses that you can find online — because bitcoin isn't truly anonymous; you can actually find the whales — these are the people who own a ton of bitcoin. We're talking about like hundreds of thousands of bitcoin or more."
If a "whale" sells a lot of their stake, it can cause the price of a cryptocurrency to dip by flooding supply, he explains.
5. Pump and dump
Example: "This coin's chart looks like it was a pump and dump."
"Pump and dumpers are people who often say, 'Hey, let's all of us together pump this coin,' which means buy the coin, create the demand in the market, the coin will go up in value," Saddington says. Then, everyone "dumps" the coin and sells.
These schemes are often orchestrated through apps like Slack or Telegram, he adds, and advises curious chatroom readers to beware of such gimmicks. An investigation into "pump and dump" schemes by Business Insider found the practice to be an "open secret among many cryptocurrency traders."
6. Bagholders
Example: "I think this coin is going to sell off, and someone's going to be left as the bagholder."
"A bagholder, essentially, is a very unfortunate soul who at the end of the day — maybe from a pump and dump — who got 'held with the bag,' which means they wanted to sell at a higher price, but the market moved too fast," Saddington says. Then, that person is left with "a coin they don't want at a price they can't sell it [at]."
7. Mooning
Example: "Ripple is mooning!"
When a cryptocurrency is about to soar in both price and volume.
If something is "mooning," that means a coin's price is experiencing a spike. "That is often what you'll see on Twitter, or social media sites," he says. "That is one term that I don't enjoy."
Crypto-watchers will often get excited about minor bumps in price and boast that their coin is headed "to the moon," Saddington says, sometimes only in an effort to inflate the price for their own gain.
"I think mooning is one of those terms I'd like to remove from the general vernacular," he says.
8. FOMO
Fear of missing out.
You can use this term in your everyday life. However, if someone says FOMO in crypto-related topics, they’re probably feeling an urgent need to get in on what everyone else is doing: buying a certain cryptocurrency when they think its price is about to hike!
9. Shill
Someone purposely promoting something for their own benefit.
The word “shill” didn’t originate in the crypto world, but there are many reasons why this term became popular in this space. Who would shill, you ask? Most likely, someone who has invested in a particular coin that isn’t doing so hot, and is hoping other people would buy it and bump the price up. It’s all for personal gains. 🤷
10. Rekt
To suffer losses from coins that have dropped in value.
Yes, “rekt” comes from the word “wrecked” in gaming and is used when a player gets completely destroyed in a game. So when someone loses a great deal of money from their collapsed coins, they get #rekt!
11. When Lambo?
“When are we going to get rich?”
You’ve got to be rich to own a Lamborghini and many people believe that investing in crypto is one way to get rich (fast). When you find yourself hoping for a spike in BTC’s price, ask yourself, “When Lambo?”
12. Flippening
When Ethereum overtakes Bitcoin as the biggest cryptocurrency.
At one point in 2017, Bitcoin accounted for more than 80 percent of the total crypto market share. Fast-forwarding to July 2020, the flippening is already 53% complete. That said, stay calm and believe in BTC because Ethereum is only at less than 15% of Bitcoin’s market cap!
13. No coiner
A reference to people who don’t own any Bitcoin.
There’s more to it, though. No-coiners are basically nay-sayers who thought Bitcoin was a scam and missed their opportunity to buy in at a low price. Don’t be surprised if they are spreading FUD that Bitcoin will crash. 🤷
14. Vaporware
Something (most likely a software) that everyone is hyped about but never actually exists.
Think vapor: it’s there, but not really. “Vaporware” is used to describe software that’s been marketed but never completed. In the crypto world, it refers to coins that never became a reality. Not every coin gets to live the Bitcoin dream, you know?
15. Cryptosis
A desire to engulf every bit of information about cryptocurrency.
Wow, this slang actually sounds like a legit name for a disease. If you find yourself spending all day reading up on and buying crypto, you may have cryptosis. Don’t be too concerned, though, because this “disease” is non-life-threatening!
Final Thought
✓ Engaging in Crypto need a lot of knowledge on where you want to invest, when it is good to invest and when did it's good to trade.
✓ Long time holders like me doesn't go with the FUD. I am relax on what the market is doing either going up or going down. I have a target I want to achieve.
✓ If you are on NoiseCash and Readcash this is the best time to earn and earn and earn.
