"When Lambo?" My Friend asked.
"Let's be patient" I responded.
There was a significant dip in the coin's value, a scaremongering tactics by some whales to bring a coin's price down just so they can buy more of it cheaply.
"Don't listen to FUD. Let's just HODL our coins until the price stabilizes again and head to the moon." I encouraged.
But he FOMOed, sold the coins and bought large SATs of an altcoin promoted by a shill. Not quite long the was rekted after the new coin DUMPed and left as the bagholder.
Whoa, let's slow down a bit. Did you just blank out reading that sentence? Don’t worry - you are not alone.
From "rekt" to "whales", "nocoiner" and "bag holders," if you want to be a cryptocurrency savvy, there are some terms you should know.
Since the introduction of Bitcoin to the world and it's rise over the past couple of years, cryptocurrencies have been all the hype. And for as many that are interested in getting aboard the train, it's important to know what you are getting into and will likely be talking about.
With all the attention, the crypto market has grown considerably over the years, so has the culture, with new slangs popping up. Jargons that were once just used for inside jokes has now become a part of crypto dialogues.
So If you want to dive deep into crypto discussions on forums and blogs, or if you want to impress others or show off your crypto-skills, there are a few acronyms and flange you need to know.
Okay, we promise we’ll get to explaining now…
To equip yourself with up-to-date cryptocurrency slang, here’s a quick glossary of important terms you should know. For starters, get used to hearing the word “whale” thrown around.
So here are 15 of such slangs:
1. FOMO
This simply means 'Fear of missing out'. It is the feeling of an urgent need to have a piece of what everyone else is buying - buying a certain coin when they think its price is about to hike! Some sell their other altcoins to buy the pumping coin. FOMO is a significant factor to consider as crypto trading is still very much driven by emotion.
2. HODL
HODL - a mispelling of hold that stuck around is probably the most commonly used term in the crypto world meaning “hold on for dear life.” So basically HODL means to hold onto a coin regardless of it's roller coaster movements with hope of a bullish run in the future. So, a crypto trader who buys bitcoin cash or any other coin with no intention of selling in the foreseeable future is called a hodler of the coin.
3. Shill
In the crypto world, shill is someone promoting a coin unsolicitedly to the public for personal gain. Who would shill? Most likely, traders who bought a coin that isn't doing so well would shill it to ignite the public’s interest in that particular coin, and hoping they would buy it and pump the price.
4. FUD
The acronym means Fear, uncertainty, and doubt. This describes how some negative human emotions influence the crypto market. It can serve as a psychological trick used by some investors to spread doubt and fear about a certain coin which would cause it to drop in price.
Who benefits? Clearly, the investors that spread FUD!
5. Rekt
Rekt comes from the word "Wrecked". It is used to refer to someone losing a great deal of money from collapsed coins.
It can also be used to refer to
investors who make catastrophic decisions, like selling their coins days before their price started going to the moon or wasting their money on scamcoins.
6. Moon
This refers to an extreme bullish movement of a coin. "To the moon" is a wishful expression used when the price of a coin seem to be rising off the charts. When you hear "Bitcoin Cash is mooning" that simply means the BCH has soar and it has or is about to hit its peak price.
Your coins can get you #rekt when they fail or take you to the moon when their prices skyrocket.
7. Whale
A whale is someone who owns a lot of any cryptocurrency. Whales are mostly those who owns not less than 5% of a particular coin. They are said to have the ability to be influence market movement for small altcoins due to their huge capital. Their deep pocked has availed them so much power that they can cause coin price to pump or crash simply by buying or selling it respectively.
8. Bagholder
A bagholder is someone holding onto a coin that has tanked. It essentially, is a very unfortunate trader who bought in at a high to sell at a higher price but the market probably moved too fast and he missed the opportunity to sell, leaving him with a bag of worthless coins.
9. Sats
Sats is short for Satoshis, the smallest unit of Bitcoin. Satoshis is a term derived from the name of Satoshi Nakamoto. One Satoshi is equivalent to 0.00000001 BTC. Instead of looking at bitcoin in terms of a dollar value, expert crypto traders look at sats, or satoshis.
10. When Lambo?
When Lambo is short for "when will you buy a Lamborghini?" Which essentially means “When are you/we going to get rich?” You’ve got to be rich to own a Lamborghini, right?
When Lambo is a question used by traders to see how successful other traders are. Cryptocurrency trading is all about making money quickly, so the image of a fast, luxurious Lamborghini as the measure of one's success fits very.
11. Vaporware
Vaporware is used to describe a software that everyone is hyped about but never completed. In the cryptocurrency community, it refers to coin projects that never became a reality. Not every coin gets to live the Bitcoin (BTC) dream.
12. Cryptosis
This sounds like a valid name for a disease. Cryptosis is a desire to assimilate every bit of information about cryptocurrency. So you may have cryptosis if you find yourself spending a lot of time daily reading up on and buying cryptocurrency. Not to worry, this 'disease' is not life-threatening.
13. Nocoiner
A nocoiner is effectively an outsider to the cryptocurrency community. Although it can refer to somebody who's never heard of cryptocurrency, nocoiner is a term most commonly used to bitshame poor traders who have sold all their coins or cynics who don't believe in Bitcoins anymore
14. Shitcoin
A shitcoin is an altcoin with little to no value. Some often use the term to describe coins developed after bitcoins became famous.
Cryptocurrency is continually evolving, you can expect more crypto slangs to flourish. But for now, these 14 slang terms will give you a good start.
Don't forget to HODL your Bitcoin cash hard, disregard the FUD, overcome FOMO,
So don't forget to HODL your bitcoin cash (BCH) hard, ignore the FUD, There is no need for FOMO else you end up swapping your BCH for a shitcoin promoted by a shill which would likely leave you a rekt bagholder. HODL your BCH to the moon!
What’s your favorite crypto slang? Which one is missing from the list? Let us know in the comments section below!
I dropped by because certainly I dont have any idea what these words are and Ive seen them occasionally in some articles.. So, thanks, you explained them so well.