5 terms to know as newbies to the crypto market
Have gone through so many articles about cryptocurrency, both on Hive and outside Hive, and sometimes I usually come across some terms of which I don’t know the meaning until I search for it in the article or just ask Google. This is very common among newbies coming into the digital world.
So not to be left out, I will be listing out some terms which have come across and I might or might not be right but at least it will give an insight on what they mean and in case you come across them you would have known what they are talking about. Some of the terms are;
FOMO: This is one of the common term used when it comes to investing on crypto and FOMO means Fear of Missing Out. This term might be common among professional investors or traders but as a newbie it’s important to know the meaning. FOMO usually occur when a trader makes a decision based on his/her emotions at that point in time, which is sometimes favorable and sometimes costly. And as the name implies Fear of Missing out, so it happens, when you feel you are being left behind on something then you make a decision based on that.
JOMO: This is the opposite of FOMO (Fear of Missing Out) and it means Joy of Missing out. This usually occur in the dipping season and a typical example is when there’s a hype in a particular coin and people are rushing to buy the coin but suddenly the coin starts dipping and people starts losing their cash, so instead of crying over loss you begin to JOMO. That is, happy that you didn’t buy as at the time the hype was going on. But that doesn’t mean those that are losing didn’t gain a lot of profit when they were buying the coin.
Paper Hands: you might be shocked about the term paper hands and wondering what it has to do with crypto terminologies. Well paper hands refers to people that have weak heart, I call them weak heart because they are the ones to be the first to sell their assets immediately there’s a slight drop in market price because they feel it will continue to drop and trust me you don’t want to be near them because they will also convince you to sell too due to their nervousness.
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Diamond Hands: These are the crypto professionals because they’ve have been in the game for long and they know the dos and don’ts and how to handle every dip and spike of cryptocurrency. The diamond hands is the clear opposite of the paper hands because the paper hands are the scared cats but the diamond hands are the brave lions. No matter how deep the dip is, they don’t fret or sell due to the trust they have had for it and they are holding it for a long term purpose
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Whales: The first time I heard about this term was actually on Hive community, where I see some people mentioning whales and I had to ask questions around and I got to know that whales are the people you has been on the community or digital world for a long time and they’ve become the rich kids or rather they are the rich kids on Hive. But in general terms, they are the big investors whose actions can predict or move the market.
FUD: FUD means Fear, Uncertainty and Doubt and this is common among traders and investors and it involves when there’s a form of communication going around which tends to influence people in a negative way on how they see a particular assets or coin. And this information are usually carried out by influencers of cryptocurrencies and when people see these negative comments or information, they tend to have doubts towards the coin or crypto.