The cryptocurrency market as a whole is developing, and its terminology is changing as well, so crypto is still a confusing area for most individuals, particularly those who are not in the IT field.
Entrepreneurs, consumers, programmers, and legislators have all become interested in cryptocurrency. It is not without difficulties, though, as with any new technology.
Crypto, like any new technology, has created a slew of new terms and words with subtle or creative connotations that the ordinary person may not be aware of.
There is an amazing number of crypto-slangs nowadays, so whether you want to be a cryptocurrency trader, fan, or simply a novice who wants to learn more about it, start with these ten cryptos slangs and be prepared to survive and thrive web 3.0.
HODL
The phrase HODL evolved into an acronym of the word “hold.” It originally emerged on a crypto forum when someone wrote “hodl” instead of “hold” by accident. During a moment of market turmoil in early 2012, an unhappy investor ranted on a Bitcoin forum about how investors are unsuited to trade highs and lows and should instead purchase and hold in their wallets.
Sats
Satoshis, or “sats,” are the smallest unit of Bitcoin, the world’s most popular cryptocurrency. Satoshi Nakamoto, the credited founder of Bitcoin, was given the name Satoshi. A satoshi or sats is one hundred millionth of a Bitcoin.
Whale
Whales are persons who hold a large amount of bitcoin. When a “whale” sells a large portion of its holdings, the price of a cryptocurrency may fall. These are the people who own a lot of bitcoin, like hundreds of thousands of bitcoin or more, according to statistics and addresses that can be found online because bitcoin isn’t private; you can find the whales
Pump and dump
In the realm of cryptocurrency, a “pump” occurs when a group of individuals decides to purchase a certain coin at the same time, causing a surge in demand in the market, and a “dump” occurs when they decide to sell it all at once to benefit. This group of people creates uncertainty in the market as they have many people backing them.
Bag holder
Someone who keeps a cryptocurrency purchased at a high price for an extended period and ends up with a bag of useless coins. A bag holder is simply an unlucky individual who was stuck with the bag at the end of the day.
FOMO
FOMO may affect any financial market, but it’s more frequent in crypto markets, where the majority of participants are inexperienced retail investors trying to manage very erratic price action while attempting to create a well-balanced crypto portfolio. When a dramatic bullish breakout happens in cryptocurrency, nervous investors debate whether or not to purchase into an already high-priced market in the hopes of riding out the rest of the advance.
Shitcoin
This is self-evident; shit implies worthless, and you already know what a coin signifies. So, ultimately, a shitcoin is a coin that no one sees the potential in.
Shill
This is the act of promoting a service or investment, especially one of low quality, using propaganda or misleading or exaggerated narratives in exchange for a cash reward. Thieves in the sector frequently use this tactic to get consumers to acquire their coins.
FUD
The term as it’s known in crypto circles is a psychological technique for instilling a negative attitude about a certain asset to discourage future purchases or even encourage selling or short-selling. Anxiety, confusion, and uncertainty may be disseminated in a variety of ways, including poor foundations, questionable project management, sluggish or pessimistic buying pressure, uncertain financial projections.
Altcoin
The term is being used as a hybrid term that refers to any cryptocurrencies that aren’t bitcoin. Dozens of altcoins have been launched, however, some have failed or are no longer functioning.
There are some things you could know about cryptocurrency, and some things you should know. Cryptocurrency slang words is one of them.