HODL until it moons, the market crashed and I got REKT… all of a sudden, people have started to use linguistics which we don’t recognize. The Crypto world is a maze full of new avenues which sometimes can be quite troublesome to understand. Worry not my fellow traders, here are 25 hot crypto slangs to familiarize yourself used by the crypto community which will get you to word dazed.
- Altcoin
Any other coin, which is not bitcoin….quite simple
- Bag holders
People who invest for the long term will not sell their assets in any market condition. Stakeholders only value financial gains, albeit without any market or project analysis. A few resilient ones, who bought bitcoin when it was sorcery for the rest of the world and someday woke up with bags of money, are the prime example of bag holders.
- Coin
Store of value proposed in a specific blockchain network. For instance, Ether is a coin, which runs and lives on the Ethereum blockchain network.
An offline based wallet to store your crypto assets. Physical hard drives or USB sticks are always at your disposal and eliminate any risk of hackers or online theft.
- Decentralized Applications (DApps)
Applications are designed to run on a decentralized network to eliminate any moderators and intended to run without any errors. DApps provide a platform to run decentralized financial activities.
- Decentralized Finance (DeFi)
Financial activities are performed on a blockchain network without any centralized regulatory body, for instance, a bank, a state or any government.
- FUD
FEAR…UNCERTAINTY…DOUBT. Negative rumours and disinformation related to a certain coin/false news/a meme or a tweet aimed to bamboozle crypto communion.
- Fan Token
A type of cryptocurrency issued by a sporting body to the fan community. Acquiring this token allows the fans to be a part of the sporting project, which in return generates income for the club/team/board. Fan coins have perks and rewards such as exclusive content or merchandise access, social media perks such as badges, stickers, filters etc.…
- Gem
Coins with low market capitalization. Gem coins carry a high potential of mooning due to various reasons (strong project, about to gain popularity). Although, they are undervalued in the present market.
- Halving (Burning)
A mechanism that halves the number of coins on a network (Usually half of the total circulation) using a smart contract that is duly signed by the holder and the issuer. Leading to burn the decided amount of coins.
- HODL
Hold on for dear life…. Is a term, which went viral in 2013 on an online crypto forum. Since then, crypto users who hold their crypto assets, usually in a bullish market trend and most importantly avoid all kinds of FUD.
- Hot Wallet
A type of wallet, which is solely online and exists on a network. Most convenient commonly used wallets, administered by the blockchain. Every wallet issues two keys to the user i.e. Private Key and Public Key
- Initial Coin Offering (ICO)
An old mantra for acquiring funds to run cryptocurrency projects. In exchange, early investors are the first to acquire coins or tokens through a certain crypto exchange. ICOs are the crypto version of IPOs in stock exchanges.
- JOMO & FOMO
“Joy of missing out” is a state of mind, expressed by people who are not involved in trading crypto coins. “Fear of missing out” is the complete opposite of JOMO, where traders experience anxiety or nervousness leading to panic buying/selling.
Still confused, it takes time to familiarize with these crypto terms.
