20 Crypto Slangs You Need To Know With Illustrations
All eyes have been on Bitcoin more than ever with prices “mooning” all the way above USD 20k and all the “bulls” have been getting their “lambos” ready and not seeing their positions getting “REKT” anytime soon! If you did not understand what we just wrote there – we are here to help you brush up your crypto slangs!
It is important to get familiar with these crypto slangs and jargons especially when reading market analysis and Twitter updates by your favourite traders or news outlets. Even big media companies such as CNBC are integrating these words into their updates! Do not miss out being part of the biggest conversations or dialogues whether it is in person or online from not knowing the words earlier.
Here are 20 essential crypto slangs that you need to know:
Bagholder refers to an investor who is holding onto his coins or tokens despite the significant decline of its market value. For example, “Mark, don’t be a bagholder and just sell off your tokens already!”
2. BUY THE DIP (BTD)
This implies that one should buy the asset when the price is declining. For example, “Jenny, BTD now or you’ll regret it!”
3. DO YOUR OWN RESEARCH (DYOR)
DYOR simply reminds traders to make their own research and base their financial decision on it. For example, “Next time if you want to buy Bitcoin, you should DYOR first.”
FOMO is an expression of fear that applies to any situation to describe any fear-based factor that could get in the way of trading. For example, “John, we all bought Bitcoin when it was below USD 2,000! You really did FOMO.”
JOMO is an expression that most often used to describe the feeling that one is happy that they didn’t get on the train or onboard with a plan that turned out to be a scam or rumor. For example, “John, I’m so JOMO that I didn’t follow you and spend a lot of money on the token that’s now worthless.”
6. HOLD ON FOR DEAR LIFE
HODL was created by accident in a Bitcoin forum and it refers to a user holding on to their assets in hope that the value will incline over the long period of time. No matter how tough the market appears to be, they still believe in their investments.
Lambo is a reference to the car Lamborghini where many investors promise to purchase an asset or invest in a project in hopes that they will become quick rich in their investments. For example, “I just invested in the new project and I really believe it will do well. I’m so going to get a Lambo!”
8. PUMP AND DUMP
Pump and Dump is a type of financial fraud where one or a team manipulates the market price by artificially inflating the price of the asset through spreading misinformation. This misinformation involves cheaply purchasing assets and then selling it at a higher price.
REKT also refers as ‘wrecked’ describes a severe financial loss caused by a bad trade or investment. It is a term that was derived from the gaming industry when players lose out in a battle or a tournament. It has been then used often in the crypto market as well. For example, “Ah Jenny, I saw that the token you bought last year has dropped so badly. You’re so REKT!”
Shitcoin is a derogatory term used referring to an altcoin that has little to no value or the ability to sustain in the long run. For example, “Why is everyone trying to invest in that new useless crypto coin? I heard it’s a shitcoin.”
Whale is a term used to describe an individual or an organization that acquires a large amount (min. 5%) of a certain cryptocurrency. For example, “I saw the amount of Bitcoin that John owns in his ledger and I didn’t know he is such a whale!”
FUD stands for “fear, uncertainty and doubt”, it reflects on sentiments in the market especially when there’s a big price shift or on risks of getting scammed or hacked.
BearWhale is a mixture between a whale and a bear person. This person (investor or trader) believes prices will fall and sell majority of their assets which will flatten the market.
14. TO THE MOON / MOONING
Crypto investors or traders will say “To the moon” or “mooning” when they are celebrating their coin or token going up and up. For example, “Lisa, Bitcoin has been breaking through their resistance level consistently every week! Bitcoin to the moon!”
Shill refers to an act where a user is promoting heavily on a project, event, token or cryptocurrency for their own benefits. For example, “I stopped listening to Lisa’s recommendations on her Twitter account. All of her posts about the projects are just shills. She should really stop shilling if she wants her credibility back.”
Vaporware refers to a digital asset or project that has been built up by hype and positive awareness but has nothing to support it evidently and is only going down in value. For example, “This project seems to be a vaporware. All I hear and see are shills but no clear roadmap and promises kept by the project leaders.”
Faketoshi is a reference to a man name Craig Wright who claimed to be the Bitcoin creator and the real person behind the identity “Satoshi Nakamoto.” However, his claim was proven false by Wired and Gizmodo through research and this new term has been used against anybody who is faking to be Satoshi Nakamoto, just as how Wright did.
18. BITCOIN ROLLER COASTER
The Bitcoin Roller Coaster refers to an expression where the market is highly volatile and the price variations that Bitcoin goes through repeatedly is extremely high to low.
Bitshaming refers to the act of mocking or putting down a trader for not being rich. They make bad decisions (for example, not doing a thorough technical analysis and do a short instead of a long) and lose money out of their decisions rather than earning more. For example, “John, stop bitshaming Bill. He is trying his best and going to apply for a good trading course to help him improve.”
Sats is a short form for “Satoshis” and was derived from the Bitcoin founder name, Satoshi Nakamoto. Sats refers to the smallest fraction of a Bitcoin that can be sent which is at 0.00000001 BTC. Instead of counting Bitcoin in USD, traders would ask for the value in sats or satoshis. For example, “Lisa said the BTC value is going down. How many sats are you planning to buy or sell?”
The next time you are at a crypto or fintech event, try to show off your crypto slangs in the conversation and make a lasting impression!