Know enough crypto slang to become a “dangerous” trader!
In the past few years, cryptocurrency trading and blockchain technology have gained lots of popularity, especially among millennials. This growth, coupled with the demand for social media platforms, has fuelled the evolution of a unique cryptocurrency community complete with its slang.
“All slang is metaphor, and all metaphor is poetry”.Gilbert K. Chesterton
The most preferred social media application among these communities is Telegram chosen because of its advocacy for privacy and secrecy. In these platforms which were mostly fuelled by the ICO craze of 2017, you will find thousands of members discussing cryptocurrency investments, prices, and exchanges using some of these words.
- Bag: This refers to a specific quantity of a cryptocurrency. For example, I have bags of Litecoin, etc.
- Bag holder: This is a trader who holds large quantities of crypto.
- Shilling: This is the act of promoting a cryptocurrency or an ICO to encourage more people to buy to maximize your profits. Usually known as shilling your bags.
- REKT: This is derived from the word wrecked, and it refers to a bad loss in trade due to a sudden fall in price.
- Sh*t coins: This refers to useless coins which have entirely lost their value.
- Noobs: These are new crypto traders who have limited knowledge in crypto trading.
- DYOR: This stands for Do Your Own Research. This refers to due diligence before investing your money in crypto.
If you are a noob please DYOR. Otherwise, you will end up buying Sh*t coins and getting REKT.
8.ELI5: This stands for Explain Like I’m 5. I’ts making an explanation about crypto as simple as explaining to a five-year-old.
9. Flipping: This is buying to make an immediate profit after an inevitable rise in price or after an ICO or an IEO.
10. FUD: fear uncertainty and doubt. This is the deliberate spread of false information to induce a drop in price, usually referred to as spreading FUD.
11. FUDster: A person who spreads FUD.
12. NO-COINER: These are critics of bitcoin or people who own no cryptocurrency
12. FOMO: Fear of Missing Out. This is the anxiety a trader has after missing out on buying a cryptocurrency then the price starts rising rapidly
13.JOMO: This is the Joy Of Missing Out. Usually expressed by no-coiners when the cost of cryptocurrency drops.
14. FOLE: Fear Of Losing Everything.
15.FOLV: Fear of losing Value.
16: HODL: This term which started as a typo for the word HOLD in 2013 by a member of bitcoin message board refers to holding a cryptocurrency for a long time hoping for future increase in price.
17.BTD/BTFD: Buy The Dip/ Buy the F***ng Dip. This encourages fans to buy when the price decreases.
18.WHALE: A person who buys or owns large amounts of cryptocurrency usually in the millions of dollars.
19. Mooning: This refers to a parabolic rise in price.
20. When Moon?: when will we see an off the charts rise in price?
21. When Lambo?: This is usually referred to when will the price rise enough for us to buy a Lamborghini.
22. SATS: This refers to a Satoshi, which is the smallest unit of bitcoin recorded on the blockchain. This term is usually used when quoting the price for example if the price of crypto A/BTC is 0.00000022 the price is 22 SATS.
If there any words, terms or definitions that I might not have included in the list feel free to add them in the comments below.