“Yeah, I know ; Ifiokleee is a WHALE and a BAGHOLDER of the TOKEN. I don’t think he’ll HODL them for that long though, considering the fact that he got in at rock BOTTOM and an ATH is almost imminent. Yeah , there’s a lot of FOMO going on right now too. And I just hope the FUD that’ll set in won’t cause a price crash too. Okay talk later, man!"
Ever overheard a friend or someone speak in crypto terms and you’re like :
>”What the heck, are they saying??? ".
It’s normal though. The crypto sphere has a lot of peculiar slangs. In this post I’ll be highlighting the most popular slangs and their meanings as well. And hopefully the next time you hear a friend speaking in crypto, you can eavesdrop on the convo and enjoy it as well. Lol.
AIRDROP - Airdrop is a process where tokens are distributed to cryptocurrency wallets. Most times, when a new cryptocurrency project springs forth, they conduct airdrops. They reserve a certain percentage of their coins to airdrop to their early community supporters. Sometimes, existing projects airdrop tokens to holders of their tokens.
ALTCOIN - Altcoins are all other cryptocurrency asides bitcoin. Simply any coin that’s not bitcoin.
ATH - This means "All time high". It refers to the highest point a cryptocurrency’s price has ever reached.
BAGHOLDER - A bagholder is a person who has a high quantity of a certain cryptocurrency most likely after the prices have crashed and he’s stuck with those tokens.
BEARISH - A trend where cryptocurrency prices are going down. During a bear market, cryptocurrency prices are very low.
BOTTOM - The bottom is the area where a cryptocurrency records it's lowest prices ever.
BTFD - "Buy The Frigging Dip". The dip is a point where a cryptocurrency is very low and buying then would be advantageous. So when you hear BTFD, it means you should buy the cryptocurrency then before it gets higher.
BULLISH - A trend where cryptocurrency prices are going up. During a bull market, cryptocurrency prices go up and that's when you start hearing MOON.
DAPP - these are decentralized applications built on the blockchain for a specific purpose. They are similar to web applications but are open source and autonomous and run on the blockchain.
DYOR - DYOR stands for "Do Your Own Research " . In the crypto world. You need to be able to make your own research and make your decisions. Following others could be a disastrous path with regards to investing especially.
ERC -20 TOKENS - These are tokens created on the ethereum blockchain according to Erc-20 standards.
ESCROW - An escrow is a trusted third party that acts as a means of cryptocurrency transactions.
EXCHANGE - An exchange is a marketplace where people but he sell cryptocurrency.
FIAT - Fiat refers to the legal tender we all know and use daily ( Dollars, Yen, Naira, Pounds).
FOMO - FOMO stands for "Fear Of Missing Out’". It describes a situation where cryptocurrency prices are going higher and higher and people who do not own those cryptocurrencies are scared that it might still go higher. So they give in to FOMO and buy at the top (high prices).
FORK - A fork simply means a change in a blockchain or token protocol. There are two types of forks : Hard fork and Soft fork.
FUD - " Fear, Uncertainty and Doubt ". This occurs when persons spread malicious information concerning a cryptocurrency with the aim of causing a price decline.
FUDSTER - A person who spreads FUD about a cryptocurrency.
HODL - HODL stands for "Hold On for Dear Life". It originally came from a misspelling in a cryptocurrency forum. It then became a popular slang. Sometimes coin prices can swoop so low and holders of such coins would have to HODL so the prices can stabilize because selling would mean loss.
ICO - This is a type of funding process where tokens generated for a blockchain or cryptocurrency project are offered for sale through public sales and private sales. The tokens are exchanged for fiat currency and major cryptocurrencies such as Bitcoin and ethereum most times.
KYC - KYC stands for "Know Your Customer ". It is a procedure instituted by most cryptocurrency projects running ICOs. Here, the projects have to verify the identity of their investors. They use various identity validation methods.
MOON / MOONING - This refers to a situation where a coin gets exponential growth and keeps on rising to astronomical values.
MARKET CAP - Short for Market Capitalization. This refers to the total value of a cryptocurrency’s supply in circulation. It’s calculated by multiplying the price of the cryptocurrency with its current circulating supply.
NOOB - This refers to newbies in the cryptocurrency sphere. Most times they make wrong trading decisions and get burnt (lose lots of money).
PUMP n DUMP - A pump is an abrupt increase in a coin price and a dump is a negative downtrend on a coin.
So a "pump and dump" is a common scheme used to describe a situation where a person or group of persons come together to artificially inflate the price of a cryptocurrency and then dump the country after its reached a significantly higher price and those who went in (FOMOed) lose.
ROI - Means, "Return On Investment " in full. It describes the percentage gain or loss on investments.
REKT - "REKT" is a slang for " WRECKED". And when you’re Rekt, it basically means you’ve lost a whole lot of your crypto assets.
SATOSHI - This is the smallest fraction of a bitcoin. About one hundred millionths of a bitcoin. It’s named after Satoshi Nakamoto, the creator of Bitcoin. It’s most times refered to as Sats.
SHILL - This occurs when someone is actively advertising a cryptocurrency. We call that person a "Shiller".
TOKEN /COIN SUPPLY - This is the total amount of a cryptocurrency. There are three types.
Maximum supply, circulating supply and total supply.
Maximum supply refers to the total amount of that cryptocurrency that will ever be issued.
Circulating supply is the amount of the cryptocurrency currently available for use by the public.
Total supply is the total amount of a cryptocurrency currently existing.
WHALE - These refers to a person who has a large stake of a cryptocurrency and can manipulate the markets.
WHITEPAPER - These are comprehensive documents by developers of a cryptocurrency project. These documents offer detailed information on the project ,tokens and technology.
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I've been in the blockchain sphere for over a year now and I've found it interesting educating newbies on a lot of things concerning cryptocurrency. That's what I'll be doing from time to time on here. Asides posts on photography and programming, I'll also be making posts on cryptocurrency and blockchain as well.