Top 25 Cryptocurrency Buzzwords you should understand
Cryptocurrency is here, and it is here to stay.
Considering the institutional adoptions and the considerable popularity the crypto space had witnessed over the last few years, it is apparent that cryptocurrency and blockchain will keep breaking new frontiers.
Amid this rise in adoptions and popularity of the crypto space, some terminologies are peculiar to cryptocurrency that newbies and crypto beginners need to be familiar with.
Below are some 25 cryptocurrency slangs you need to get familiar with:
1. Cryptocurrency: This is a digital asset that utilizes technology to control its creation, and electronic money allows users to exchange these currencies between themselves, similar to cash directly.
2. Blockchain: Blockchain is the digital recording used as proof of agreement among people. The records are prevented from manipulation, and they are permanently and securely saved.
3. Cryptography: Cryptography is the study of making ordinary information unreadable. It means keeping information confidential and preventing it from theft and alteration.
4. Currency: It is a unit of exchanging value. A currency could be a digital asset or fiats used to pay for debts and goods and services.
5. Block: A block represents a single digital record created within a blockchain, and when each block is linked together, they become the "chain".
6. HODL: HODL means “hold”, a misspelling of hold. Now it is more referred to as “Hold On for Dear Life”.
7. REKT: This is an intentional misspelling of "wrecked" and means to be in a financial loss ultimately.
8. Mooning: It is slang to say the price of a crypto asset is going way up, up to the high sky, and eventually to the moon.
9. Lambo: It is the short form of “Lamborghini” and represents the exotic car crypto investors always promise to purchase once they make huge profits from their investments.
10. Bull: A bull market or bull run is a continued increase in the value of crypto assets. It is called a bull market, representing when a bull swings his horn up, depicting an upward movement in price.
11. Bear: The bear market is the continuous decrease in prices of all financial assets. It is called a bear market because it represents the downward swing of a bear's enormous paw.
12. Market Capitalization: It is also called Market Cap and represents the way to rank the value and size of an asset. Cryptocurrencies are primarily classified according to their market cap, which is calculated by multiplying the total number of coins by the latest price.
13. Altcoins: Altcoins are cryptocurrencies other than Bitcoin. It is a combination of two words, "alternative coin" or "alternative bitcoin". And as of today, there are more than 9,000 alternative coins and many more to be released.
14. Airdrop: Airdrop is a unique process of freely distributing a new cryptocurrency to individuals to create more demand.
15. Bitcoin: Bitcoin is the earliest digital currency that pioneers the cryptocurrency movement. The digital asset was created in 2009 by a faceless person or group of individuals known as Satoshi Nakamoto.
16. FOMO: It stands for "Fear of Missing Out", and it is a feeling that comes when you spot a coin that starts to increase in value, but you don't already have a bag of it.
17. JOMO: JOMO stands for "Joy of Missing Out", and it is almost the opposite of FOMO. However, a JOMO feeling remains the same regardless of the direction of the market.
18. Whale: A whale is an individual or organization with lots of money to buy or sell considerable amounts of any cryptocurrency assets. Whales primarily dictate the direction of the market because they have the potential to manipulate prices.
19. FUD: FUD stands for Fear, Uncertainty and Doubt. The term depicts any information that creates fear, uncertainty, doubt and other possible negative feelings.
20. DYOR: DYOR stands for "Do Your Own Research", which is the process of conducting thorough research before investing in a crypto asset.
21. Shilling: Shilling is the act of promoting a cryptocurrency for financial incentive. It could be through propaganda or direct influencer marketing.
22. Shitcoins: Shitcoins are coins other than Bitcoin that lack any new or advanced technology. In some other regards, a shitcoin could be a coin that has lost its worth after launch.
23. ATH: This means "All Time High", and it represents the highest price value a cryptocurrency asset has ever reached in its entire history.
24. Weak Hands: This mainly refers to investors whose conviction or confidence in a crypto asset is threatened by emotional distress. Weak hands sell off their crypto portfolios at a slight drop in value or price.
25. Corrections: A correction is an apparent interruption to upward trends with harmful drops from the most recent highest price. Corrections are shorter than what is experienced in bear markets, and they can occur multiple times in a bull run.