With the ever-increasing crypto-craze among people, more and more online traders are using impenetrable jargons, which might seem like slang terms, heavy on acronyms, to the newbies. While some of these terms are borrowed from traditional finance, other terms are born digitally, as many self-taught traders use new vocabulary of their own.
So, if you are also a new user, you will have a great deal of homework to do before you catch up on your pace with other traders. There are chances that you might find cryptocurrency ecosystem extraordinarily dense, at first, but this won’t be the same way for too long. So, before we introduce you to these jargons, let’s have a look at what is HODL.
What is HODL?
In 2013, the term HODL first made its appearance on the Bitcointalk forum, and it was used by a member called “GameKyuubi.” The term was used under the thread “I AM HODLING,” which was a typo error. The member wanted to convey the message that he was still holding his Bitcoin tokens, despite the severe fall of the currency in the market.
Since then, the typo error became quite popular as HODL. Over a period, the term HODL earned the humorous status as “Hold On for Dear Life.” Being a trader, you might come across many online traders using this term, which is used to suggest that they believe their crypto coins will prove to be profitable one day, if not today.
There are many other jargons and cryptocurrency terms that you would like to know about, especially if you wish to start participating actively in forums.
Common Cryptocurrency Terms
ADDY: It refers to public address or key.
ALTCOIN: It refers to cryptocurrencies other than Bitcoin.
ASHDRAKED: It refers to a situation when a trader loses all his money.
ATH: All Time High. As the name suggests, it means that a cryptocurrency has broken all its records and is trading at the highest price ever.
BAGHOLDER: It means that a trader has been holding his tokens for too long and now he would have to face the consequences.
BEAR: Borrowed from Wall Street, it means that a trader believes that the price of a cryptocurrency will fall and he wants to make the profit from that fall.
BTFD: Buy the fucking dip. It refers to buying a coin when it has dumped quite hard.
CHOYNA: This term is deliberately used for China, as the country is immensely influential in the Bitcoin space and largely dominates in mining.
DUMP: It refers to selling off a coin.
DUMPING: It means downward price movement of a currency.
DYOR: Do Your Own Research. Used when someone keeps his/her opinion with a warning.
FOMO: Fear of Missing Out. This term is used when a trader has a fear of missing out on his profits and a situation when he/she might decide to invest more or buy high.
FUD: Fear, Uncertainty & Doubt. It is used for the traders who are unsure of the potential of a given situation.
PUMP: Upward price movement. When a price of the cryptocurrency goes up.
SHITCOIN: It refers to a coin that has no potential.
SWING: Upward and downward price movement.
REKT: Misspelt from the word wrecked, it means that a trader is wholly ruined with losses incurred due to current downfall of the currency price.
REVERSE INDICATOR: It is referred to a trader whose prediction is always wrong about the price movements.
TO THE MOON: This term refers to crypto which is showing or is expected to show upward momentum.
WHALE: Borrowed from the gambling world, it means that a trader with a big account is bullish on the price of a particular cryptocurrency.
More than the jargons, these terms have become keywords in crypto space. And you being a newbie, will need to make yourself comfortable with these common cryptocurrency terms as soon as possible, so that even you can hold your jargons with other traders in no time.