Cryptocurrencies are all over the news right now – and the more coverage they get, the more people are tempted to check out their investment potential. But as with any community that’s sprung up from the internet, the cryptocurrency world is full of slang and memes that can be both bewildering and off-putting to outsiders.
So, if you’re new to the world of cryptocurrency, here’s an illustrated glossary to some of the most common terms you’ll need to understand if you’ve got any hope of being a whale instead of a bag holder.
1. Whale
Those who own more than 5% of any cryptocurrency coin are considered whales – and potentially dangerous ones, at that. The crypto world is full of mystery and intrigue, and whales often take the blame when currency prices go south. They might be well-established investors or just incredibly rich. But one thing is for certain: the whales have enormous influence in the cryptocurrency market.
2. HODL
Some of the most popular internet memes are acronyms or phrases borne out somebody’s mistake or typo. HODL manages to be both at the same time. The story goes that in 2013 on a Bitcoin forum, someone tried to advise someone else to HOLD – that is, not panic and sell your coins – but instead wrote HODL. Coincidentally, it turned out to be an acronym for ‘hold on for dear life,’ and a legend was born. When the going gets tough, the tough HODL.
3.Bag Holder
But HODL-ing isn’t always the right move when it comes to investing, and that includes cryptocurrencies. When the going gets so tough that the value of your investment is plummeting, you must know when to let go. Those who wait too long will be forever derided by cryptocurrency experts as bag holders – the ones left holding the (empty) bag. ‘Holding’ is even spelled correctly in this one, such is the gravity of the situation.
4.FUD
There’s nothing quite so tiresome for established cryptocurrency stalwarts as FUD – otherwise known as fear, uncertainty and doubt not grounded in reality – being spread through the media. Though ‘noobs’ (newbies) might be scared into selling their positions, seasoned investors are often keen to use FUD-induced price drops as a buying opportunity.
5.REKT
The worlds of cryptocurrency and gaming are inextricably linked, due in part to them both being online communities with unique language and social rules. So it’s no surprise that a fair amount of cryptocurrency slang comes from the gaming world – including #rekt, the hashtag that describes when investors get blown out of the water by a catastrophic coin collapse. If you’re left holding the bag for too long, you’re going to get #rekt.
6. To the moon!
Cryptocurrency slang is far too modern for this to be a The Honeymooners reference, so what does ‘to the moon!’ mean? Basically, it means that a cryptocurrency is going all the way up – to the moon, metaphorically speaking. There’s a lot of necessary bravado around Bitcoin, and this is investors’ rallying cry.
7.BearWhale
Back in 2014, the Slovenian Bitstamp exchange saw the only (to date) emergence of the dreaded BearWhale in the wild. A BearWhale is a trader who acts like a bear – that is, believes prices will fall – and also happens to be a whale (see above). When this one tried to unload 30,000 bitcoins, the market went into crisis mode. It took the combined efforts of hodl-ers and whales to get things back on track and ‘slay’ the BearWhale. That sentence wouldn’t have made any sense before this glossary, would it?
8.Vaporware
Vaporware is the fancy name for coins that you really don’t want in your wallet. These coins are surrounded by hype and artificially inflated in value. In reality, though, they may be worth next to nothing – also known as, well, a type of coin that rhymes with ‘Bitcoin.’ Don’t be left holding this bag, unless you want to be #rekt.
9.Shill
In the ‘real’ world, a shill is someone who works with a con artist to help scam people into buying snake oil by pretending to be a satisfied customer. In the cryptocurrency world, a shill promotes a coin for their own gain – not out of the kindness of their hearts. Be wary of taking the advice of a suspected shill, or you might end up with a handful of vaporware.
Being immersed in the world of cryptocurrency can be intimidating for newcomers. But armed with this glossary, you’ll be ready to make sense of the phrases that you’ll no doubt come across in forums and on social media. So when someone tells you to HODL, you won’t end up sounding like a total noob.
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Other Popular Crypto Slang Terms and Phrases
- Cryptojacking: Secretly using someone’s computer to mine crypto.
- Ape: Investing in a crypto or NFT project without research or caution.
- Bitcoin Maximalist: Someone who believes Bitcoin is the only cryptocurrency that matters.
- Diamond Hands: Holding onto crypto despite risks, showing strong confidence in its future.
- Normie: Someone unfamiliar with the crypto space or its culture.
- Pump and Dump: Artificially inflating a coin’s value before selling it for profit.
- Rug Pull: A scam where developers abandon a crypto project and steal investor funds.
Crypto Slang Acronyms
- ATH (All-Time High): The highest price point a cryptocurrency has reached.
- SAFU (Secure Asset Fund for Users): Binance’s term assuring users that their funds are protected.
- WAGMI (We’re All Gonna Make It): A phrase used to express optimism in crypto investments.
- DYOR (Do Your Own Research): Encourages independent research before investing.
- FOMO (Fear Of Missing Out): The urge to invest out of fear of missing gains.
- BTD (Buy The Dip): Buying crypto at a low price expecting a rise.
- CEX (Centralized Exchange): A crypto trading platform run by a company, like Binance or Coinbase.
- DeFi (Decentralized Finance): Blockchain-based financial services without banks or middlemen.
- ICO (Initial Coin Offering): Selling new crypto tokens to raise funds for a project.
Conclusion
The world of cryptocurrency comes with its own language, which can be confusing for newcomers. Understanding these key terms will help you navigate discussions, avoid common pitfalls, and engage more confidently in the crypto community. Whether you’re HODLing, dodging FUD, or hoping for a moonshot, knowing the slang can make your crypto journey smoother and more informed.
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Sources
Montag, A. (2018) ‘HODL,’ ‘whale’ and 5 other cryptocurrency slang terms explained. cnbc.com
Investopedia. (2017) Bag Holder. investopedia.com
Hankin, A. (2018) Don’t fight the FUD: HODL onto this list of bitcoin terms you need in your vocabulary. marketwatch.com
Wong, J. I. (2017) Buy and hodl, just don’t get #rekt: The slang that gets you taken seriously as a bitcoin trader. qz.com
Steemit. (2017) Learn and Understand Crypto Lingo: HODL, REKT, FOMO & More Explained. steemit.com
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