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Saturday, July 4, 2020

What Is HODL, FUD or FOMO in Cryptocurrency? The Beginners Guide to Crypto Slang

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The blockchain and cryptocurrency frenzy is here to stay people! So if you’ve been watching it from a distance waiting for the high crypto fever to go down, then you might end up waiting forever. In fact, expecting the cryptocurrency bubble to burst is like expecting unicorns to flood your backyard.

In other words, that is not happening anytime soon. If anything, more and more cryptocurrencies are now joining the market and more investors including celebrities like Jaimie Foxx continue to join this world.

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Thanks to its growing popularity, this world is also developing some of its unique vocabularies such as DILDO, HODL, and SHITCOIN and many other terms which if you are an outsider might seem like Greek to you. Fortunately, you don’t have to float because we got you with our list of crypto terms and slangs below.

HODL

This is one of the most popular crypto slangs around and there’s no doubt you’ve come across it more times than you can recall. Chances are that you thought it’s a typo for HOLD but it is really a word on its own. It’s a popular crypto slang which means hold on for dear life. Most crypto holders use it when the coins they have in their possession are at their all-time lows.

They use it to say that despite the low value, they believe that soon if not today or tomorrow it will rise above the ranks again and become profitable and only then will they sell it. Tricky, huh? If you think so then prepare to be amazed by weird slangs which follow below.

Shitcoin

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Shitcoin

You are probably thinking that this one has a bad or nasty meaning behind it but that’s not the case. It only refers to a coin which is of no value. A coin becomes worthless when it launches and becomes successful till it reaches a certain point and the price remains constant. Then suddenly its price skyrockets over a short period attracting hordes of investors and this again spell trouble because it plummets when they try to sell it. Thus becomes worthless.

FUD

FUD

No! It’s not related to food in any manner. In fact, this crypto slang refers to something entirely different. It’s a simple abbreviation for fear, uncertainty, and doubt. It is often used to refer to people who are afraid of investing in cryptocurrency because they are concerned that it might crash causing them losses. For instance, you might hear someone say HODL your coins even though there is plenty of FUD moving around. That simply means, hold on to your coins, despite the fear, uncertainty, and doubt that other investors are having.

Whale

This crypto slang refers to someone who owns a lot of cryptocurrencies. For instance, a person who has a lot of bitcoins or Ethereum in their possession. Such people often play a significant role in the patterns of cryptocurrencies because if they sell many coins from their possession they often cause the prices to plummet by flooding the market with an excess supply. On the other hand, if they fail to sell their stakes then the price goes up because the demand increases.

Dildo

This simply refers to long red or green candles

Pump and dump

The pattern of this coin appears as if it has been pump and dump. This is another statement you will hear more often. Pump and dump mean the same just as they sound. It refers to a situation in which a group of crypto holders come together and purchase many cryptocurrencies causing their market value to go up and then dump at the same time which means they all sell it causing it to hit low prices and lose value.

These are schemes that are often carried out through phone applications when someone is scheming to bring a certain coin down. Therefore, you should be careful when you notice a sudden surge in a certain coin as it might be one of these schemes.

Altcoin

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This is a bitcoin alternative. With the increasing trend of cryptocurrency and ICO’s, there are myriads of altcoins in the market currently.

Dead cat bounce

This refers to a temporary recovery in prices or in the value of a coin after a massive nosedive

Bag holder

This is an investor who happens to find him/herself holding a particular crypto coin for a prolonged period and now they have to deal with the mess they’ve put themselves in. At times an investor can find him/herself a bag holder due to pump and dump.

Fiat

This refers to ordinary currency or in other words money that is backed up by the government because crypto coins are not backed with any legal entity and the government has no power over them.

Bullish

This refers to a market trend in which the coins are rising in value increasing the demand and encouraging other traders to buy them.

Mooning

Not a favorite word to most people but don’t get it twisted. It simply means that the coin is experiencing a spike in prices.

Noobs means predictable

Blockchain

blockchain

A shared ledger in which all the transactions carried out are permanently recorded and cannot be interfered with.

FOMO

It’s an acronym for fear of missing out. It simply refers to the fear of missing out on great profit which comes as a result of an investment choice.

DYOR

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This is simply Do Your Own Research. This term is quite familiar to the novices as they ask for the solutions instead of advice.

Rekt

It is more like a typo of the word wrecked. It is often used to refer to an investor who is undergoing massive losses when the coin they had invested in hits massive lows.

In a nutshell

Learning the ropes of the complex cryptocurrency world can be quite an exhilarating task thanks to the technical words and jargon that it packs. Even though we may not have listed all of them, you are now aware of the most popular and common ones to get you going.

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