Crypto Slang: How Not to Get Lost in the Crypto World

Month after month, the number of cryptocurrency adopters is growing faster than ever. Like e-wallets such as PayPal and Skrill, cryptocurrencies are now part and parcel of internet-based transactions as they appear alongside each other on many different platforms. So, if you want to make a purchase online or even play Vegas roulette online games, you will find cryptocurrencies like Bitcoin and Ethereum also available.

However, if you have been thinking of jumping into the crypto bandwagon, there are many different paths you have to navigate, as it could be a complex world for newbies. Therefore, besides getting acquainted with fundamentals like the blockchain technology behind digital currencies, it is vital to understand the terms used to describe different crypto aspects.

With such information at your fingertips, it becomes easier for you to figure things out in the crypto world. You will never find yourself clueless when reading online posts where the tight-knit crypto communities indulge in meaningful conversations. Here’s a look into a few of the most popular new-age slang terms you’ll encounter as you navigate crypto waters.

Apeing

Attributed to the Defi 2020 summer, Apeing term refers to a crypto trader buying a token shortly after its release without proper research of the token. The term was coined in 2020 when sudden token launches were purchased by a small percentage of traders who made significant profits from the trades without conclusive research.

Of course, it is fair to say that this is not the right approach when you want to trade in digital currency, as it is essentially impulse buying. However, many other traders tried emulating this approach and failed terribly because it was founded on hype rather than tangible statistics.

HODL

HODL came after a typo from a Bitcoin user urging other traders to hold out to their Bitcoin despite the volatility. Interestingly, the crypto community has since embraced this typo, turning it into a backronym that means Hold on For Dear Life. Well, going by the volatile nature of virtually all cryptos you will come across, the term has since served as a rallying call in the crypto community, saving many traders from unnecessary panic. 

DYOR

DYOR, short for Do Your Own Research in full, is meant to encourage potential traders to conduct independent research before trading. Unfortunately, it is not uncommon to hear about traders getting caught up in the trap of believing random accounts from YouTube, Twitter, or Facebook, parading themselves as Crypto experts. While some of the advice from social media may sometimes be valid, it is wiser to depend solely on your research as you will make better decisions.

A Fork

Cryptos are made up of blockchains that contain several blocks of data. These blockchains are open-ended, meaning that various communities contribute to the entire make-up of the cryptos. A fork comes to play when the community responsible for particular crypto implements a change in the blockchain’s protocol. This will cause a split, producing a second blockchain that shares a history with the original crypto but is entirely different.

The most popular forks in cryptocurrency history were when Bitcoin Cash forked from Bitcoin in 2017 and a year later when Bitcoin Satoshi Vision forked from Bitcoin Cash. Some of the other forks that have led to Bitcoin spinoffs include:

  • Bitcoin XT – late 2014, now defunct
  • Bitcoin Gold – October 2017
  • Bitcoin Classic – early 2016
  • SegWit (Segregated Witness) – late 2015
  • Bitcoin Unlimited – early 2016.

BTD

BTD means Buy the Dip in expanded form, and the term is intended to encourage traders to take advantage of a market position by buying a token when its price is low. The underlying belief is that the crypto will eventually improve in value, and the trader will then be able to sell high and gain substantial amounts of profit.

FUD

FUD, short for Fear, Uncertainty, and Doubt, are feelings that many can relate to in the course of any investment, not just when it comes to crypto trading. This phrase in crypto refers to when people spread fear and sow feelings of doubt with the ulterior motive of causing a particular project to crash. While the concerns may sometimes be genuine, in most cases, such concerns are usually just unconfirmed rumors. 

Whereas what we’ve covered today are some of the most common crypto-related slang, there are many other terms we haven’t brushed over in our post. Moreover, it’s worth noting that, like in any other sector, slang changes over time, and new words keep getting coined.

So, the handful of terms we’ve reviewed here should ideally give you an ample start in the crypto scene, but it is up to you to keep updating your crypto vocabulary. Stay in the know, and it will be much easier for you to understand the crypto world better.

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