Cryptocurrency Slangs. FOMO? HODL? ATH? FUD? DYOR? OCD? Rect? Crypto Whale? Just to name a few. You have definitely heard some of these terms at one point in time if you’re a Cryptocurrency enthusiast or just a simple beginner. A lot of people use these words while chatting about Cryptocurrency and you just don’t get what they’re talking about and it might even make you feel like Cryptocurrency is more complicated than it actually is. Well, It might seem strange at first, but guess what? I’m about to demystify these terms for you in this quick article.
Before we begin… If you’re confused about the basics of Cryptocurrency and you’re looking for the simplest way to break down the whole concept… Well, you just have to read this – https://faqontech.com/what-is-cryptocurrency-a-beginners-guide/
Now, getting right into our Cryptocurrency slangs, the term topping our list is:
DYOR (Do Your Own Research)
While getting into the world of Cryptocurrency, you must have come across different people who have simply told you to DYOR while you’re seeking advice on what digital coin to purchase? or maybe you wanted to know what coins to keep for long time Hodling… There goes another term again right? Hodling? We’re coming to that in a while. And then they just tell you to DYOR right? And oh well! They just made the whole thing a whole lot harder cos you don’t even understand what they’re talking about.
Well, DYOR simply means – Do Your Own Research! It means before you seek professional advice, make sure that you’ve gone out of your own way to carry out some important research on your own then supplement that with advice from so-called experts.
HODLING? BAD ENGLISH? SHOULDN’T IT BE HOLDING? WELL…
Well… It’s Hodling alright. This term first came into the limelight when a member of a Bitcoin talk forum in 2013 made a typographical error in the word HOLD. He wrote the word as HODL in his panic. It then became something popular following the very recent cryptocurrency crash that took place on the 19th of May, 2021. The term “HODL” means “Hold On To Dear Life”… It simply implies that after the crash of a coin you’ve purchased, you still cling on to the coin hoping for a revival.
FOMO (FEAR OF MISSING OUT)
According to VeryWellMind, FOMO – Fear of missing out refers to the feeling or perception that others are having more fun, living better lives, or experiencing better things than you are. Applying this in the World of Cryptocurrency, this refers to when you’re envious because you believe that others are making better profits while keeping a particular digital coin.
ATH (ALL-TIME HIGH)
This Cryptocurrency Slang is used whenever a particular digital coin has surpassed its previous “highest value” and is now at its peak point at that particular point in time.
Crypto Whale! The Kings of the Crypto Sea!
A Crypto Whale is an investor who owns 5% or more of a particular digital currency in circulation. For instance, a whale in Ethereum will be someone who owns 5% or more of Ethereum’s 18,000,000 circulating supply. This whale would be someone who owns at least 900,000 units of Ethereum.
OCD (Obsessive Crypto Disorder)
OCD refers to when you’re completely obsessed with Cryptocurrency. You’re always looking for new trends, analyzing the market, checking out each new digital coin that’s introduced into the market, you also find out that you’re constantly talking about Cryptocurrency all the time and you also find yourself even purchasing different coins. Well, I guess too much Crypto can be bad too right?
To The Moon? Like Literally? Nah!
This Cryptocurrency Slang is very similar to ATH. You should know what that means already. You don’t? Well, scroll a little bit upwards… It’s right there. Senn it? Good! Well, this refers to when a digital coin reaches a new peak point in a very short time. It’s usually associated with when a digital coin goes up by 100% within that short period of time.
FUD (Fear, Uncertainty, and Doubt)
Yeah! This is pretty self-explanatory.
Fear – That a digital coin you’ve purchased will drastically drop in price
Uncertainty – When you find yourself frolicking around after purchasing a particular coin… You can’t keep still and you keep thinking about the fate of your funds
Doubt – You’re too unsettled about purchasing that coin even though you’ve DYORed on the market and it looks promising….. Did I just type DYORed? It probably doesn’t work right?
This Cryptocurrency Slang describes the emotional state of a person when they sell a particular digital coin too early before it pumps or they sell the coin too late after it has dumped again.
Pump and dump
Pump or Pumping is when a particular digital coin gathers a lot of attention usually initiated by Crypto Whales which in turn gives it a very massive surge in its value. While dumping is when the value of a coin crashes. This is usually due to negativity directed at a particular digital coin.
Loot? Seriously? Well, this term simply describes all Cryptocurrencies that exist!
This Cryptocurrency Slang refers to a cryptocurrency as worthless and valueless. These Shitcoins are considered a very bad investment option. They are usually coins that do not serve any particular purpose other than being a means of exchange.
I hope you enjoyed this article and it gave you a little knowledge on some of the popular Cryptocurrency Slangs out there. If you don’t understand any part of this writing or, you think there’s something new we need to add to this article, please feel free to drop it down in the comment section. Thanks for reading!