Cryptocurrency is the hot topic of the era. Most people find cryptocurrency technical, hard to understand and confusing. As if the cryptocurrency was less confusing, the crypto slang adds a cherry to the cake.
Do you feel lost in the world of crypto slang?
Well, even most of the crypto enthusiasts sometimes are taken aback by these cool crypto slangs.
Today we will make it easier for you to understand the common crypto slang used in the community.
Common crypto slangs made easy
Whenever there is a buzz around the crypto update, price fluctuations and news you might have to see social media flooding with words like HODL, FUD, Moon etc.
Understanding cryptocurrency is simple, but the slang can be a little tricky.
At Cryptohodly, we not only make your crypto concept easy to understand but also decode trending crypto slang.
Here are the most commonly used crypto slangs.
HODL
Hodl is the typo for “hold”. It became popular when Bitcoin was going through surprising and frequent ups and downs.
Hodling means keeping your crypto investments for a long period of time. It simply means to hold on to your crypto no matter the market ups and downs.
When prices get volatile people usually say HODL. It also means “hold on to dear life”.
The story behind this term goes back to 2013 when the Chinese government decision caused the Bitcoin prices to fall sharply. People were worried as they were facing loss. Amidst these one of the investors posted on social media “I am Hodling”. He actually wanted to type “Hold”. Due to a typing error, it became “Hodl”.
Since then this typo became a trend. It is used to simply say that “I am holding on to my crypto investment.”
FUD
FUD stands for Fear, Uncertainty and Doubt around cryptocurrency. It symbolizes the risks, doubts and confusion of people about crypto. Though the crypto market is growing at tremendous speed yet some people still have doubts about its success.
Mooning or moon
It is a common crypto slang used by people worldwide. Moon is used to symbolize a rapid or significant increase in the prices of cryptocurrencies.
People usually use “crypto to the moon”. It means that crypto prices will soar as high as the moon.
Lambo
We all know Lambo means Lamborghini. But how is it associated with crypto?
Lambo is a common slang used as a joke inside the crypto community. It symbolizes the aspirations of people to buy an expensive exotic car like Lamborghini when their crypto assets rise in value.
Whales
Whales are commonly used in the stock market. Similar to its use in the stock market, in the crypto world, it refers to the person who owns a large number of cryptocurrencies.
You must have heard “He is a big whale.” This means that person owns cryptocurrencies worth millions or billions.
Pump and dump
Pump and dump is the strategy used by a group of people to pump the prices of a coin. They somehow create demand for a particular coin in the market. As a result the value of the coin also increases. Then they dump the coins and enjoy the profit.
These frauds are carried through apps like Slack or Telegram or other social media platforms. According to a Business Insider study into “pump and dump” operations, the technique is “an open secret among many cryptocurrency traders.
Altcoin
Altcoins are cryptocurrencies that are alternatives to bitcoin. In common use, it means all the cryptocurrencies other than Bitcoin.
Conclusion
Cryptocurrency has transformed the financial world. It is considered the official money of the internet, which is set to rule the financial ecosystem in the coming years. It has shown the world how peer-to-peer transactions are possible without the role of a third party.
The majority of individuals, financial institutions and firms are shifting to cryptocurrency for investment and transaction processes. This shift is changing the world view around digital assets and currencies. Countries like El Salvador have even adopted Bitcoin as legal tender in the country.
Get your cryptocurrency concepts clear right from the basics with Cryptohodly.
Read our detailed guide on cryptocurrencies in simple language here.
