When I first started getting into cryptocurrency more seriously I was blown away by all the terms people used. They threw around words such as HODL and various different animal names. Now, that I have more knowledge about trading and blockchain overall, I find myself using them all the time.
Since there has been a flood of new-comers in the crypto world lately, I thought I’d make a cryptocurrency dictionary – well, sort of.
If you’ve ended up here after joining a crypto conversation and felt left out due to the terms they were using, or don’t want to come off as completely incompetent in a future conversation about cryptocurrency, here’s a list of the 12 most commonly used crypto words.
What is HODL or HODLING?
A hodler is someone who is holding a cryptocurrency for a long period of time, in hope for it to go up in value. Holding is the same as hodling. The term was coined from a forum post called ”I AM HODLING” on the Bitcoin Talk forum, where a guy called GameKyuubi talks about how bad of a trader he is (he is obviously very drunk). The community assimilated it into their vocabulary and it is now a running gag among all crypto traders.
HODL – “Hold on for dear life”
So, to conclude the meaning of HODL, those who are suggesting you to HODL, or is HODLING a crypto themselves, is basically saying that they predict said crypto to increase in price and give them profits in the future (they are not suggesting when, though).
HODL was a typo that has turned into the most commonly used world in the cryptocurrency community.
12 Crypto Terms to Know: Includes Slang Crypto Terms
Fear Of Missing Out. The fear of missing out on a specific coin or on the whole cryptocurrency market is huge due to the nature of the cryptocurrency market. One can see huge returns no matter what coin you’re investing in (unless it’s a shitcoin) since basically all cryptos are getting hyped up due to how popular bitcoin and cryptocurrency is getting. This creates a lot of opportunities to become rich but also a lot of fear.
FOMO is the fear of missing out on a coins’ rise. This is also what creates these massive growth rates. Once people see that a coin has increased 20% in price, they do not want to miss out on it potentially 10x’ing if not more, so they enter – because of the fear of missing out.
The term can be applied to social events and a lot of other stuff in life.
As defined by ScienceDirect in a report on FoMO, “Defined as a pervasive apprehension that others might be having rewarding experiences from which one is absent, FoMO is characterized by the desire to stay continually connected with what others are doing.” – ScienceDirect
All Time High. The point where a cryptocurrency reaches the highest market price it has ever had. This is usually where the FOMO kicks in for most people. If you’re trading, this is the time you should watch out for it to hit the resistance and dip (generally).
Bear is someone who thinks a certain stock (and in this case cryptocurrency) will fall and therefore profit from selling and buying back after the dip. It’s a term used by Wall Street to talk about stocks and markets. Since trading really is buying low, selling high this can be used when trading cryptos as well.
This is the exact opposite of bear, a bull is someone who believes the market will go up. They hodl their coin as they believe it will go up and that they can sell it for more later.
Whales are the ones with fat pockets. Did you know that 1,000 people own more than 40% of the cryptocurrency market (source)? These are the whales that can sell their cryptos to manipulate the market (the market price goes down since the volume is shrinking) – then they buy back in at a lower price point. There are two types of whales; bullish and bearish whales.
A bearwhale is a whale who is bearish (think the market will go down).
A bagholder is someone who bought a coin thinking that it would go up and that they would get quick profits, but it actually went down and now they are stuck with locked in their capital in that specific coin. They now have to figure out if they should hodl till the price is higher than when they bought it, or sell it at a loss and free up their capital (to invest in another currency).
This is someone who has suffered a great loss when buying a coin and then it went down. This happens to all of us, we make bad decisions which end up costing us a lot of money. The most important thing is that we always strive to minimize the risk of being wrecked (or rekt), by setting stop losses and doing proper fundamental analysis and/or technical analysis.
9. To The Moon
When someone is bullish on a coin they tend to say that it will “moon”. This means that the coin spikes and goes up “to the moon” resulting in insane gains.
Even though I’ve never heard of this myself, some people have asked me what it actually means. So I did some googling because they clearly were way too lazy to do it. It refers to the address of your Bitcoin wallet or other cryptocurrency wallet address.
Fear, uncertainty, and doubt. This refers to the investors that are unsure about what the future might bring. Some say that media outlets that are reporting about Bitcoin or other coins are spreading “FUD”, by spreading false information about certain aspects of cryptocurrency.
Choyna, or China, as it is actually called is a big influence in the cryptocurrency market and how the Chinese government acts greatly affects the market price worldwide. It’s also the dominating country when it comes to mining and trading technology. The word “Choyna” is influenced by the way Donald Trump pronounces “China”.
Those were some popular crypto slang terms and I pretty sure there more with DeFi and NFTs gaining popularity. Do you know any other words I should include on this list or do you think I’ve misinterpreted a word? Whatever the case, please comment below!
Also read: Best crypto trading bots
Hektor was first introduced to Bitcoin back in 2017 when one of his clients paid him in Bitcoin. This got him curious and he started exploring services and products related to Blockchain and Cryptocurrencies. He started Bitcongress so that he could share his findings through in-depth guides on the platforms.