The crypto world is full of technical jargon, slang, and acronyms that can be confusing for newcomers and veterans alike. Here are some of the strange words used in the crypto world and what they mean:
- HODL: This word originated from a typo of the word “hold” on a crypto forum, where a user declared that he would keep holding his Bitcoin despite the price crash. Since then, HODL has become an acronym for “Hold On for Dear Life” and a motto for crypto investors who refuse to sell their coins even in the face of volatility and uncertainty.
- Sats: Sats are short for Satoshi’s, the smallest unit of Bitcoin. One Satoshi is equal to 0.00000001 Bitcoin, or one hundred millionth of a bitcoin. The term is named after Satoshi Nakamoto, the pseudonym of the mysterious creator of bitcoin.
- Whale: A whale is a person or entity that holds a large amount of cryptocurrency, usually millions or billions of dollars’ worth. Whales have the power to influence the market by buying or selling copious amounts of coins, causing price fluctuations. Some whales are known to manipulate the market by creating artificial demand or supply, or by coordinating with other whales.
- Pump and dump: Pump and dump is a scheme where a group of people artificially inflate the price of a coin by buying it in copious quantities and spreading positive hype about it. Then, they sell their coins at a high price, causing the price to plummet and leaving unsuspecting investors with worthless coins. Pump and dump is illegal and unethical, but it is hard to prevent and detect in the crypto space.
- Bag holder: A bag holder is someone who bought a coin at a high price and is stuck with it after the price drops significantly. Bag holders are usually victims of pump and dump schemes or FOMO (see below). They may hold on to their coins in the hope of a price recovery or sell them at a loss.
- FOMO: FOMO stands for “Fear Of Missing Out.” It is the feeling of anxiety and regret that one might experience when seeing a coin’s price skyrocket and wishing they had bought it earlier. FOMO can lead to impulsive and irrational decisions, such as buying a coin at its peak or selling it too soon.
- Shitcoin: A shitcoin is a derogatory term for a coin that has no value, utility, or future potential. It is usually used to describe coins that are scams, clones, or copies of other coins, or coins that have poor technology, security, or governance. Shitcoins are often pumped and dumped by their creators or promoters, leaving investors with worthless tokens.
- Shill: A shill is someone who promotes a coin or a project for their own benefit, without disclosing their affiliation or interest. Shills may be paid by the project team, or they may be holders of the coin who want to increase its value and popularity. Shills often use exaggerated or false claims, or appeal to emotions, to persuade others to buy or support their coin.
- Moon/Mooning: Moon or mooning is a term used to describe a coin’s price reaching extremely elevated levels or increasing rapidly and exponentially. It is often used as a verb, such as “Bitcoin is mooning.” It is also used as an adjective, such as “moon prices” or “moon mission.” The term implies that the coin’s price is going to the moon, or beyond.
- Lambo: Lambo is short for Lamborghini, a luxury sports car brand. It is used as a symbol of wealth and success in the crypto world, as well as a measure of a coin’s price potential. For example, some crypto enthusiasts may ask “When Lambo?” to express their expectation or desire for a coin’s price to increase enough to afford a Lamborghini.
These are just some of the strange words used in the crypto space, but there are many more.
Reference: Author: BitcoinBulldog.com 07-11-2023 All rights Reserved – This Article May Not Be Reproduced Without Prior Written Permission from The Author.