Understanding Crypto slang
Crypto currency continues to gain in popularity and with the New Year, investors are eager to see growth within their crypto investments. Several crypto currencies such as Bitcoin and Ethereum are being used as currency options for online game play and gamblers are beginning to invest in the currency type. As individuals begin to use crypto currency for online gaming, it can be beneficial to learn more about the emerging language in cryptoland. Below are a few slang terms and their definitions so that gamblers can better understand crypto blogs as well as tweets and discussions in forums this year.
To the moon
In 2017, cryptocurrency types such as bitcoin cash, bitcoin, ripple and others blasted off to the moon. This term means that cryptocurrency has seen a meteoric rise in price. When any coin begins to increase in value, investors get excited and will use the phrase ‘go to the moon’. When the rise in price occurs, dreamers will begin to talk about what color Lamborghini they will be buying and will use slang such as #LAMBOMOON.
Altcoin and Rekt
The term Altcoin is used in reference to alternative coin but can also be called sh**coins. In social media posts or within forum discussions, Altcoin refers to a coin that has not been established. Altcoins can carry high risk and if investors are not careful, they can be #Rekt or wrecked.
Standing for hold on for dear life, HODL is used as a reference to someone who is holding on to cryptocurrency and has faith that someday their investment will have astronomical value and be able to make all their financial dreams come true.
FUD and BTFD
When one begins to invest in cryptocurrency, it quickly becomes known that the value of the investment can drop at any time. You may be up 15% one minute and then down 20% within the hour. Because there is a major unknown to the investment, the term FUD is used quite often, standing for fear, uncertainty and doubt. In this same situation, the term BTFD is used, referring to buy the f***ing dip. When people are scared, it can be a good time to buy, essentially buying low and selling high.
The term ICO stands for initial coin offering and refers to fundraising methods for cryptocurrency. ICOs are quite common and can even be pretty odd. Take for example Titcoin, of the adult industry, or Cannabiscoin and Insanecoin. Each of these have been startups and would be referred to as an ICO upon creation.
This term refers to ‘fear of missing out’. More and more people are stepping out of their comfort zone and investing in cryptocurrency. A side effect of FOMO is losing a ton of sleep as one researches crypto and wallets to find the best option for investment.
Today, it is not uncommon for skepticism to prevail in public forums and within the media. With cryptocurrency, there are incentives provided financially when coverage of a coin is used to boost perception with investors. The term shills refers to individuals who will publicly endorse a cryptocurrency to try and raise the price.
Satoshi Nakamoto is the mysterious creator of bitcoin. No one knows who he is but everyone in cryptocurrency knows his name. In the world of crypto, people will refer to prices in Satoshi units. For example, one thousand Satoshis is equal to $0.15 USD at the current crypto prices.
Understanding these slang terms will help you to have a better understanding of cryptocurrency and place you in a better position to share your investment ideas online.