Cryptocurrency world is expanding with every passing day. Things still unclear, and still to be unveiled for the understanding of people affected by the crypto world. This is in itself a vastly growing field, Being in the world, won’t be just enough for a newcomer. You’d have to acquaint yourself with the terms, and phrases used. Also knowing the meaning to them would be useful as well.
If you don’t get the need for them, try visiting a chatroom on Telegram of the trading. You won’t get an idea of what the people are talking about really. It often confuses most of us, and that shouldn’t be a moment of shame. Seeing most of the people newly embarking on their adventure through the world of cryptocurrency, we have prepared a glossary of words, that you will see often, or the words that should be known by cryptocurrency traders. This will benefit traders, in understanding the complex and perplexed terms used in Crypto language.
What is “HODL”?
With the advancement in the world of Cryptocurrencies, a new language has come into existence. If you are new to the cryptocurrency world, you will be having a difficult time tackling these linguistic obstacles.
HODL is the slang term abbrivated for ‘Hold on for deal’ while some refers it to “hold on for the dear life”, the first use was a member of Bitcoin talk forum under a thread reading “I am Hodling”. Which has ever since then become a regular term in the crypto world. It is a very popular term to convey a message, indicating their belief that their coin might be profitable in the days to come. Even if today their value is lesser.
Here we have enlisted all the forthcoming terms that you’d find perplexing enlisted and discussed in detail.
- Hodler: A holder is the one who hodl, It’s derived from the misspelled word Hodl for Hold, originated from this Reddit post.
- BAGHODLER: The investor or trader who is holding for a very long term.
- FUD: FUD stands for Fear, Uncertainty, and Doubt. It’s the thing that people throw out on a Twitter and on the social media if they really want to bring the price or value of a coin down. You may see this happen if you see some posts on Twitter or Facebook. Where this coin doesn’t work or this coin developer a liar and then you’ll see the price drop. All of a sudden whole bunch of trading action will occur and the price will shoot up again.
So FUD is the negativity that spreads around the internet. Expert advice is to not believe them, nor the critics. If you believe in any project, back it, don’t listen to anyone. Do your own research.
- ATH: ATH stands for All Time High, you will often see this term being used on different channels. As things that shouldn’t be purchased that are on the All Time High. Whether Ripple jumps high up to $3, don’t buy unless it dips. Let it dip a little. So that is what the ATH stands for.
- FOMO: FOMO stands for Fear Of Missing Out. Everybody suffers or may suffer from the fear of being left out or missed out. So what happens is there’s a coin starts to ramp up and it starts at 10 cents a coin. It starts around 13, 14, 15 cents a coin then. And hits 20 cents after that. & you find yourself in an awe, and wonder yourself jumping in. Asking yourself “Should I jump in now? What if it goes to 50 cents a coin, or even a dollar. I don’t want to miss out”. It’s that fear of missing out when something’s in the process of spiking that caused people to panic. Purchase coins to have them drop off and drop off as they consolidate or even worse they went on a pump and dump. Don’t FOMO buy things.
- ICO: Initial Coin Offering is what ICO stands for. You will see this term a lot in different places. What often happens with some coins is as the developers are busy getting everything ready and building their products. They will have an ICO. Where you can buy into the initial coin offering before it goes on exchanges. And before it actually is fully released. Usually, by doing this you are getting things at a discounted value. Sometimes ICOs don’t sell out and they may wither away into becoming nothing. But other times if you really like the project again do your own research. If you really enjoy the project getting in on a very good ICO in the early game can really reap the benefits as that coin hits the market and then develops over time. There are tons of ICOs out there, but just make sure you do your research.
- ALT Coin: ALT Coin as the name suggests, is short for the Alternative Coin. It means any cryptocurrency that isn’t the Bitcoin. As Bitcoin is the first to market, it is the big one. Anything that is not a Bitcoin, is an ALT Coin. So this refers to all the other coins that are not Bitcoin summing that all up in a single term.
- WHALE: WHALE is used for the wealthy coin holders. Basically somebody with lots of wealth or with lots of coins that when they jump into a market they could really make a big splash. Pun intended that is why they are called whales. You and I are the fish, while this giant whale comes along and completely messes up the ocean. Big fish in a small pond.
- SHILLING: Shilling is pumping the coins that you have invested. Consider you have invested in Tron, and then after you invest a whole bunch of money on Tron. You go on Twitter, you go on Reddit, Facebook and go into the comment section of every video that talks about the Tron ever or any other gold coin. You start spamming guys by the comments. You are pushing it hardcore. There’s nothing wrong with bringing awareness to the coins that are interested in. Though it is unsolicited which means unwanted repetitive advertising of a coin you invested in. There is a difference between putting a tweet or a video about a coin and spamming.
- To The Moon: What this really means, is that something is about to rocket in value. About to just blast off in outer space in terms of value. Like you are going to buy it low like a penny and then it is going to hit like a dollar for example.
- DYOR: DYOR stands for Do Your Own Research. This is the important most thing when investing in a coin. As I already said before, you should always be doing your own research before investing in a coin, or deciding not to invest in.
- SHITCOIN: Just as the ALT Coin is for Alternative Coins and WHALE for big spenders, SHITCOIN refers to the coins that have a lesser value or no potential value in the market. Therefore, you shouldn’t be going for a coin regarded SHITCOIN.
- REKT: Just as HODL being a misspelled HOLD, REKT is a distorted spelling of WRECKED. It refers to those traders and investors who have been ruined by the downfall and cryptocurrency losing its value.
- BEAR: Bear is a term that is for those who predict cryptocurrencies’ prices to go down, and is looking to make profits from that.
- ADDY: Addy is used for cryptocurrency’s public address.
- BIP: Bip is referred to as a Bitcoin Improving Protocol. This is basically improvement or the changes to the protocol that developers or other people in the community proposed. So that people can decide then whether to accept it or not.
- BUBBLE: Bubble is when something has grown in price way too rapidly and it’s unsustainable. That stretches the bubble and it might pop and then the price will drop back down rapidly.
- BOT: A bot is like when traders write automated algorithms or code that do their strategy for them. So they don’t have to do it manually themselves.
- DAPP: DAPP is short for Decentralized App, it is an app that you build using smart contracts on any smart contract platform.
- FAUCET: Faucet is a website usually where you can sign up and get free coins. They just give you some coins, so that you can play around with them and they may get an ad revenue from the visits.
- MAXIMALIST: Maximalist is a crypto slang for bitcoin believer who is skeptical of altcoins.
- WEAKHANDS: Weakhands is the term for those who cannot be patient at times of loss, and sell when the market is down.
- FORK: Fork is when a crypto coin, for example, the Bitcoin splits into two, and so while it shared the same blockchain for history at a certain point in time. The blockchain split into two and it basically works on two separate coins now.
- POW/POS: POW stands for Proof-of-Work, and POS stands for Proof-of-State. These are two different ways for the consistent consensus algorithms for different blockchain to decide which transactions or blocks will get put on the chain next.
- SATOSHI: You may have heard Satoshi be an anonymous founder of Bitcoin, but it is the denomination for Bitcoin.
- Technical Analysis: Technical Analysis is when people look at the historical graph of a certain coins prince and try to look for a pattern of patterns for them to estimate future price.
- Fundamental Analysis: That is when people look at the team or technology behind a certain coin. And try to gauge how a coin will do in the future because of that.
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