The entire crypto industry is growing and its language is also constantly evolving. Therefore, there is still some confusion when it comes to cryptocurrency, particularly those who don’t have any knowledge of the tech industry. There is a huge number of crypto terms out there that you need to be familiar with if you want to invest in cryptocurrency or a newbie who wants to learn. Some of the top crypto slangs that you must know before jumping in are:
This was derived from Satoshi Nakamoto, the name chosen by the unknown inventor of Bitcoin, the pioneer cryptocurrency. It is basically an abbreviation of Satoshis and currently refers to the smallest unit of Bitcoin.
This term became an anagram for the word ‘Hold’. It first surfaced in a Bitcoin forum when a person accidentally typed HODL instead of HOLD. Some people are under the misconception that HODL stands for ‘Hold On for Dear Life’, but it simply means that you hold onto your coins.
This is the slang used to refer to people who own a lot of Bitcoin. If a ‘whale’ chooses to sell a huge portion of their stake, it can lead to a dip in the price of a cryptocurrency.
When someone doesn’t want to miss out on a piece of action, you call them FOMO. It basically means Fear of Missing Out. In the cryptocurrency market, it refers to those who jump on the Bitcoin bandwagon because of the hype.
Pump and Dump
In the world of cryptocurrency, when people decide to purchase a cryptocurrency and create a sudden demand for it in the market, it is called a ‘pump’. When they decide to sell it all at once for profit, it becomes a ‘dump’.
Knowing these slangs can have you navigate the crypto market in a better way.