CRYPTO LINGO
A snapshot look at some crypto lingo you need to know…
When you are in the crypto world, there are a few (or a lot of) words you need to know. Words that the average crypto enthusiast and pro use in everyday conversations. Imagine being in discussion with other crypto users and words like “FOMO,” “HODL,” and “To the Moon” are flying around, and you have no idea what they mean. You would be completely lost! Not to talk of when you try to “correct” people’s spellings because you think they don’t know how to spell “HOLD.”
We are here to save you. We will be looking at the meanings of some of these acronyms and words used in the crypto world. Take notes and use them at your next crypto gathering ;)
- ICO: This is the acronym for “Initial Coin Offering.” An ICO is a process of raising money for an idea through cryptocurrencies. One could say ICO’s are the cryptocurrency version of crowdfunding. This way, DAPP developers can get the necessary funding for their projects. People are offered “tokens” in exchange for a stake in the project. The funds obtained from the sale of these tokens are then used to complete the project. Later, these tokens can then be traded on crypto exchanges. An example of an ICO that was launched is the SureRemit RMT.
- NEWB: This means “Newbie.” Any new crypto enthusiast who enters the space is referred to as a newb, especially when you start to ask the meaning of terms and trading techniques. Unfortunately, newbies get hurt the most and hopefully learn from their mistakes.
- FOMO: “Fear of Missing Out.” This acronym is more of a personal than a general thing. As the acronym states, it is merely the fear of missing out on something that others are seemingly enjoying at the time. An example of this would be when the price of a particular crypto coin is steadily rising with news going around that it will consistently keep rising. People then begin to hurriedly buy that coin because they want to ensure they partake in the rise. Sometimes it doesn’t end well buying during a FOMO, so be careful.
- TO THE MOON: You may have seen and heard this in a couple of places. It has nothing to do with traveling. It merely refers to crypto that is showing signs of rising significantly.
- WHALES: Whales are incredibly wealthy individuals who are colossal crypto dealers. They are the ones who are capable of causing a shift in the crypto space and price of coins and tokens. You may have heard things like “The whales are coming,” this doesn’t mean a new aquarium is opening. Buy with them, and you are guaranteed to make a lot of money too.
- FORK: No, it’s not time to eat. A “Fork” refers to a change in the direction of a cryptocurrency. This change in direction usually leads to the creation of a new coin. An example is the Bitcoin and Bitcoin Cash.
- HODL: Pronounced “HOD-el,” was originally a typo for HOLD. It refers to when someone decides to hold onto their coin in the hopes that it would rise in value one day. It could also mean “Hold On for Dear Life.”
- REKT: (Pronounced as spelled) Another misspelled word “wrecked.” This acronym refers to an investor who has been wrecked by a recent fall in the prices of crypto.
- SHITCOIN: This is a coin with no potential value or use. Believe it or not, there are a few of those out there. An example is the Useless Etherum Token which the founders clearly stated has no value whatsoever.
- ADDY: Short for “Address.” Same as is used in everyday life, ADDY is used to refer to a persons wallet address. For example, “Can I have your wallet ADDY please?”.
Consider this list your “crypto lingo starter kit” as there are a lot more words out there you would need to know as time goes on and you get more comfortable in the crypto space.
We hope you’ve learned a new thing or two with this. Clap and share with your friends too, there’s a lot to be learned.
