20 Crypto Terms to Know to Survive In the Crypto Space (1/2)
The community in the crypto space is incredibly strong with a good mix of enthusiasts and newcomers, especially during the crypto boom. When I first embarked on my crypto journey, I remember coming across a myriad of jargon and terms that left me dumbfounded. Therefore, in this article, we will cover some commonly used terms that you need to know.
Also commonly used as HODLing or HODLer. HODL can be used interchangeably with HOLD, where the term originated from a forum post in 2013 as a typo mistake. The post was written by an account named Gamekyuubi while he was intoxicated, thus, causing this spelling error. Interestingly enough, the crypto community began to adopt this term, making it a norm today. Therefore this term essentially means holding your cryptocurrency for dear life regardless of crazy market swings to enjoy long-term gains.
2. Diamond/Paper Hands
As we know that diamonds are the hardest material in the world, the term follows that notion. Therefore, when someone is referred to as having diamond hands, they will hold a certain asset adamantly. Paper hands would just be a direct opposite.
We often see the words “Mooning” or “To the Moon”. As the moon is high up in the sky, we use this term to depict how the prices of an asset would skyrocket to an extremely high level.
4. Pump and Dump
This term refers to the temporary boost in asset price due to shilling and exaggeration to generate demand. Once the hype reaches its climax, the people behind this movement will then sell their positions to earn a huge profit.
DYOR is simply the abbreviation for “Do Your Own Research”, which prompts individuals to ensure that they have information on what they are about to be involved in.
FUD is the abbreviation of “Fear of Uncertainty and Doubt”, which refers to instilling negative emotions and perceptions of a certain topic. The information released is usually false or misleading.
This term is used to describe an individual that is passionately promoting a project before it ends in a rug pull. Although, this term has been used widely and could also simply mean the active promotion of a specific project.
8. Crypto Winter
Crypto winter is a state where the market maintains a low price after a crash. It could also mean a prolonged bear market. This phase usually lasts for a long period of time, and it has happened a few times in historical records.
Altcoins are all cryptocurrencies except Bitcoin.
FOMO is an abbreviation of “Fear of Missing Out”. In the crypto context, this refers to the feeling of not being included in a valuable project, especially when a certain token is mooning.
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