Getting acquainted with terminologies peculiar to crypto jargon will do you a lot of good. Many exchanges, crypto publication platforms, forums etc unreservedly utilise crypto specific linguistic shorthands; hence the need to familiarize with them.
In the least, knowledge of basic terms can ensure that you hold decent conversations with fellow enthusiasts without inducing any hints of belonging to the lower end of the knowledge spectrum. If you do, then what perfect way to scale the spectrum than getting conversant with these six crypto jargons?
1) HODL or Hodl!!!
When I first stumbled on this word in a bitcoin forum, I waved it off as “auto correct gone wrong”. I saw it used again and again, then I convinced myself to carry out a little research.
Indeed, it was typo inspired, but it had cemented its place in the crypto dictionary long before. The word “hodl” became popular in 2013 when a bitcointalk member with the moniker “Gamekyuubi” posted “I AM HODLING” under a thread . He was implying that he would hold on to his bitcoin, despite the massive dip back then. It is yet to be known if the misspelling was borne out of the bitcoin price dip or the fact that he was drunk, as alleged!. It began to make more sense when the words “Hold Onto your Dear Life” were coined for the acronym HODL. The word hodl which has gone mainstream since then simply depicts the willingness to hold on to a coin with expectations of a future rise in worth.
2) “Bull” and “bear” market
These expressions represent the frequent upward and downward surge of the volatile crypto market respectively. The metaphor was formed from the actual behavior of both animals. Bulls thrust their horns up in the air, while bears swipe their paws downwards. Being bullish is a typical phrase used on Twitter as well and should definitely be added to your crypto jargon terminology list.
3) FOMO (Fear of missing out)
They say skepticism is a healthy doubt when faced with lack of credible evidence. In crypto, lack of evidence is no guarantee that things will go south. Fear of missing out is that feeling of uncertainty that creeps in when making investment decisions. “It is a pervasive apprehension that others might have a rewarding experience from which one is absent”. “What if I ignore this coin and it pumps”? All Bitcoin traders and investors have definitely arrived at a crossroad of this nature at one point.
4) FUD: A famous Crypto jargon word
I first came across this in an ICO’s telegram group when an admin named a user for “spreading FUD”. FUD stands for Fear, Uncertainty and Doubt. Whenever someone makes demeaning or derogatory comments about an ICO or a coin, the person is said to have FUD. Often, people spread FUD on social media to tarnish the reputation of competitors projects. This could cause a crash in price and loss of the investor’s confidence in the project.
While FOMO is always a personal, inherent feeling, FUD is a tool wielded to spread a feeling of uncertainty amongst others.
If you’re a big Harry potter fan like myself, you just might have heard this word before. Mimblewimble is a tongue-tying spell used in the fictional movie. Now you might wonder how this applies to crypto jargon. In 2016, an anonymous user in a bitcoin developers group chat dropped a link to a whitepaper which contained details of how privacy and scalability can be greatly enhanced in blockchains through a protocol which he termed “Mimblewimble protocol”. Mimblewimble allows users to enjoy seamless anonymity as it has no addresses or transaction history like bitcoin. Its fungibility and scalability are added advantages worth mentioning.
6) “Lambo”, “To the moon!”
If you’re a regular in ICO chat groups and public forums, I bet you must have seen messages like “When moon?”, “When lambo?” and fancy stickers bearing them. A lot of investors eagerly await that breakthrough pump that will change their life ! These phrases are usually used to express their expectations of a particular coin and to inquire from project developers when they should expect their investments to yield rewards.
Final words for Crypto jargon
Every field of study have their lingo for easy communication between enthusiasts and professionals. Crypto has a rich list of them too. If you are new to crypto, I recommend you take out time to learn some crypto jargon and try to utilise them as well in your conversations.
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