Altcoins, or alts, are cryptocurrencies that are relatively new to the market and have relatively low valuations. A conjoining of the words ‘alternative’ and ‘coin,’ the term ‘altcoin’ initially was used to refer to any cryptocurrency that wasn’t Bitcoin. NFAs aim to represent the true value of an airdrop reward when an initial DEX offering takes place. This is achieved through a model that’s not too dissimilar to a futures contract, an agreement to buy or sell assets that will be activated at a future date.
Moon and mooning refer to when crypto’s price is rapidly increasing, or skyrocketing. An investor might want to know when their coins are going «to the moon.» «Hold on for dear life»—in other words, keep holding on to your crypto as the price fluctuates. Someone might say they are a HODLer or are HODLing if they’re passively investing in a crypto rather than actively trading. Investors may want to know when their coins’ prices will hit a new all-time high .
If you are brand new to the world of blockchain and cryptocurrency, it’s easy to get overwhelmed. There are so many new technical terms and slang you need to digest and understand. We are here to help with a list of crypto vocabulary to make navigating this new world just a little bit more manageable. This is one of the most common crypto slang terms referring to a release of something. Weak hands describe someone who sells their cryptocurrency at the first sign of falling prices. Those with weak hands usually lack conviction in their strategies and are easily spooked by negative news or price action of an asset.
Despite this, CEXs can be regulated , and have obligations to their users to maintain security and helping you retrieve lost crypto. Centralised exchanges are often seen as less secure than decentralised exchanges, as they are a single point of failure. They are also often criticised for being opaque and for having high fees.
What Are DAOs and Why They’re Essential for Blockchain Gaming
The DYOR principle applies to everything from picking which coins to invest in, to deciding when to buy or sell. Not understanding what people are saying can lead to costly mistakes. Jake Wengroff writes about technology and financial services. A former technology reporter for CBS Radio, he covers such topics as security, mobility, e-commerce and the Internet of Things.
As such, a crypto trader who buys a coin and does not plan on selling it in the foreseeable future is called a ‘hodler’ of the coin. DYOR stands for ‘do your own research.’ In crypto, it’s commonly used to remind investors to vet a project before investing. An example of this would be the NFT projects like the Bored Ape Yacht Club , Cryptopunks, and Pixel Tigers. A Whale is a holder that has a disproportionately large stake in a coin compared to the average holder of the project. Whales have the ability to move markets and can manipulate the price of a coin. An interesting example of a whale is actually the company Robinhood itself, which is said to own 30% of Dogecoin itself, making it the largest Dogecoin whale.
- New data is filed into blocks – and blocks are subsequently chained together – in chronological order, so a blockchain becomes longer and longer as more information is added to it.
- And, everyone from Warren Buffett to athletes and celebrities have weighed in on the future of cryptocurrencies.
- “Double spend” is a term used to describe when someone tries to spend the same cryptocurrency coin twice.
- But to get you started, here is a list of common crypto slang words.
- It’s important to be aware of whales when trading, as they can often move the market in their favour.
- Each new piece of information is also assigned a timestamp, which makes it easy for users to find out exactly when it was linked to the database.
Its codes of conduct are recorded on a blockchain to ensure transparency and decentralization. Participation in a DAO is usually accessed through the acquisition of a digital token. A technology that combines elements of virtual reality with physical reality. In its current form, AR can https://traderoom.info/ be facilitated by devices worn over the eyes – such as glasses or goggles – or by a smartphone or computer screen. Pokémon Go is one common example of AR, because it blends virtual information with one’s physical environment. Don’t forget to do your own research before buying any crypto.
This means that you would need more than one person to agree to a transaction before it could be processed. MultiSig is a type of wallet that requires more than one signature to authorise a transaction. Nodes are often run by volunteers and can be located all over the world. It’s important to note that you should never give your private key to anyone, as this would allow them to access your funds.
Fear, uncertainty and doubt refers to skepticism or uncertainty about a cryptocurrency, project or the overall crypto market. FUD can be used in different ways, such as when a negative event «creates FUD» about a coin or when someone «has FUD» and isn’t investing. It means “hold on for dear life”, which is exactly what crypto traders do when they hold even when the market becomes volatile. GM is one of the simplest crypto slang terms – it means good morning. However, it’s not just a greeting – it also expresses optimism about the crypto market or a specific project.
Wallet addresses are used to send and receive cryptocurrencies. Before investing in a coin it’s important to make sure you understand what you’re buying and that you are not buying from a place of FOMO. A dApp is a type of application that runs on a decentralised network such as a blockchain. “Rekt” is a term that is used to describe losing a large amount of money. For example, if you invest $10,000 in a cryptocurrency and it crashes, you might say that you got “rekt”.
This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users. A shill is someone paid to promote a cryptocurrency and with a monetary interest in its success. Most shitcoins rely on shills to drive FOMO and create an impression of being more valuable than they are. Shills generally have large audiences on social media they acquired either through paid traffic or cooperating with other shills.
What’s Behind The NFT Craze?
A consensus mechanism is a system that validates transactions and encodes new information on a blockchain. The most common consensus mechanisms are Proof-of-Work and Proof-of-Stake . To burn an NFT is effectively to send it into oblivion, the closest thing to destroying it completely. Nothing that’s been coded on the blockchain can be deleted, so anyone who wants to delete an NFT has to send it to a smart contract that nobody can access. A bridge, in a web3 context, is a protocol which links blockchain systems together, allowing users from one system to send assets and information to another. The name comes from the fact that a blockchain stores data in ‘blocks,’ individual units that are linked, or ‘chained,’ together.
It’s important to be aware of whales when trading, as they can often move the market in their favour. For example, if there is news that a whale is selling a large amount of Bitcoin, the price of Bitcoin might start to fall. This is a term that is often used in the cryptocurrency community to describe things that are only understood by those who are knowledgeable about space. It’s often used as a way of saying “you had to be there” or “you needed to be paying attention”. If prices are generally rising, then it is said to be a bull market, whereas if prices are falling, it can be said to be a bear market.
The Proof-of-Work consensus algorithm uses complex problems for miners to solve using high-powered computers, where a miner also receives compensation with coins. Another way of ridiculing concepts or people is adding an -oooor to their name and creating a meme that makes fun of their perceived preferences. For instance, The Angel Investoooor is being made fun of for the group’s perceived excessive use of humble-bragging, educatory tweets, and risk diversification. -oooor memes are ubiquitous and spring up almost every other day, depending on what the sentiment in the scene is like. Instead of «when Lambo?» you may often see «wen Lambo?» or «wen moon?» on Twitter. This is another way of ridiculing people expecting quick and easy profits.
The related flappening is a term coined by Charlie Lee in 2018 to describe Litecoin surpassing Bitcoin Cash in market capitalisation. Diamond hands and paper hands are terms used to describe the risk appetite of traders. Sign up for Voyager’s FREE crypto trading app, deposit only $100 – and instantly earn $25 worth of Bitcoin. Share with your friends and keep receiving that same crypto bonus.
Some of the offers on this page may not be available through our website. A type of crypto scam that starts with the scammers creating and promoting td ameritrade forex reviews a new scamcoin. Once they’ve collected investors’ money, they pull the rug and walk away—leaving investors with little or nothing .
What if I don’t ever want to see this again?
They may hold their position even when an asset’s value crashes to essentially zero, usually out of hope that its price will eventually bounce back . Used in times when a whale sells a large portion of their bag. When everyone coordinates in an effort to buy up the losses in order to bring the price back to a previous high. Looking at the chart, it means turning the lexatrade broker red candle back to green. If you are looking to dive into the world of crypto, then there are a ton of terms that you should familiarize yourself with in order to understand what people are talking about. Per usual, the easiest way to learn what the cool kids are saying is to go ahead and jump in to the communities that are setting the trends in the first place.
Related to this is misspelling «what» on purpose like in «wat mean?» It is another way of poking fun of people asking simplistic or «stupid» questions. Refers to a game-theoretic payout beneficial to both parties. It refers to the prisoner’s dilemma, where both parties are better off cooperating instead of defecting and receiving a (-3,-3) payout. The meme was popularized by Olympus DAO to visualize the benefits of staking the OHM token.
A related term, BTFD, short for “buy the dip” is an exuberant exclamation of BTD, typically used during manic bullish rallies. The objective is to suppress an asset’s price so the FUDer or group of FUDers can purchase that asset at a significantly lower price. Of course, the FUDers can then turn around, drive the price up, and sell in order to make a profit.
This means that it is controlled by a single entity, such as a company or a government. “Maximalists” is a term used to describe people who are very bullish on a particular cryptocurrency. ICOs are often used to raise funds for new projects, and they have become very popular in the cryptocurrency space. This term is often used in a light-hearted way to describe how volatile the market can be. Sometimes scam coins causing hype can also lead to investors being “rekt”. A “bag holder” is someone who owns a large amount of a particular cryptocurrency that is not doing well.
Cryptocurrency Slang Terms to Know Before You Invest
It happens when people start to doubt a specific project or have pessimistic views on the crypto market as a whole and spread that negativity online. In pump and dump schemes, a group of crypto buyers purchases large quantities of a given cryptocurrency to manipulate the crypto market. These large purchase quantities increase the crypto’s price. The buyers then sell the crypto at this higher price to net a profit. Beware of pump and dump schemes, particularly among new crypto assets, or assets with small market capitalizations .
NFTs are a type of digital asset that is stored on the blockchain. NFTs are unique, meaning they cannot be replaced or exchanged for another asset. POW is a type of algorithm that is used to verify transactions on the Bitcoin blockchain. FUD is often spread by people who are trying to manipulate the market, so it’s important to be careful when considering buying or selling a coin. DEXs are often built on blockchain platforms such as Ethereum and allow users to trade directly from their wallets.
Liquidity is a term used in economics to describe the degree to which an asset can be converted into either cash or some other asset. A term used in economics to refer to a commodity that is precisely equal in value and therefore exchangeable with other identical versions of that same commodity. A $1 bill, for example, is fungible, because it can be exchanged for any other $1 bill – they have the same value and therefore, for all intents and purposes, are identical. A decentralized system is one that’s controlled in equal measure by each of its constituent parts. ’ The phrase contains an inquiry as to when a certain coin’s value will skyrocket. Wei refers to the smallest denomination of Ethereum , the currency used on the Ethereum network.
Why should you care about new slang in the Bitcoin community?
Layer 2 blockchains are built on top of layer 1 blockchains, often enhancing the latter’s performance and expanding its accessibility. IRL. Shorthand for ‘in real life,’ IRL is an acronym commonly used in the web3 space to describe a person, place, thing or event in physical – as opposed to virtual – reality. The maximum price a customer is willing to spend in order to execute a transaction or engage with a smart contract using the Ethereum blockchain. A decentralized application, colloquially called a dapp, is an application constructed on the blockchain. Dapps function autonomously, according to the stipulations in smart contracts.