29. The most important cryptocurrency acronyms/slang you need to know!
Because of its nomenclature, the cryptocurrency industry can be a bit daunting. Various unfamiliar terms or acronyms can effectively increase your search time for certain information. That’s why we’ll do everything we can to help you out. Here’ is a list of the most significant acronyms/slang you need to know when navigating the world of cryptocurrencies!
HODL
That is, it stands for “hold on for dear life” It actually derives from a misspelling of the word “hold”. It refers to the strategy of investing and holding. Such a trader buys a particular cryptocurrency and does not plan to sell it for a long time. Therefore, he is called a Hodler of a particular cryptocurrency.
The word “hodl” itself appeared on the Bitcointalk forum in 2013. A Hodler goes through the various ups and downs of a particular cryptocurrency, thinking about long-term profits. Short-term market movements or even a complete market collapse do not interest him. Hodler holds his position regardless of its price or market turbulence.
FOMO
Abbreviation for “fear of missing out” or fear of missing an opportunity. The term FOMO refers to a trader’s fear of missing out on a potential opportunity relating to a particular cryptocurrency. FOMO has been identified as the main driver of the rapid rise and fall of the Bitcoin price in 2017 or 2021.
This fear makes people act very impulsively and make irrational decisions. They make their investment decisions based on emotion rather than analysis and logic. FOMO has a strong impact on cryptocurrency prices and causes high volatility in the markets. It also repeatedly causes investors to suffer large financial losses.
DYOR
A term that has gained popularity in 2022. It stands for “do your own research”. It is meant to remind investors to verify a project or cryptocurrency before investing.
FUD
In Polish translation: “fear, uncertainty and doubt” This is a very uncool psychological tactic to influence people to see something negatively – a project, a coin, a market. And how? Usually by spreading misinformation or creating fear. In the case of cryptocurrencies, we look at FUD under two categories:
- Intentionally stoking of fear, uncertainty, and doubt about a particular project. Anything to manipulate prices downwards.
- Scepticism about digital assets. Talk of Fake News or the “collapse of cryptocurrencies”.
FUD, whether intentional or not, significantly affects the market value of a given cryptocurrency. In the cryptocurrency industry, FUD is referred to as the opposite of FOMO. When markets go up, people can have a feeling of FOMO. When the markets go down – FUD is coming!
GM
Now it’s time for something positive. GM stands for “Good Morning” In the world of cryptocurrencies, GM is meant to promote positivity, greet others and building camaraderie, even online. This is particularly evident on Twitter, where the cryptocurrency community very often starts its day with a GM tweet.
ATH
ATH stands for “all-time high” It refers to the highest price a digital asset has reached in the past. The term can regularly also be understood as the highest price ever paid for a particular cryptocurrency.
BTD
The acronym stands for “buy the dip”. It is meant to encourage people to buy a particular cryptocurrency after its market price has fallen. It is this way of taking advantage of an opportunity in the hope that the price of an asset may rise back to its original value.
DeFi
This is our favourite, decentralized finance. We have already written about DeFi more than once here, so we will not go into it here.
DAO
A decentralized, autonomous organization. That is, an institution that operates without third-party supervision. It usually consists of a community that manages it on a day-to-day basis. The DAO is managed via its token.
dApp
A decentralized application running on a blockchain. Its interface is typically no different from a website or mobile app. The only exception is connecting your cryptocurrency wallet to it. dApps offer support like a typical app, but allow us to enjoy the benefits of decentralization. You can read more about dApps here.
DEX
Decentralized Exchange, these are platforms for the exchange of digital assets that operate on the principle of decentralization. They allow assets to be traded in Peer-to-Peer mode, i.e. directly between investors. If you are interested in the topic, you can find more information here [LINK – WHAT IS DEX – INTERMEDIATE LEVEL].
CEX
That is, Centralized Exchanges – centralized exchanges. The opposite of DEX. Centralized exchanges have full custody of client funds. These include Coinbase or Binance, for example.
KYC
KYC stands for “know your customer” It is mainly used by exchanges to verify the identity of people using their services. In the cryptocurrency industry, KYC is a common practice. This verification usually asks you to provide your name and show identification documents when you register on a particular platform. This can be a passport, driving licence or ID card.
LFG
“Let’s f-ing go!”. We use this acronym a lot when we want to emphasise excitement about a project.
IYKYK
That is, it stands for “if you know, you know” It suggests to us that a particular message or post is only useful to a few people. It’ is often used in an ironic context to make fun of someone who shares publicly available information.
NGMI/WAGMI
NGMI stands for “not gonna make it”. That is, it is a harbinger of future failure as a result of a bad decision. It could be the sale of an asset even though all signs on earth and in the sky indicate that it is in a growth trend. It can also be an attitude towards people who have adopted a negative attitude towards digital assets without knowing anything about them.
WAGMI, on the other hand, stands for “we’re all gonna make it” It is meant to inspire, to underline the superlative itself and to create confidence in a project. We also use the acronym when we want to encourage the community to support each other in difficult times and not to lose hope.
EVM
In creating this glossary, we need to pay attention to the EVM, the Ethereum Virtual Machine. This is a virtual environment for the development of applications and smart contracts.
2FA
This acronym refers to two-factor authentication. 2FA provides additional security for your digital assets. There is usually a code that is sent via text message.
PnD
This is an acronym that stands for the “Pump and Dump” system. It is the deliberate inflation of the prices of the cryptocurrencies in question, creating artificial demand.
NGU
“Number goes up in the crypto scene”. Thus, a silent call to increase the prices of cryptocurrencies, especially in difficult times for them.
TxID
Also known as a transaction identifier. This is a unique number used to identify Bitcoin transactions on the network. It usually consists of a series of alphanumeric characters and is used to find a specific transaction on the network.
ICO
Initial Coin Offering (ICO). An ICO is a form of crowdfunding in the cryptocurrency space.
STO
Security Token Offering. Also aimed at financing a specific project, but with the difference that the token issued under the STO is considered an investment product backed by real assets.
P2P
That is, it stands for peer-to-peer transactions. P2P means to carry out transactions without an intermediary.
ERC
It stands for Ethereum Request for Comments. It precedes all token standards based on Ethereum.
SHILL
The word refers to the active promotion of a particular cryptocurrency in order to generate enthusiasm for it and attract potential investors. Ultimately, it aims to increase the value of a particular project or asset.
WHALE
That is to say, a cryptocurrency mega-wallet. This is nothing more than addressing a wallet, which holds a huge amount of digital assets. The amount is so large that its sale, or withdrawal, will affect the entire cryptocurrency market.
ROI
Return on investment, or your return on investment in a particular cryptocurrency.
To the Moon
When someone uses this phrase or tweets a rocket, they believe that the price of a certain cryptocurrency will rise massively.
REKT
It is not a nice term. In cryptocurrency slang, it means “wreck.” It is used when a trader loses a significant amount of money.
CRYPTOSIS
Otherwise, known as cryptocurrency. Obsession with cryptocurrencies. If you spend all your time buying, reading, trading, and all you see are cryptocurrencies – we have sad news. You are obsessed with them.
FAUCET
Nothing more than a website that gives away free cryptocurrencies.
LAMBO
Lamborghini, that is. This Italian sports car is the main target of many cryptocurrency investors. What’s it all about? When they make incredible profits with cryptocurrencies, the first thing such investors buy is a Lamborghini.
RUG PULL
This is another term that means fraud in the cryptocurrency world. The price of a cryptocurrency is artificially inflated, causing the price to crash.
LFG
Short for “Looking for groups” Many cryptocurrency enthusiasts are looking for a group with similar statistics and preferences as them.
OG
Original Gangster. This is an acronym for cryptocurrency traders who have been on the market since 2013.
Summary
It is important to understand most cryptocurrency acronyms/slang. Especially since this industry is constantly evolving and new terms are popping up. The above collection will surely make it easier for you to navigate the world of cryptocurrencies. Good luck!