Have You DYOR Yet? — Top Crypto Slang You Need to Know
More people have gotten themselves into the crypto world in recent years as cryptocurrency is believed to be the future of finance. Although you may not be ready to dip your toes in crypto trading yet because this concept is relatively new and complicated, you can certainly introduce yourself to the “treasures of crypto culture” — crypto slang.
Below, we’ll show you some commonly used slang in the crypto world!
ATH (All-Time High)
BTD (Buy The Dip)
Buy The Dip means you buy in crypto when there is a price dip. Looking at the spot trading page, if you saw the price of crypto is dropping and believed it would rise again, you can BTD.
We call an investor a bagholder when the investor holds on to coins he/she has regardless of how those cryptos perform.
DYOR (Do Your Own Research)
Do Your Own Research is so important in the crypto realm that it actually gets turned into slang. This term aims to encourage people, especially investors to learn about cryptos and understand how it works before putting money in.
FOMO (Fear Of Missing Out)
Fear Of Missing Out is a common emotion for crypto investors. It is the emotion when you are afraid that doing a rational profit taking or waiting will make you miss out on the potential profit gain. Money can blind people, and FOMO can be those emotions that lure you to buy cryptos when the price is peaking.
FUD (Fear, Uncertainty, and Doubt)
Fear, Uncertainty, and Doubt are emotions and thoughts right opposite to FOMO. FUD is likely to spread on social media during a crypto’s bear market or is used as a strategy to manipulate the market price. When you realize you are influenced by FUD, we recommend you take a short break from social media and think wisely about your investment.
HODL (Hold On for Dear Life)
HODL stands for “hold on for dear life.” It is originally a misspelling of the word “hold” on a Bitcoin forum during a period of market turbulence in 2013. This slang is used to encourage people to hold on to their assets when they are experiencing price volatility in the market.
KYC (Know Your Customer)
KYC stands for Know Your Customer. KYC refers to a process that banks and other financial institutions use to gather identifying data and contact information from current and potential customers. Its purpose is to prevent fraud, money laundering, and other illicit activity, as well as the misuse of financial accounts. In BitMart’s case, BitMart allows customers to create accounts, use basic functions (deposits, Buy&Sell, withdraw 0.06 BTC daily) without submitting KYC information. In order to gain full access, including spot trading, futures trading, earning, staking features, and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification process.
The term LAMBO refers to the luxury car, Lamborghini. Since this type of car is usually owned by rich people, the term LAMBO in the crypto world refers to the situation when an investor gets rich by trading cryptos.
Moon or mooning is when the price of a cryptocurrency is skyrocketing to an astronomical level.
Cryptocurrency traders like to say: “Send it to the Moon!” You may remember Elon Musk, Tesla’s CEO used to use this slang for dogecoin.
Nocoiner is someone who doesn’t hold any cryptocurrencies. Those people generally do not believe in the value of cryptocurrency.
Pump & Dump
Pump and dump is a type of scam. It is when a group of traders buys a large number of cryptocurrencies to pump their price. However, after the price goes up, scammers will sell/dump those digital coins and pocket the profit.
REKT is the slang for “wrecked”. It refers to the situation when someone is losing a lot of money because of a bad investment decision or a wrong move in the market. It also refers to a cryptocurrency that loses value or has a significant price drop.
SAFU (Secure Asset Fund for Users)
SAFU stands for Secure Asset Fund for Users, it has a similar meaning to the word “safe”. The term’s first debut was on Bizonnaci’s YouTube channel, where the YouTuber made a funny video after the Binance CEO tweeted in July 2018 saying ‘Funds are safe.’
This term covers all failed or falling cryptocurrencies. For investors, shitcoin is considered a bad investment because they are not backed by real technological innovation and has a high potential to crash at any given time.
Shilling is promoting any crypto coin through implicit advertising, usually through social media influencers, successful businessmen, and company founders.
A crypto whale refers to a person or an entity that holds a huge amount of one or more cryptocurrencies. For instance, large bitcoin holders are called bitcoin whales. Crypto whales have the ability to affect the market.
WGMI/WAGMI (We are Going to Make It)
WGMI is an optimistic term, and it stands for “We are Going to Make It”.
Weak Hands/Diamond Hands
Weak hands refer to unconfident crypto traders or traders with scarce resources who can’t stay with their investment or trading plans. Diamond hands refer to someone who holds a crypto/digital asset for a long time even when those assets are considered risky.
Crypto language is a fancy way to communicate in the crypto world. In this world, you will find people who have years of experience and you will also find people who have just become interested in this new concept. Regardless of how different we are, we are all explorers and creators of this fascinating place.