Fiat Money

Fiat Money - Overview, History, How It Works, Pros and Cons

“My buddy Dave used to be a bagholder, but he FOMO’ed and bought trillions of Sats, so now he’s a big whale HODL-ing for that moon.”

Whoa, slow down. Did you just blank out reading that sentence? Don’t worry—we did too.

All jokes aside, it’s one thing to bring yourself to trust and begin buying and selling a young asset such as Bitcoin, however quite another to engage with a community that has invented a dictionary’s-worth of crypto slang. If you desire to dive deep into crypto discussions on forums and blogs, there are quite a few acronyms and phrases that you want to know. After all, no one wants the FOMO, right?

Okay, we promise we’ll get to explaining now…

1. FOMO

Fear of missing out.

You can use this term in your everyday life. However, if someone says FOMO in crypto-related topics, they’re probably feeling an urgent need to get in on what everybody else is doing: buying a certain cryptocurrency when they think its price is about to hike!

2. Shill

Someone purposely advertising something for their personal benefit.

The word “shill” didn’t originate in the crypto world, however there are many motives why this term grew to be famous in this space. Who would shill, you ask? Most likely, anyone who has invested in a unique coin that isn’t doing so hot, and is hoping other people would purchase it and bump the price up. It’s all for personal gains.

3. FUD

Fear, uncertainty, and doubt.

The crypto community’s sentiments swing like a yo-yo from time to time, inflicting costs to rise or drop. FUD in cryptocurrency is a psychology trick used to spread doubt and fear which would cause that certain coin to drop in price.

Who does it benefit? Clearly, the people that spread FUD!

4. HODL

Hold on to dear life (or “hold your coins” for a straightforward meaning).

“HODL” is probably the most famous typo among the crypto community. Originally intended to simply mean “hold” on a Bitcoin forum, HODL means to hold onto a coin even if it’s crashing, hoping for a bullish market in the future.

5. Rekt

To suffer losses from coins that have dropped in value.

Yes, “rekt” comes from the phrase “wrecked” in gaming and is used when a participant gets completely destroyed in a game. So when any individual loses a great deal of money from their collapsed coins, they get #rekt!

6. Mooning

When a cryptocurrency is about to fly in both price and volume.

ing in the US!

8. Pump and dump

Pump occurs when a extremely good ton of attention leads to a coin’s price increase; dump occurs when the coin’s rate crashes after an associated spread of negative emotions.

Pump and dump is but another tactic used by groups to manipulate the sentiments of the crypto market. Beware of what the whales do—if they pump and dump, you may see big waves in the crypto’s value!

9. Bagholder

Someone holding onto a coin that has plummeted in price.

A bagholder is truly a synonym for a typical hoarder hoping that one day, just one day, a sturdy plastic bag or big cookie tin would come in handy. Unlike a hoarder, however, the price of a bagholder’s possessions has sadly tanked. *sobs*

You’ve obtained to be rich to own a Lamborghini and many people believe that investing in crypto is one way to get prosperous (fast). When you discover your self hoping for a spike in BTC’s price, ask yourself, “When Lambo?”

12. Flippening

When Ethereum overtakes Bitcoin as the largest cryptocurrency.

At one point in 2017, Bitcoin accounted for more than eighty percentage of the complete crypto market share. Fast-forwarding to July 2020, the flippening is already 53% complete. That said, remain calm and believe in BTC because Ethereum is only at less than 15% of Bitcoin’s market cap!

13. No coiner

A reference to people who don’t own any Bitcoin.

There’s more to it, though. No-coiners are essentially nay-sayers who thought Bitcoin was a scam and missed their chance to purchase in at a low price. Don’t be amazed if they are spreading FUD that Bitcoin will crash. 🤷

14. Vaporware

Something (most likely a software) that everyone is hyped about but in no way actually exists.

Think vapor: it’s there, but not really. “Vaporware” is used to describe software that’s been marketed but never completed. In the crypto world, it refers to coins that in no way grew to be a reality. Not every coin gets to live the Bitcoin dream, you know?

15. Cryptosis

A need to engulf every bit of statistics about cryptocurrency.

Wow, this slang actually sounds like a legit name for a disease. If you find yourself spending all day analyzing up on and buying crypto, you may also have cryptosis. Don’t be too concerned, though, because this “disease” is non-life-threatening!

Feel like a wiz of cryptocurrency slang now?

New slang finds its way onto the Internet each and every day. For the crypto sphere that is so young and lively, you can only expect slang to flourish even more! There’s no need for FOMO although because even the greatest trader started from zero. And the great part? We’ll be learning together!

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