Reading posts and articles about cryptocurrency on social media can be confusing. Users who have been investing for a while now seem to have a bubble of their own where only they can understand each other.
To get in and benefit from their conversations, here are terms and phrases popularized in cryptocurrency that you should know:
FOMO (Fear of Missing Out)
In everyday life, FOMO refers to the feeling of not being included in something where others are having fun or doing better. In cryptocurrency, it’s the fear of missing out on a profitable opportunity.
FOMO gets intense when the market is fast rising. Traders are gaining huge profits out of their coins. If you have FOMO, it means you’re getting anxious about missing out on the frenzy, which could lead to emotional decisions.
HODL (hold on for dear life)
HODL is the misspelling of HOLD. The term originated from GameKyuubi, a Bitcointalk forum user, who misspelled the word “hold” when he was talking about his holding onto his coins.
HOLD is a trading strategy where traders hold onto their coins or tokens even during market crashes. HODLers expect the price to rebound and make up for the losses in the long term.
FUD (fear, uncertainty, and doubt)
FUD is somewhat the opposite of FOMO. It refers to pessimism in the potential of a coin’s price. Most of the time, FUD is just a propaganda tactic.
Fudders, the people who spread FUD, spread misinformation to delegitimize coins leading to a decrease in value. How do you avoid being a victim of FUD? Just DYOR.
DYOR (do your own research)
The term is not exclusive to cryptocurrency but you will always come across this when reading about buying coins and other crypto activities.
When crypto users advise you to DYOR, they are asking you to do your own diligence on the assets you want to buy or sell. It’s because a strategy that worked for them might not be applicable to your situation.
Mooning/To The Moon
An upward trend in the price of a cryptocurrency gets the crypto users excited because their coin is headed “to the moon.” A coin is “mooning” when the price increases by more than 100% and continues to increase over a short period.
Pump and dump
The two main words here refer to a price manipulation strategy used by big investors to favor their holdings.
A pump happens when a group of investors creates hype to increase the coin’s demand and drive the prices up. The investors then dump all of their coins by selling, which causes the price to drop.
Whales are crypto owners who have a ton of coins in their wallets. They have enough to impact the price just by buying or selling a huge amount.
In Bitcoin, someone who has more than 1,000 BTC is usually called a whale.
Rekt is a crypto slang, which originated from the online gaming term “wrecked.”
In gaming, wrecked is an insult uttered to someone who got utterly destroyed or ruined. In cryptocurrency, someone who got rekt suffered a massive loss due to a devastating drop in the value of his coins.
If you’re a Harry Potter fan, “no coiners” are “muggles.”
It’s not just about not owning any Bitcoin. No coiners are people who doubted the potential of Bitcoin and thought it was a scam. They are now discrediting cryptocurrency after missing the opportunity to buy when the prices were still low.
When someone asks you “when Lambo?” they mean “When are we going to get rich?”
Lambo is a shorthand for the luxurious Lamborghinis. To early investors in cryptocurrency, Lamborghini symbolizes success in the crypto world.
There’s always more to learn in cryptocurrency. Catching up on investing strategies means you also have to get a good grasp of crypto’s everyday lingo. This way, you don’t get into the traps of FOMO or FUD and end up getting Rekt.
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