Enthusiasts for cryptocurrencies are creating brand-new, alternative financial systems and assets. They are also coming up with new abbreviations, terms, and idioms for their neighborhood AKA Crypto Slang. Deconstructing these language hurdles can be a fantastic place to start if you’re ready to invest in cryptocurrency or learn more about the industry.
A way of sending cryptocurrency to many users simultaneously is called an airdrop. Major programs may airdrop and distribute their tokens to promote awareness and interest. Before sending the coin to your cryptocurrency wallet, some companies may ask you to fulfill certain requirements, like discussing the idea on social media.
The term “shilling” describes marketing a currency for one’s gain. Despite not having its roots in crypto, the phrase quickly gained popularity there. People who would shill are probably those who bought in a specific cryptocurrency that isn’t functioning as well as they had intended and are attempting to get others to buy it for the price to increase. In essence, everything is done for personal advantage.
Alternative coins, or altcoins, are often used to describe cryptocurrency tokens and coins other than Bitcoin. Even if several of these coins, including Ethereum and Tether, have gained popularity, Bitcoin is still the biggest cryptocurrency by market valuation.
Rekt (the sad crypto slang)
It is referred to as rekt when someone suffers significant losses due to cryptocurrencies that have fallen in value. The term derives from the word “wrecked,” which is frequently used in video games to describe a player who has been totally annihilated. Consequently, whenever anyone loses a sizable sum of money using a cryptocurrency, they are getting rekt.
Bag and bag holder
When someone possesses a lot of a particular cryptocurrency, they have a bag. Someone hanging onto a currency that has fallen in value, often to the point of becoming worthless, is referred to as a “bag holder.”
BTD (Buying The Dip) the famous crypto slang
Buying the dip, also known as BTD, refers to buying an item after its value has declined. It operates on the same premise as when you persuade yourself to purchase an item at a mall that is on sale. Purchasing Bitcoin at a discount in anticipation of a future price increase is known as buying the dip.
It represents a person or an organization that holds a significant amount of cryptocurrency. Because bitcoin transactions are transparent, you can determine how much crypto is stored in a wallet even if you don’t recognize who the owner is. By swiftly purchasing their coins, a whale can influence the price of a cryptocurrency.
Moon/Mooning/ Going to the moon
When the price of cryptocurrency is rising or mooning, this is referred to as an increase in price. When the investor’s coins “get to the moon,” they might want to know.
A software project called “vaporware” includes cryptocurrencies but never actually gets built. It’s frequently advertised and pushed to the extent that everyone is talking about it, yet it never gets finished.
Your computer may be used to mine cryptocurrencies if someone downloads cryptojacking malware on it without your knowledge. They may make money from mining without having to purchase their own equipment or pay for the power to keep it operating.
Initial Coin Offering (ICO/IDO)
The cryptocurrency counterpart of an initial public offering (IPO), also known as an initial coin offering (ICO), is selling securities or shares to the general public for the first time. It basically refers to a fundraising initiative for a cryptocurrency startup. They will outline its goals and the crew behind it and request investments to aid in its development. They’ll grant additional tokens as payment; some of these tokens might be useful for the company, while others will be business ownership tokens.
The term “cryptosis” describes a never-ending desire to learn more about cryptocurrencies. Despite the fact that it may sound like a sickness, it is not fatal. However, the signals will include reading through forums, pressuring pals to talk about cryptocurrencies, and generally limiting trade risks.
Rug Pull (the scary crypto slang)
It is a specific kind of cryptocurrency fraud in which the perpetrators first create and publicize a new scamcoin. After taking the money from investors, they yank the rug out from under them and go, leaving investors with little to nothing (the ones who are getting scammed are bag holders).
Non Fungible Tokens (NFTs)
Non-fungible tokens, also known as NFTs, are exclusive, one-of-a-kind cryptographic assets having unique identifying codes embedded within them. Tweets, digital art, audio, and other types of content are just a few examples.
The whole value of a particular cryptocurrency is referred to as its market cap or market capitalization. It is computed by dividing the current value of a coin by its available supply.
Decentralized finance, or DeFi, refers to alternative financial services and products developed in cryptocurrencies, such as lending platforms and bank deposits.
Rankings of cryptocurrencies are frequently determined by market capitalization. The next coin is “flipped” when the market valuation of one cryptocurrency propels it up the rankings. The term “flipping” describes the potential scenario in which Ethereum, the second-most popular cryptocurrency, overtakes Bitcoin as the largest crypto by market cap.
Few last words about the crypto slang
Every day, new crypto slang makes its way online. Given how new and vibrant the industry is, you can anticipate that even more people will enter online communities.