The field of digital money is full of words that are not always clear even to experienced traders. Together with crypto news aggregator buidlbee, we talk about what phrases a novice user needs to know in order to pass for his own in any conversation about cryptocurrency.
In the world of cryptocurrencies, there will always be someone who "holds" or suffers from obsessive cryptocurrency disorder.
Virtual currencies have moved from being a topic for discussion in a limited circle of enthusiasts to the status of a full-blown new culture. Cryptocurrency traders use some of the phrases that are familiar in the world of finance: pump and dump, buying on dips, FOMO (Forgone Profit Syndrome) and FUD (Fear, Uncertainty and Doubt).
But gradually, a heated debate about the future of bitcoin – skyrocketing or crashing – gave life to a new jargon that is characteristic of the digital currency ecosystem.
Hodl – one of the most popular phrases in the community. It's an acronym for "hold on tight" applied to cryptocurrency investors who will never sell it.
In the crypto world, this word appeared as a result of a typo: a member of one of the forums wrote “hodl” instead of “hold”, and since then this mistake has been firmly rooted in the trading community, symbolizing the belief in the growth of bitcoin.
Lambo – when is the lambo? This question means: when will a bitcoin holder be able to buy a Lamborghini when cashing out cryptocurrency? In other words, it means – when should you sell bitcoin or another cryptocurrency?
Hyperbitcoinization is the theory that bitcoin will eventually gain the status of a monetary system as people around the world move away from fiat currencies in favor of cryptocurrencies.
Obsessive-Cryptocurrency Disorder (OCD) – the expression comes from the medical term "obsessive-compulsive disorder". Denotes a problem that many bitcoin enthusiasts face: they just can't stop talking about bitcoin.
The manifestation of this syndrome spoils relationships, because at some point friends and family members get tired of the constant chatter about cryptocurrencies.
Bitshaming – this word is used when someone tries to shame an investor who has been trading bitcoin for several years, but never became a millionaire.
Nocoiner – a derogatory phrase used for naysayers who missed the opportunity to buy bitcoin a few years earlier and are now venting their anger by proclaiming that bitcoin is a scam and is bound to crash.
The popularization of alternative digital currencies, or so-called altcoins, has sparked a fierce debate over which cryptocurrency will ultimately prevail.
A Bitcoin maximalist is an investor who is purely bitcoin obsessed. These people see the only way to capitalize on the cryptocurrency revolution is to focus all their attention and energy on one coin, specifically Bitcoin. For maximalists, other digital currencies such as ethereum and litecoin will always be inferior to the “original product”.
Flippening – websites dedicated to tracking the market capitalization of various cryptocurrencies are waiting for an important phenomenon: "flippening".
With altcoin prices rising, some market participants are looking forward to the day when Ethereum overtakes Bitcoin in terms of market capitalization, dethroning the originally dominant coin and signaling a potential upheaval in the cryptocurrency market.
Caching – similarly, this term refers to the point at which Bitcoin Cash surpasses Bitcoin in terms of market capitalization.
And finally, with the advent of numerous coins and amid increased security concerns, you can always hear conflicting debates in the community about what is legal and what is a scam.
Goxed – comes from the name of the Japanese crypto exchange Mt. Gox, which was hacked in 2014. This word is used when someone is having trouble withdrawing bitcoins from an exchange account, particularly after a hacker attack or outage.
Shilling – all industries have "barkers" – deceptive promoters who advertise products for their own benefit. The term is also widely used among cryptocurrency enthusiasts, where many investors are skeptical about new digital currencies or wary of “pump and dump” schemes, in which the price of a coin first inflates and then collapses when holders get rid of it completely.
Scamcoins are coins that have no value and are often associated with scams. Some use this expression to mean probable or proven fraud, while others mean by scamcoins all cryptocurrencies except bitcoin.
Of course, there are a huge number of other abbreviations and expressions in the slang of cryptocurrency traders. But don't worry if one of them is not on our list. With the acquisition of experience in the market, you will begin to navigate it well, and you will become familiar with all the words that are often used by experienced crypto investors.