Cryptocurrency is not only a new and exciting form of money but also a culture and a community. And like any culture, it has its own language and slang that can confuse or intimidate newcomers. To join the crypto conversation and understand what people are discussing, you must learn some of the most common and important cryptocurrency slang and what they mean. This article will explain the top 15 cryptocurrency slangs you need to know in 2023, so you can sound like a pro and avoid embarrassing mistakes.
What is Crypto Slang?
Crypto slang is the informal language and acronyms cryptocurrency enthusiasts, investors, traders, and developers use. Crypto slang helps them communicate and express their opinions, emotions, and sentiments concisely and catchy. Crypto slang also reflects the unique characteristics and challenges of the crypto industry, such as volatility, innovation, regulation, and competition. Crypto slang constantly evolves and expands as new terms are created or adopted from other fields or cultures. Some sources of crypto slang include internet memes, gaming, finance, pop culture, and social media.
Common Cryptocurrency Slangs You Need to Know in 2023
Here are some of the most popular and relevant cryptocurrency slang you need to know in 2023:
HODL is probably the most famous and iconic crypto slang of all time. It originated from a typo in a Bitcoin forum post in 2013, where a user misspelled the word “hold” while expressing his intention to keep his coins despite the price crash. Since then, HODL has become an acronym for “Hold On for Dear Life,” which means to hold on to your crypto assets no matter what happens in the market. HODL is also a philosophy and a strategy that implies confidence and patience in crypto’s long-term potential.
FOMO stands for “Fear Of Missing Out,” which is the feeling of anxiety or regret that you might miss a profitable opportunity or a positive trend in the crypto market. FOMO can cause people to impulsively buy or sell crypto without proper research or analysis. FOMO can lead to overtrading, panic buying or selling, or chasing pumps and dumps.
FUD stands for “Fear, Uncertainty, and Doubt,” the opposite of FOMO. FUD is the feeling of negativity or pessimism that you might lose money or face risks in the crypto market. Bad news, rumors, misinformation, or manipulation can cause FUD. FUD can also cause people to sell or avoid crypto out of fear or distrust.
Moon or mooning is a term that describes a situation where the price of a cryptocurrency increases rapidly and reaches new highs. Various factors, such as positive news, hype, demand, or innovation, can cause mooning. Mooning can also be used as a verb, meaning to make a lot of money from crypto or to achieve one’s goals or dreams.
Whale is a term that refers to a person or an entity that holds a large amount of cryptocurrency, usually millions or billions of dollars worth. Whales significantly influence the market, as they can cause price movements by buying or selling large amounts of crypto. Whales can also manipulate the market by creating fake demand or supply or coordinating with other whales.
• Pump and Dump
Pump and dump is a scheme where a group of people artificially inflate the price of a cryptocurrency by buying it in large quantities and spreading positive hype or false information. Once the price reaches a certain level, they sell their holdings at a profit and leave the market. This causes the price to drop sharply and leaves unsuspecting investors with losses. Pump and dump are illegal and unethical, but it is still prevalent in the crypto space due to its unregulated nature.
Sats are short for satoshis, the smallest unit of Bitcoin. One satoshi is equal to 0.00000001 BTC, or one hundred millionth of a Bitcoin. Sats are often used to measure the value of smaller cryptocurrencies or transactions, as they are more convenient than fractions of Bitcoin. Sats are named after Satoshi Nakamoto, the pseudonym of the mysterious creator of Bitcoin.
• Paper Hands/Diamond Hands
Paper hands and diamond hands describe crypto investors’ or traders’ risk appetite and behavior. Paper hands sell their crypto holdings at the first sign of a price drop or volatility out of fear or panic. Paper hands have a low-risk tolerance and tend to exit their positions early to prevent losses. Diamond hands hold on to their crypto holdings out of confidence or patience, no matter what happens in the market. Diamond hands have a high-risk tolerance and tend to stay in their positions until they reach their desired profit or goal.
Cryptosis or OCD (Obsessive Crypto Disorder) is a term that describes an obsession or addiction to cryptocurrency. Cryptosis can manifest in various ways, such as constantly checking the price, CryptoNews, or social media, spending hours researching or trading crypto, or talking about crypto non-stop. Cryptosis can affect one’s mental health, relationships, and productivity, so it is important to maintain a healthy balance and perspective.
• Bitcoin Maximalist
Bitcoin maximalist is a term that refers to someone who believes that Bitcoin is the only cryptocurrency of value and the only digital asset worth supporting. Bitcoin maximalists are loyal and passionate about Bitcoin and often dismiss or criticize other cryptocurrencies as inferior, irrelevant, or scams. Bitcoin maximalists also tend to oppose any changes or innovations that deviate from the original vision of Bitcoin, such as forks, upgrades, or scaling solutions.
Rekt is a term that refers to a situation where someone loses a lot of money or gets destroyed in the crypto market. Rekt is derived from the word “wrecked,” but it is intentionally misspelled to mimic internet slang. Depending on the context, Rekt can be used as an adjective, verb or noun.
Shill is a term that refers to someone who promotes or hypes up a coin or project without disclosing their financial interest or ulterior motive. Shilling can be done by influencers, celebrities, developers, or even ordinary users who want to boost the price or popularity of their favorite coin or project. Shilling can also be done by paid agents who work for scam projects or pump-and-dump schemes.
DYOR stands for “Do Your Research,” which is advice or a reminder for crypto investors or traders to conduct due diligence before making any decisions. DYOR implies that one should not blindly follow the opinions or recommendations of others but rather verify the facts and sources by themselves. DYOR also implies that one should take responsibility for their own actions and outcomes.
WAGMI stands for “We Are Going To Make It,” expressing optimism and confidence in the crypto community and industry. WAGMI implies that crypto investors or enthusiasts will eventually achieve their goals or dreams, regardless of the market conditions or challenges. GMI stands for “Going To Make It,” a variation of WAGMI that applies to an individual rather than a group.
NGMI stands for “Not Going To Make It,” which expresses pessimism and mockery in the crypto community and industry. NGMI implies that someone is doomed to fail or lose money in the crypto market due to their lack of knowledge, skills, experience, or luck. NGMI is often used as an insult or taunt against someone who makes bad decisions or predictions.
Crypto slang is an essential part of the crypto culture and community, as it helps people communicate and express themselves fun and engagingly. Crypto slang also reflects the unique characteristics and challenges of the crypto industry, such as volatility, innovation, regulation, and competition. However, crypto slang can also be confusing or misleading for newcomers, so learning some of the most common and important terms and what they mean is important. This article explains the top 15 cryptocurrency slang you need to know in 2023, so you can sound like a pro and avoid embarrassing mistakes. We hope you found this article helpful and informative. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading!