Cryptocurrency is everywhere you look. If you’ve studied Bitcoin, you’ve probably come across confusing jargon there and throughout the crypto market.
Whether you are a seasoned investor or new to the wonderful world of bitcoin, you should be very familiar with the various crypto slang and idioms associated with it.
1. HODL
Think bitcoin enthusiasts don’t have a sense of humor? HODL will prove you wrong. This crypto slang term originated in December 2013 when a Bitcoin board member posted a message containing the text “I am a hodling.” What he really meant was that he “held” his cryptocurrency for a long time. Of course, Bitcoin enthusiasts would not have missed this typo.
The post soon became a meme, and bitcoin fans used it as an acronym for “hold on to your dear life.” It is mainly used in the crypto community when the price of bitcoin (or now, when any other specific coin) is dropping to dissuade people from selling. They survive until its value rises again.
2. To the moon
In the cryptocurrency market, the expression “to the moon” is used to describe a currency that is rapidly rising to a much higher price. This means that the price is so high that it reaches the surface of the moon. Bitcoiners have even started using “lunar” instead of “increase” when talking about bitcoin prices.
More details: How bitcoin prices are set – everything you need to know
3. When the moon
Besides “to the moon”, there is another expression “when the moon” is used to describe cases when prices for a particular cryptocurrency rise. This is the time when holders are encouraged to sell their bitcoins.
4. When lambo
In real life, when you ask people, “When will you buy a Lamborghini?” You mean literally. It’s the same with bitcoins where holders ask “when is Lambo?” In the cryptocurrency world. This refers to the time when they are rich enough with their crypto assets to buy Lamborghini with their cryptocurrency.
5. FOMO (clearly refers to cryptocurrency)
When you’re not hanging out with friends on a Saturday night, you have FOMO or “fear of missing out.” Or, if you miss out on a hot stock market share, you might have FOMO.
However, in the world of cryptocurrencies, the term is also used to refer to the feeling you get when you see significant growth in a cryptocurrency that you don’t own.
Because of this, you are selling other coins that you need now. Cryptocurrency trading is mostly driven by emotion, not value. For this reason, FOMO is an important factor in cryptocurrency swing trading.
6. FUD
FUD stands for Fear, Uncertainty, and Doubt, generally applied to the entire cryptocurrency space. This term can be used to refer to negative press that discourages people from investing in cryptocurrency. In some cases, this can mean “facts you don’t like.”
7. Schill
Don’t be confused when you hear cryptocurrency enthusiasts use the word “shilling”. This means that they are promoting a particular cryptocurrency in a very corrupt manner for their own benefit. For example, a friend might warn you, “Yeah, he’s only convincing you to buy this cryptocurrency because he’s a shilling!”
8. OCD
Many people suffer from obsessive-compulsive disorder. For bitcoin traders, OCD means something different: cryptocurrency obsessive disorder.
This term is used to describe a condition that develops in people who own bitcoin. The people who have it are so obsessed with Bitcoin that they constantly watch its prices rise and fall 24 hours a day, 7 days a week.
9. Bitshaming
When a HODLer makes fun of another HODLer for not having great Bitcoin value yet, they get a little ashamed. One of the most famous examples of beatshaming comes from Andreas Antonopoulos, a Bitcoin lecturer. Antonopoulos was ashamed when he admitted that he was not HODLing his bitcoin because he needed money to cover rent and other bills.
10. Nokoiner
Do you already own Bitcoin? If not, then you are a nocoiner. Many bitcoin holders might laugh at you for not savoring its potential. While it can be used for anyone without bitcoin, the term is mostly intended for skeptics and non-believers.
11. Bitcoin Maximalist
What other cryptocurrencies can you name besides bitcoins? If you ask a Bitcoin maximalist, he says it doesn’t matter! These people live by their own principle that Bitcoin will be the only cryptocurrency and take over the world. In short, they are guilty of hyperbitcoinization.
More details: What is the future of cryptocurrency?
12. Vaporware
You can trust bitcoin holders to come up with fancy names for coins you don’t need in your wallet. Vaporwave coins are artificially overpriced. Unfortunately, they cost nothing. There really is nothing you can do about it as the vaporwave will lose value over time.
13. P&D
P&D means pump and dump. The “pump” in the word “pump and dump” refers to a sudden increase in price made by traders who buy massive amounts of bitcoins to create the illusion of demand. This effect makes others buy this coin because of the FOMO. Then these people are forced to “dump” their other coins.
14. Whale
Imagine a whale. Due to its huge size, it takes up enough space. This term refers to people who own more than 5% of cryptocurrency coins.
Of course, these people can be dangerous. The world of bitcoin is mysterious, and when prices plummet, many hodlers blame the whales, which may be true as they can dramatically impact the cryptocurrency market. One thing is certain; these whales are incredibly rich and can get lambo whenever they want.
15. BearWhale
Now that you already know what a whale is, it’s time to understand the meaning of BearWhale. BearWhale is a giant trader who believes prices will drop. Because of this, they are trying to download many bitcoins at the same time.
Of course, this situation often leads to a crisis. It will take a lot of effort from HODLers and other whales to normalize the situation again and reverse the misdeeds of BearWhale.
16. Bag holder
HODLing is a great thing, but if you miss out on holding a certain coin, you become a bag holder. This type of people does not understand that they need to let go when Bitcoin drops in value. If you wait too long, you end up with an empty bag. To emphasize the meaning of this term, “holding” is even spelled correctly when it comes to this failed investment.
17. REKT
Many gamers are addicted to cryptocurrency. This is why many of the slang terms associated with cryptocurrency are associated with games. Rekt is a term that describes when bitcoin holders crash due to a huge coin crash. For example, if the bag holder refuses to let go, he will receive a rekt.
18. Choina
What does Choyna sound like? If you thought China, you get it. But why is this term relevant?
This fact is due to the high activity of bitcoin mining among traders in China. The term originated from “Flibbra”, a bitcoin trader who used this phrase to ridicule President Donald Trump.
19. Fudders
Fadders are bitcoin traders who believe that bitcoin prices will fall. In other words, they will buy bitcoin, so its value goes down.
As a trader, their goal is to make money by selling bitcoins for less than they currently are, or by trading at a huge profit of over 10% in 8 hours. Readers can get annoyed by greedy faders because they make bitcoins cheaper; however, one cannot help but admire these people if they turn out to be right.
In bitcoins, you win some and you lose some. For example, Bitcoin dropped to $ 18k in January 2018. Many bitcoin traders thought that the cryptocurrency market was about to fall off a cliff, and that the value of bitcoin would soon be below $ 10,000. When bitcoin holders panicked, the Fadders started buying bitcoins at a minimum price of $ 18,000. Soon, Bitcoin grew from $ 20K to $ 27K in a few days.
20. Melon
What does melon sound like? If you thought “melon”, you got it right! Melon is a term that refers to bitcoin itself, the digital currency. Why? This fact comes from the song “Fruit Salad” by South Korean girl group Wassup.
New Bitcoin slang is popping up all the time because Bitcoin is closely related to the origins of other slang before it. For example, early adopters use abbreviations such as LMAO to mean “laugh at the butt” among players who often act impulsively and say stupid things. Slang evolves as society changes, so it is very important to be aware of this new vocabulary. Don’t become a bitcoin sacker by ignoring bitcoin slang you don’t understand.
Summary
Getting into Bitcoin can be quite difficult, not only because of its mysterious nature, but also because of the large number of unfamiliar words that you come across. Now that you understand the most commonly used jargon in the Bitcoin community, you can sound like an expert.