What HODL, whale and other cryptocurrency slang terms mean

The crypto world is full of technical jargon, slang, and acronyms.

Not understanding what people are saying can lead to costly mistakes. Jake Wengroff writes about technology and financial services. A former technology reporter for CBS Radio, he covers such topics as security, mobility, e-commerce and the Internet of Things.

“Floor price” refers to the lowest price for which a product or service can sell at an auction. This is a common phrase to encounter on NFT auction platforms, such as OpenSea. Cryptocurrency, which is not subject to the authority of any centralized authority, is often positioned as the opposite of fiat money. But a digital twin is more than a mere three-dimensional simulacrum – they’re designed, ideally, to be as dynamic and environment-dependent as the objects they’re imitating. For example, let’s say a team of engineers is making structural improvements to a bridge. They could design a simulation of that bridge, a simple 3D model, which would allow them to make basic measurements and study the overall structure.

In translation, it means when will crypto make you rich enough to buy a Lamborghini, which became the ultimate status symbol of the crypto community. WAGBO stands for “we are gonna be okay” and it’s similar to WAGMI – its primary use is to encourage people and ensure that everything is going to be okay. WAGMI is the opposite of NGMI and it means “we’re all gonna make it”.

useful crypto slang terms to hodl in your mind

Tokenomics, a blending of the words ‘token’ and economics, is an umbrella term that refers to all of the various qualities of a virtual currency that can cause its market value to fluctuate. A stablecoin is a cryptocurrency with a value that is “pegged” — that is, programmed to fluctuate in lockstep — with that of a financial instrument, commodity or another currency. USD Coin , for example, is a stablecoin pegged to the value of the US dollar. Minting is a term used to describe the process of registering a digital asset on the blockchain, thereby turning it into a purchasable NFT. Once an NFT has been minted, given the nature of the blockchain it cannot be altered. Minting NFTs on the blockchain requires a vast amount of energy, which has led many to criticize the blockchain and its proponents.

• People also use it to make fun of people with negative opinions regarding crypto.
• Cryptocurrency enthusiasts are building new, alternative financial assets and systems.
• POW is a type of algorithm that is used to verify transactions on the Bitcoin blockchain.
• Minting is a term used to describe the process of registering a digital asset on the blockchain, thereby turning it into a purchasable NFT.
• They don’t own any cryptocurrencies, often express negative opinions about the market, and tend to hold more traditional financial views.

Related to this is misspelling “what” on purpose like in “wat mean?” It is another way of poking fun of people asking simplistic or “stupid” questions. Refers to a game-theoretic payout beneficial to both parties. It refers to the prisoner’s dilemma, where both parties are better off cooperating instead of defecting and receiving a (-3,-3) payout. The meme was popularized by Olympus DAO to visualize the benefits of staking the OHM token.

Diamond Hands & Paper Hands

It was also the world’s very first cryptocurrency, postulated by ‘Satoshi Nakamoto’ in a now-famous white paper called ‘A Peer-to-Peer Electronic Cash System’ in 2008. In the crypto world, an airdrop is a free distribution of tokens or coins from a company directly into its users’ or members’ wallets. If you are looking to buy crypto safely, you can always use the user-friendly and non-custodial StealthEX crypto exchange platform. You can purchase crypto privately and without the need to sign up for the service.

Participation in a DAO is usually accessed through the acquisition of a digital token. A technology that combines elements of virtual reality with physical reality. In its current form, AR can be facilitated by devices worn over the eyes – such as glasses or goggles – or by a smartphone or computer screen. Pokémon Go is one common example of AR, because it blends virtual information with one’s physical environment. Vaporware describes protocols or dApps that provide solutions to non-existent or exaggerated problems.

The fee required to complete a transaction or execute a smart contract on the Ethereum Blockchain. A website or organization that allows and facilitates the transfer of fiat to cryptocurrency as well as the reverse. Some exchanges allow you to trade your crypto for other cryptocurrencies. Mathematics creates codes and ciphers in order to conceal information. Cryptography is used as the basis for the mathematical problems used to verify and secure transactions on the Blockchain. A whale is someone who holds an extremely large amount of a particular coin or token.

These large purchase quantities increase the crypto’s price. The buyers then sell the crypto at this higher price to net a profit. Beware of pump and dump schemes, particularly among new crypto assets, or assets with small market capitalizations . Non-fungible tokens are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.

Diamond Hands 💎🙌

Clueless investors looking for quick and easy profits in dubious coins are often referred to as “exit liquidity.” The term can be used in a derogatory or sympathetic way. Sometimes shill accounts are revealed to use their followers as exit liquidity for tokens they promoted. It is a sales and marketing tactic that relates to spreading uncertainty and misinformation about a product to drive it out of business or reduce its price.

In 2018, Binance’s CEO tweeted “funds are safe” and the YouTuber Bizonnaci made a funny video based on it, but changing it to “funds are safu”, and it stuck. GOAT stands for “greatest of all time” and it’s one of the best compliments you can give someone in crypto and other communities. It refers to when the floor price of an NFT project is rate of change forex rising fast because it’s being bought quickly. ’ It’s used ironically to mock people who are focusing only on a coin’s price. Crypto slang for wrecked, rekt is what happens when a trader experiences severe financial loss due to a bad trade or investment. A person with a traditional mindset and little or no knowledge of cryptocurrencies.

The current state of the cryptocurrency market can be determined by looking at the overall trend of prices. “Altcoins” are simply alternative cryptocurrencies to Bitcoin. There are thousands of altcoins on the market, and new ones are created every day. A “no-coiner” is someone who does not hold any crypto assets.

NFT

Oracles are an important part of the cryptocurrency ecosystem because they help to ensure the validity of transactions. Without them, there would be no way to know if a transaction is valid or not. Halvings are often seen as positive, as they help to keep the network secure and running smoothly. the commitments of traders bible However, they can also be seen as negative, as they can lead to an inflation of the currency. POS algorithms are often seen as positive, as they help to keep the network secure and running smoothly. An “address” is a string of alphanumeric characters that represent a particular crypto wallet.

Private keys can be thought of as a password; they must never be revealed to anyone, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature. Lost in a sea of new terms as you try to find your way to crypto clarity? If you are brand new to the world of blockchain and cryptocurrency, it’s easy to get overwhelmed. There are so many new technical terms and slang you need to digest and understand. We are here to help with a list of crypto vocabulary to make navigating this new world just a little bit more manageable. This is one of the most common crypto slang terms referring to a release of something.

Most cryptocurrencies are relatively volatile and at some point in time to make any money at all, one has to have diamond hands and hold on despite the risks. That being said, a true “Rug Pull” is known in the crypto community as a malicious act by a developer, insider trader, or internal project member where liquidity is unlocked then rug pulled. One common way to do this is for the original developers of a token to create a hidden wallet, however it’s not the only way it happens. A famous rug pull that was promoted by many news outlets was the squid game token scam.

A bagholder is a person who holds onto their investment instead of selling it even though it’s losing its value and becoming worthless. The related term bear whale describes a whale trader who is bearish on the market and believes prices will fall. The term originated from a 2013 online post to the Bitcointalk forum, where the typo first appeared.

Unlike a bear market, a bull market refers to a market in which the prices are going up. Thus, if someone is bullish, they expect that the market prices will increase. AMA stands for “ask me anything” and it’s a type of social media post where the poster answers questions from people, usually in real-time.

Bag holder

It is also a dig at the Asian pronunciation of the word safe. “Anon” has become a popular way of addressing readers in crypto since most are anonymous. A wagecuck is a derogatory way of referring to someone in regular employment. Sometimes, the term is also used ironically to self-identify as one. For instance, if you work a regular nine-to-five, you may say “I can’t wait until Bitcoin moons and I can stop wagecucking.”

In the crypto community, diamond hands or the diamond hands emoji refer to traders who will hold, i.e., not sell, regardless of market fluctuations. It’s considered to be a ballsy, high-risk move, but it can pay off. Here are the common NFT and volatility calculator forex you need to know to avoid embarrassing yourself on Twitter. An abbreviation for ‘hold on for dear life,’ the term HODL actually derived from a misspelling of ‘hold’, which has stuck around and now means ‘keep’. As such, a crypto trader who buys a coin and does not plan on selling it in the foreseeable future is called a ‘hodler’ of the coin.

The Bitcoin world is mysterious, and when its prices go down, many HODLers blame the whales, which may be true since they can dramatically influence the crypto market. One thing’s for sure; these whales are incredibly rich and can get a Lambo whenever they want. What other cryptocurrencies can you name aside from Bitcoin? If you ask a Bitcoin maximalist, his answer would be it doesn’t matter! These people live by their principle that Bitcoin will be the only cryptocurrency and take over the world.

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He’s also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. This fact is because of so much activity from mining Bitcoin from traders in China. This term originated from “Flibbr,” a Bitcoin trader who used the phrase to mock President Donald Trump. Many bitcoin holders may scoff at you for not relishing its potential.

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Blocks must be hashed, which is in itself an easy computational process, but an additional variable is added to the hashing process to make it more difficult. When a block is successfully hashed, the process must have taken some time and computational effort. The process of moving control of a system from one centralized location to many equal ones that can act on a peer-to-peer basis. Looking to trade NFTs or trying to figure out where to list your collection?