Conversational cryptocurrency terms you should know as a trader.
Image credit from crypto.com
Every online community has its own jargon and slang and the crypto currency world is no different. Members experience both FOMO and JOMO while they try to BUIDL their future and HODL.
Let's look at some cryptocurrency slangs that you might need to know when you are interacting with experienced traders.
1.DYOR - This means Do your own Research: It means you should do your own homework or research on the what someone said. This is usually among traders.
2.BUILDL- Build(purposeful misspelling for ironic meaning). This is a mantra for people or users to actively contribute to the development,evolution and adoption of a crypto token or blockchain. It is a technical term majorly used by devs and traders.
3.FOMO-Fear of missing out: This refers to the act of traders or investors being afraid or excited about being left from a trading or buying a token. It comes with a sense of urgency that most of the times leads to losses as a trader.
4.Rekt- This refers to the rock-bottom feeling of when someone experiences major losses from cryptocurrencies that have plummeted in value. This term was derived from the word,wrecked, which is often used in gaming when a player gets completely destroyed.
5.No-coiner: This refers to someone who believes Bitcoin is either doomed to fail or will have minimal value in the future. Because of this belief, they don’t hold any coins themselves.
6.WAGMI/NGMI: WAGMI is short for We’re All Gonna Make it. It is used often in the crypto sector to build confidence and encourage everyone not to lose hope.
NGMI, on the other hand is short for Not Gonna Make It. It refers to the sentiment that you made a bad decision and your investment will not be successful.
7.Diamond hands /paper hands: Diamonds hand refer to holding Bitcoin even when there’s a ton of pressure to sell. Not just bitcoin but other tokens.
Paper hands refer to investors that sell off their investment too early. Mostly because they are afraid of a dip coming.
8.EL15- Explain it like I’m 5: This is usually used when someone wants you to simplify concepts of cryptocurrencies and blockchain for easier understanding.
9.FUDster - This refers to an individual that spreads fear,uncertainty and doubt.
10.HODL- Hold on for Dear Life(purposeful misspelling of “HOLD”): This refer to holding on to your BTC or tokens despite volatility in price.
11.Buy the Dip(BTD)- This means purchasing an asset after its price has dropped in hope that the asset will appreciate in distant time.
12.JOMO - Joy of missing out: This describes the happiness felt by traders and investors for not investing in a cryptocurrency or project whose value has dropped dramatically from previously higher levels. JOMO describes “dodging a bullet “ and not contributing to another bag of worthless shitcoins.
13.TLT - Think Long term: This refers to having the long term mentality about a token or blockchain.
14.AMA - Ask me anything: This is used in crypto communities and forums where anyone can ask questions regarding the crypto realm or anything. AMA events provides special opportunities for crypto fans to interact with professionals in the field and learn most recent advancements in the sector.
15.LFG - This means’’Let’s F-ing go?’’. This usually used to show an excitement about a project.
16.Normie-This refers to an individual with zero knowledge about cryptocurrencies.
17.CT - Crypto Twitter: This refers to crypto gists/ information on twitter.
There are many other conversational crypto terms but these are the most frequently used in crypto sector.