There are a lot of acronyms, or slang, used in the field of cryptocurrency or DeFi. The meaning of every slang you need to know is below.
Have you wondered what crypto enthusiasts mean by “Buy the Dip?” you’re not alone. People need help when confronted with abbreviations like NGMI, IYKYK, and BTD. If you’re trying to understand crypto slang, This post has compiled a list of some of the more popular and strange slang phrases below to assist you.
What are Crypto Slangs ?
FOMO
Fear of missing out (FOMO) can cause investors to lose money. FOMO is an abbreviation for “fear of missing out,” It is commonly used in the cryptocurrency industry to describe the fear that a trader or investor will lose out on a lucrative opportunity. Beginners can be prompted to act irrationally and make poor financial choices when afraid.
DYOR
DYOR stands for ‘do your research.’ In crypto, it’s commonly used to educate crypto investors to intensively research any project before investing in it. The research could be the project’s whitepaper, use cases, utilities, and the team members behind the project.
BTD
To buy the dip (or BTD) is to acquire an asset at a price below its fair market value. BTD is an abbreviation for “buy the dip,” which means to increase one’s holdings of cryptocurrency at a lower price. The expectation is that the price will recover and, in all likelihood, rise.
HODL
A crypto trader who buys a coin and doesn’t aim to sell it is a ‘hodler.’ HODL means “hold on for dear life.” a hodler seeks long-term gains by weathering market ups and downs. Even if markets crash or get turbulent, hodlers won’t be swayed. Hodlers keep their shares regardless of price due to crypto’s long-term value.
PUMP AND DUMP
Pump-and-dump schemes are a sort of fraud in which the value of an asset is inflated by disseminating false or misleading positive information. The initial buyers will drive up the price, luring in other investors; they will then sell (dump) their holdings for a fast profit, leaving the latecomers holding the bag.
WHALE
A whale owns significant amounts of a particular coin. There is no official threshold to be termed a whale, but the number of coins or tokens held must be enough to affect market values if holders buy or sell. They can manipulate the market. Whales’ large orders can temporarily exacerbate volatility, especially in low-liquidity assets. Investors track recognized industry whales to prepare for their moves. The bear whale is a bearish whale trader who expects prices to decline.
IYKYK
If you know, you know. It means only a few people will understand a post or message. Ironically, the term can insult someone presenting common knowledge.
MOON
When a cryptocurrency moon, its price skyrockets so high it’s symbolically heading to the moon. Investors might use this event to identify the ideal moment to sell their cryptocurrencies.
NGMI/WAGMI
NGMI means ‘Not going to make it. In crypto, it’s used to anticipate future failure due to a poor decision (such as selling at the bottom when a token’s value is rising). It’s also used to mock people who oppose crypto or don’t comprehend basic crypto ideas. WAGMI means ‘we are all gonna make it.’ The crypto community uses the acronym to boost confidence in a project. It’s also used to generate communal support and hope.
FUD
FUD stands for ‘fear, uncertainty, and doubt.’ It’s a psychological approach intended to make consumers dislike a product, market, or brand by spreading disinformation or generating fear.
ICO
A crypto company’s fundraising project. ICOs are the cryptocurrency counterpart of IPOs, which raise capital through the first public sale of stocks or shares. They’ll explain the concept, introduce the team, and seek funding. They’ll reward additional tokens, some of which may have project utility and others a company stake.
KYC
KYC refers (Know-Your-Customer) to identification verification. Most bitcoin exchanges adopt this guideline to comply with rules and maintain their marketplaces safe.
SZN
The season is abbreviated as SZN. If prices are upward in the market, we say that the market is a bull market, and the opposite is a bear market. We have been in bearish season all-year-long..
DAO
The decentralized autonomous organization is the full name of the DAO. A decentralized autonomous organization (DAO) is an organization that is not governed by a central authority but rather by its code. A decentralized independent organization (DAO) intends to function independently of any external management or oversight.
ATH
When Bitcoin reaches a new high, people often exclaim, “Bitcoin just hit an ATH,” meaning that Bitcoin has reached an all-time high. The all-time high is the abbreviation for this phenomenon. The maximum value is a word used to denote the most excellent price a cryptocurrency has ever reached.
Gas
When referring to the charge required to complete a transaction on the blockchain, the word “Gas” is commonly used. Since gas contributes to the network’s stability and safety, it is generally viewed favorably. Understanding how much gas costs work before investing in Ethereum is essential, as they might reduce your profits.
POW
The acronym “POW” stands for “Proof of Work.” For the Bitcoin blockchain, POW algorithms are utilized for transaction verification. Miners must solve challenging mathematical puzzles to add new blocks to the chain using a POW algorithm. In general, POW algorithms are favorable since they contribute to the safety and efficiency of the network. However, they also have certain drawbacks, such as being extremely power-hungry.
POS
The whole meaning is Proof of Stake Proof-of-Stake (POS) algorithms are used to validate blockchain-based financial transactions. POS algorithms are generally viewed favorably because of their beneficial effects on network security and efficiency.
Conclusion
Crypto slangs are very easy to understand, and you don’t have to be a seasoned pro before you start trading and using these terms. I wish you a successful crypto investment experience. WAGMI!