Crypto Slang Terms: Your Guide to the Cryptoverse
If you have recently decided to step into the wild world of cryptocurrency, there is surely a lot of questions on your mind.
In the industry of finance and trading, education is key – the more you learn, the better your understanding and experience develop in this currency sub-niche.
Cryptocurrency is slowly but surely making its way into mainstream finance, so if you are new to this sector, now is the time to get ahead.
Not only do we have an educational article directory on cryptocurrency – but we are about to dive into uncovering one of the most 'new age' aspects of cryptocurrency: crypto slang terms.
Table of Contents
Crypto Slang Terms: An Introduction
The majority of crypto slang terms out there are abbreviations or acronyms for the cryptocurrency coins, themselves.
Given that the budding cryptocurrency niche has stereotypically been seen as a "young man's game", it may come to no surprise that basically every crypto-related expression has some relative short form.
It's true – slang is not just for 'the kids' anymore. Over the last decade or so, since the relative birth of cryptocurrency (Bitcoin), we have seen more and more adult businessmen and women sporting garments and fashion with crypto slang terms clearly visible – no shame in their game.
Take the founder of FTX (a crypto derivatives exchange), Sam Bankman-Fried, for example; he is known for being seen only in his FTX grey t-shirt.
Crypto is definitely the main driver behind the popularity of this new business style; let's call it a cross between Mark Zuckerberg, infamously known for his t-shirt and jeans, and the 'Bitcoiner' (crypto investor).
With that (typically) 3-digit code across your t-shirt, you are making yourself and your clan known pretty quickly.
But don't worry – You don't have to run out and buy a Bitcoin t-shirt or Ethereum knitted sweater in order to understand the crypto basics, nor to trade cryptocurrency CFDs.
Let's first catch you up on the most common and the lesser-known crypto slang terms, as well as a short introduction on how you can also take part in the cryptocurrency trading trend.
What are the Main Crypto Abbreviations?
It's best to first always start with the very basics.
'The King of Crypto', Bitcoin, is always characterized as BTC. This is first and foremost the most common symbol you will come across.
One of the run-offs of Bitcoin, Bitcoin Cash, is characterized as BCH.
The second most popular and biggest by market cap cryptocurrency is Ethereum, known as ETH.
Ethereum, or ETH, has its own run-off as well, known as Ethereum Classic, or ETC.
Litecoin, another one of the most popular cryptocurrencies, is known as LTC.
Ripple, known as XRP, is one you may have also heard about. It has had plenty of news coverage over the last year, given the head-to-head battle with the SEC.
Stellar, or Stellar Lumens, going by the short form XLM, is another cryptocurrency popular amongst traders.
Dash, or DSH also remains popular in both the cryptocurrency and trading community. Monero (XMR), EOS (EOS), and Zcash (ZEC) are not far behind.
Of course, there are hundreds of other cryptocurrencies to be discovered, along with their abbreviations or acronyms, but this core list will get you well-versed as a beginner or newbie.
It is notable to mention, all of the above listed cryptocurrencies can be traded at Admiral Markets with our cryptocurrency CFDs. We offer 30+ digital currency vs fiat pairs and digital currency cross pairs.
If you are new to trading, to cryptocurrency (or both), we recommend you first try our free demo account:
What is Apeing in Crypto?
Let's get on with some more exciting and lesser-known terms, also giving some insight into the culture behind cryptocurrency.
The term 'Apeing' can be seen often across the crypto community. Coming from the term 'ape' (yes, the animal), Apeing is used when a trader buys a new token or a coin, for example right after its launch, without doing any proper research or due diligence.
Why would a trader do this? Buying something to trade without any research is obviously not a wise move. Well, such a trader is usually doing so when they have a certain fear that they may be missing out on the next big thing – which appropriately leads us to our next point.
What is FUD in Crypto? What about FOMO?
The crypto slang term 'FUD' stands for simply, 'Fear, Uncertainty, Doubt'.
While we are on the same train of thought, the term 'FOMO', perhaps more generally common, stands for 'Fear Of Missing Out'.
The rise and trend of cryptocurrency has certainly had the effect on people, that no one wants to miss out on the next big thing. However, that so-called fear should never take over logic and keep you from doing your own due diligence.
It is very difficult, if not impossible, to completely remove emotion from trading; this is something every trader truly has to practice. Trading psychology and risk management are crucial to the success of any trader, regardless of the markets they trade.
Never let 'FOMO' or your emotions override your trading plan or common sense.
What is HODL in Crypto?
Aside from the above, one of the most popular crypto slang terms that you have very likely seen once or twice, is the infamous 'HODL'.
Given the mass amount of volatility seen over the years on the cryptocurrency market, 'HODL' could be extremely appropriate. It stands for 'Hold On For Dear Life'. Reassuring, isn't it?
Well, this crypto slang term does serve a purpose; the expression 'HODL' is meant as an encouragement to cryptocurrency traders not to sell in a panic when the price starts to fall. In theory, this is wise advice.
This acronym is seen often, and as juvenile as it sounds, it may have saved many traders from exiting based on a purely panicked emotional state.
Other Crypto Slang Terms You Don't Want to Miss
As there are what seems like endless cryptocurrency tokens, there is equally an amount of endless crypto slang terms.
While we have covered the most well-known and popular, let's dive a little deeper into the cultural world of cryptocurrency. The below terms are commonly used in cryptocurrency trading, so are well worth taking note of.
Whale: A 'whale' is considered an individual or entity which owns a significant amount of cryptocurrency – for example, 1,000 BTC or more, for scale.
Moon/Mooning: Have you ever come across the expression "when moon?"? Moon or Mooning in cryptocurrency terms simply is meant to describe when the price of a coin is skyrocketing, or increasing in price at a very fast pace.
ATH: Known as 'All Time High', this acronym can be useful from a trading perspective, as it defines the highest ever listed price of a coin or token. Naturally, this is a good number to be aware of and gauge from when you are considering your entry and exit points whilst trading crypto CFDs.
DeFi and Dapp: Two terms coined by Ethereum, and terms you will likely see a lot more of. 'DeFi' stands for Decentralized Finance, a blockchain-based form of finance. 'Dapp' stands for Decentralized applications, an app which runs on a decentralized software or computing system.
Forking: More of a blockchain term, 'forking' or 'fork' is used to describe when a specific blockchain breaks off into two different parts – like when a Bitcoin 'forked' and a chain of that specific blockchain became Bitcoin Cash (BCH).
REKT: Simply an internet slang for "wrecked", the term REKT can be used when someone experiences a large financial loss when crypto trading – probably whilst not using either a trading strategy or any form of risk management.
DYOR: This could be amongst one of the favourites – Do Your Own Research. There is some common sense amongst this community, after all! As there is always something 'new' in terms of coins and tokens, 'DYOR’ is a crucial acronym to take to heart.
Pump and Dump: Highly illegal, 'pump and dump' is basically a manipulation scheme where a large amount of an instrument is bought to inflate the price, known as the pump, and then sold for quick profit, known as the dump. As you may be aware, this is an illegal practice known not only in cryptocurrency.
Bagholders: The term 'Bagholders' speaks for itself – a trader or investor who keeps a large amount of a coin or token, no matter how it is performing. Naturally, the hopes are that the asset will improve and eventually be sold at a profit.
Diamond Hands: Gaining popularity in the time of cryptocurrency, 'Diamond Hands' describes a trader or investor who refuses to sell, regardless of losses. This is very much one in the same as 'Bagholders', and can be said for stock traders as much as it can be said for crypto traders.
Weak Hands: Another term not only relevant to crypto, but to stock and Forex trading as well, is 'Weak Hands'. It basically describes traders who do not have full conviction in their strategy, tending to Sell at a loss.
Are You Trading Crypto CFDs?
While you are certainly now well-versed when it comes to crypto slang terms, whether you are trading crypto CFDs or not is another story.
The trading community as a whole has held crypto as a hot topic for quite some time. As cryptocurrency grows in mainstream popularity, more traders are venturing down this path to see if cryptocurrency has a place in their portfolio.
As mentioned, at Admiral Markets we offer 30+ cryptocurrency CFDs, paired with both fiat and digital cross-pairs.
However, if you do not feel knowledgeable enough in this sector, or perhaps lack the time to monitor this volatile market – You may want to consider the option of copy trading (read more about copy trading here).
You may follow and copy digital currency CFD traders and their portfolio, as well as traders across multiple other sectors. Login or sign up and you can browse the Admiral Markets copy traders, some of which focus solely on trading cryptocurrency CFDs:
Other articles you may find interesting:
Conclusion
While by no means do you need to consider yourself a 'crypto expert', you are certainly on your way to understanding this volatile and eventful asset class in a more clear and concise way.
One of the most interesting parts of following the cryptocurrency vertical, is that there is constant change and excitement, which can be both thrilling but needs to be exercised with caution. If you want to try cryptocurrency CFD trading, your best option is to first trade with a free demo account, before risking any capital. Remember, education is a journey without a destination – and practice makes for ongoing improvement.
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