In your journey to learn from and connect with others in the crypto world, you will have opportunities to chat on platforms like twitter, telegram, discord and facebook. In those conversations you will come across many of the following terms.
FOMO
Fear of missing out. - You can use this term in your everyday life. However, if someone says FOMO in crypto-related topics, they’re probably feeling an urgent need to get in on what everyone else is doing: buying a certain cryptocurrency when they think its price is about to hike!
Shill
Someone purposely promoting something for their own benefit. - The word “shill” didn’t originate in the crypto world, but there are many reasons why this term became popular in this space. Who would shill, you ask? Most likely, someone who has invested in a particular coin that isn’t doing so hot, and is hoping other people would buy it and bump the price up. It’s all for personal gains.
FUD
Fear, uncertainty, and doubt. - The crypto community’s sentiments swing like a yo-yo from time to time, causing prices to rise or drop. FUD in cryptocurrency is a psychology trick used to spread doubt and fear which would cause that certain coin to drop in price. Who does it benefit? Clearly, the people that spread FUD!
HODL
Hold on to dear life (or “hold your coins” for a straightforward meaning). - “HODL” is probably the most famous typo among the crypto community. Originally intended to simply mean “hold” on a Bitcoin forum, HODL means to hold onto a coin even if it’s crashing, hoping for a bullish market in the future.
Rekt
To suffer losses from coins that have dropped in value. - Yes, “rekt” comes from the word “wrecked” in gaming and is used when a player gets completely destroyed in a game. So when someone loses a great deal of money from their collapsed coins, they get #rekt!
(Moon)ing
When a cryptocurrency is about to soar in both price and volume. - Your coins can get you #rekt when they fail or take you to the moon when their prices skyrocket. Famous example? When Bitcoin’s price sprang up from 900 to 20,000 USD in 2017!
Whale
An investor who owns five percent or more of any cryptocurrency coin. - For instance, in the case of Bitcoin, a whale would be someone who owns as much as 8 billion USD worth of Bitcoin (assuming the total value of all Bitcoins in the world is 160.4 billion USD). That’s the same amount of money as giving 24.38 USD to every single person living in the US!
PnD - Pump and Dump -
Pump happens when a great ton of attention leads to a coin’s price increase; dump happens when the coin’s price crashes after an associated spread of negative emotions. Pump and dump is yet another tactic used by groups to manipulate the sentiments of the crypto market. Beware of what the whales do—if they pump and dump, you may see big waves in the crypto’s value!
Bagholder
Someone holding onto a coin that has plummeted in price. A bagholder is honestly a synonym for a typical hoarder hoping that one day, just one day, a sturdy plastic bag or big cookie tin would come in handy. Unlike a hoarder, however, the value of a bagholder’s possessions has unfortunately tanked. *sobs*
Sats
Short for Satoshi, the smallest unit of Bitcoin. Tne Satoshi is equivalent to 0.00000001 BTC, which doesn’t sound like a lot, but hey, if Bitcoin’s price ever goes to the moon, then every Sat you own matters!