Krypto has gradually existed for a long time, it has developed large communities which have come up with a lot of different slang and terms. This makes it difficult for the new investor who wants to get involved in cryptocurrency to understand what people are really talking about.
Here is my complete guide that describes some of the most commonly used terms like "what does HODL mean?" and much more. Let's dive into it.
HODL
We start with the probably most used term: HODL stands for: “Hold On for Dear Life” and has become one of the basic approaches for the early crypto investors. HODL is thus an approach for the long-term investors who just have to "HOLD" or "HODL" no matter what the price may do.
People who hold on to their cryptocurrencies longer are therefore called "Hodlers" and the contrast to this is called "weak hands".
The word originated in 2013 when a guy on a forum made a post called "I AM HODLING" where he should have originally written "I AM HOLDING". Of course, the word “HODL” quickly became a meme, and has hung around ever since.
I am hodling
So what does HODL mean? Yes something as simple as. Team.
Shitcoin
Ruben Somsen who is co-host on the podcast "unhashed" is the man who created / defined the term: shitcoins. He defines it thus:
“Shitcoin is a coin that can be predicted to go to 0 because of its deficient fundamental value. Its creators and past users deny all criticism and focus heavily on misleading marketing to extract maximum value from new "investors" and leave them with the inevitable loss. "
ruben somsen shitcoin
Are there many shitcoins right now? YES! Many people believe that about 99% of all coins right now are shitcoins, and just to make the story a little more fun, there is actually a coin called "Shitcoin" abbreviated with $ SHIT
RATE
Rate is short for "satoshis". Satoshi Nakamoto is the creator (s) behind bitcoin, hence “satoshis” or rate. 1 Rate is = 0.00000001 Bitcoin, the smallest fraction of a bitcoin you can buy / send.
Whale
Whale’s are the big owners of bitcoins, they are the ones who own many bitcoins, everything from a few hundred bitcoins to several thousand bitcoins. Large funds that buy into bitcoin are therefore also called whales as they also trade several thousand bitcoins at a time.crypto whale
FOMO
FOMO may not be so exclusively dedicated to crypto, nevertheless the word is used VERY much. FOMO stands for "Fear of Missing Out" with several thousand coins their nails violently all the time it can be easy to get FOMO.
This is one of the most important things you can master when investing in general, but it also applies to other aspects of life such as; when you get an ad on facebook with some random product that says "hurry up and buy there is only 1 left" or "hurry up and buy 95% discount only today".
FUD
Fear uncertainty and doubt. Like FOMO, FUD is quite self-explanatory. It's a feeling you have when the market suddenly crashes around your ears and you read articles everywhere that bitcoin is now dead.
Those who make articles about "bitcoin is dead" or in other ways spread information about crypto that lead to FUD (fear, uncertainty and doubt) are called FUDsters or corporate / mainstream media.
Hopium (addict)
Hopium are people who rely on false hopes and ignore facts that go against what you believe in. Some memes at the moment are that people who still believe in XRP will be the world's reserve currency (USD right now) are called Hopiums.
hopium meme
As communities grow, we will probably see more and more slang, and of course there are also many more than I have described here. That being said, I have tried to address some of the slang words and terms that are used the most. So when your friend starts investing in crypto and asks what does hodl mean? So you are ready to answer ??.
