WORDS USED IN THE CRYPTO SPACE
If you’re a newbie in crypto, you’ll probably come across the following slangs we will be talking about here.
Just so you don’t feel intimidated and lost in conversations, I have taken my time to scout a few slangs that will fast track your understanding of this evolving world of defi.
We begin with:
1. HODL: “Hold on for dear life”. Originated as a misspelling of “HOLD”.
It is a term used by crypto investors that refuse to sell their cryprocurrencies despite favourable or unfavourable market conditions.
2. FUD: Stands for fear, uncertainty and doubt.
This refers to a situation where people spread negative feelings about a project.
The ripple effect of this is that it is very contagious.
And as such, it could lead to many people writing off a particular project which creates a bad atmosphere in the community.
“Hey Sara, kindly stop the FUD”.
3. FOMO: “Fear of missing out”.
This is the opposite of FUD.
FOMO is the feeling you get when you see the price of a coin or token you don’t own soaring through new all-time highs.
This is pretty normal.
No one would like to miss out on a potential 10x or 100x token.
4. DYOR: “Do your own research “.
Probably the most popular of them all.
What this means is that every crypto investor should take time and conduct due diligence on the projects they wish to be a part of.
You do this by reading articles on crypto newsletters, watching videos and maybe reading the project’s whitepaper.
An extra tip would be to weigh in the opinions of others against yours.
Check to see if you can strike a common perception.
5. MODS: Short form of moderators.
Mods are people who are dedicated to the sole purpose of engaging a crypto community on Discord, Twitter and Telegram.
They answer questions of community members.
They conduct contests or competitions.
They set out a strategy to grow the community organically.
They are endorsed to help out in day-to-day running of the community. If you ever need clarity on the objectives of a project, ask for the moderator.
“Hi there, who’s the mod in here, I have a question.”
5. NFA: Not financial advice.
This is a disclaimer put out by anybody or organisation that an opinion they share or believe in should not be translated as a signal to invest in a coin.
No one wants to be responsible for your financial loss if things go sour. This is why you need to DYOR.
“Vince is a good project with a lot of potential, NFA.”
6. Paper Hands: This is used to refer to a group of people who sell off a cryptocurrency for immediate gains after a short period of time.
I cannot really advice you on what to do about this. Just follow your guts in every situation.
7. Rug pull: You should be wary of every rug pull.
Rug pulls are a lucrative fraud in which a crypto developer advertises a new project to investors — usually a new token — and then disappears with tens of millions or even hundreds of millions of dollars.
8. Rekt: REKT (or rekt) is a misspelling of “wrecked”.
“Getting rekt” refers to a cryptocurrency trader who is utterly ruined and destroyed due to losses from a recent price crash.
9. P2E: Play to earn. This refers to any blockchain game that pays users incentives for just playing. Examples include Axie Infinity, Decentraland, The Sand Box.
Incentives are usually in form of NFTs or tokens that can be traced for money.
10. PFP: Profile picture. Refers to a type of NFT that had grown in popularity.
11. Noob: A noob is simply a new person in crypto. Someone who is a beginner is called a noob.
12. Mint: In cryptocurrency, minting is a decentralized method that enables a person to generate a new token without the involvement of a central authority, such as the government or the bank.
It can either be a non-fungible token or a crypto coin.
13. GMI: Gonna make it.
14. WAGMI: We are gonna make it.(Yes, we will)
15. NGMI: Not gonna make it. 🌚
16. LFG: Let’s f*cking go!
17. OG: Original gangster. Slang for original.
18. dApp: Decentralised apps.
A decentralised application is an application that can operate autonomously, typically through the use of smart contracts, that runs on a decentralized computing, blockchain system.
19. BTD or BTFD: Buy the dip / Buy the f*cling dip.
20. AMA: Abbreviation for Ask Me Anything.
AMA’s are like conference calls where projects developers engage with the community and are open to any type of questions from anybody.
21. Dump: Refers to when people sell off.
22. Ape in: It is a situation whereby people buy in projects without much scrutiny. They buy and leave early for profits.
23. DeFi: Decentralised Finance, this refers to any form of blockchain technology.
24. GameFi: Game Finance
25. DEX/CEX; Decentralised Exchanges / Centralised exchanges. The difference in both is who controls. One is controlled by a central body, one is not.
26. Flipping: Buy low, sell high.
We’ve come to the end of this article.
Learning these slangs will save you some embarrassment and make you seem like a pro when discussing crypto.
Learn and begin to use in appropriate contexts.
See you next time.