Contents
Pump it or pamp it and its counterpart dump it is an ironic way of referring to the speculative and trend-driven nature of crypto. The meme comes almost always with one of the Bogdanoff Twins proverbially “pumping” or “dumping” the market. An obituary to the twins and their meaning for the space can be found here. Boomer refers to Baby Boomer and is used in a mocking way for people or concepts that are considered old and outdated.
- -oooor memes are ubiquitous and spring up almost every other day, depending on what the sentiment in the scene is like.
- They don’t own any cryptocurrencies, often express negative opinions about the market, and tend to hold more traditional financial views.
- One common way to do this is for the original developers of a token to create a hidden wallet, however it’s not the only way it happens.
- The digital waiting room where transactions are sent before they are included in a block by a miner.
- This fact comes from a song called “Fruit Salad” by the South Korean girl group named Wassup.
While there is no official threshold to be considered a whale, the number of coins or tokens held needs to be significant enough to have an impact on market prices should holders buy or sell. Essentially, they have enough funds to manipulate the market. You can read more on whales, bears, and bulls in our article. Non-fungible tokens are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
Crypto and NFT Slang Terms
A nuke refers to a sudden and hefty price correction in the markets. Since cryptocurrencies are highly volatile, prices have to go down by 10% or more to be considered a real nuke. Rekt is a misspelling of “wrecked” and refers to someone that has lost their money in the markets. Often, it was due to excessive risk taken by buying shitcoins or trading with leverage.
A ‘blockchain’ is a distributed digital ledger that’s used to record transactions. It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded. If there’s an error in an entry, then a new, revised entry must be made, and both entries will subsequently be visible on the ledger.
It is similar to a notary public in the traditional financial system. For a transaction to be considered valid, it must be approved by an oracle. Wrapping your Bitcoin can be seen as positive, as it allows you to use the benefits of both networks. However, it can also be seen as negative, as it can lead to an inflation of the currency. “Wrapped Bitcoin” is a term used to describe when a person takes their Bitcoin and “wraps” it in Ethereum. This can be done for a variety of reasons but is often done to take advantage of the benefits of both networks.
Bag holder
A decentralized blockchain network built by Vitalik Buterin in 2015. The Ethereum platform also gave rise to smart contracts – a subject we’ll dive into another week. As of March, ETH is the second most-valuable cryptocurrency in the world, after Bitcoin. FUD stands for “fear, uncertainty, and doubt” and it’s another one of the common crypto slang terms.
Asking someone which cryptocurrency they’re aping into is the same as asking them which cryptocurrency they’re buying. That said, “aping” is used so commonly in crypto circles that it’s worth including in a crypto slang list like this one. A “nocoiner” is someone that doesn’t hold any cryptocurrencies, and in the general sense could basically mean someone that doesn’t hold any bitcoin. Although many people state that this is a derogatory term, it isn’t always the case that it’s implications are negative – although it definitely could be used a such and often time is.
Seed Phrase
This term is often used as a way of saying that you believe the price will increase in the future. It’s important to remember that you should only invest what you can afford to lose, as the market is very volatile. This term is often used as a way of saying that the price will continue to increase. It can also be used as a way of expressing excitement about the future price of a particular coin. A “whale” is an individual or entity that owns a large amount of a particular cryptocurrency. If you are investigating altcoins and see this term being used a lot, it might be worth doing some extra research before investing.
A typo for “hold” that has come to mean “Hold On for Dear Life”. It became a rallying cry when crypto was having more downs than ups and hold was misspelled in a popular form post. A possible future event where Ethereum’s market capitalization overtakes Bitcoin’s. The unauthorized use of someone’s computer to mine cryptocurrency.
Cryptocurrency trading is mainly driven by emotions instead of valuation. This reason is why FOMO is a significant factor in swing trading with cryptocurrency. Whether you are a seasoned investor or a newcomer to the wonderful world of Bitcoin, you should be well acquainted with the different crypto slang and idioms related to it.
You may have to attend a few bitcoin meetups in order to hear this one tossed around. Proof of Stake, or PoS, is a system for validating transactions and establishing new blocks in the blockchain. It’s a consensus-based mechanism, with each validator’s role in the process https://traderoom.info/ being directly proportional to the size of their stake in the cryptocurrency that’s involved in the transaction. Layer 1 blockchains are the foundations of multi-level blockchain frameworks. They can facilitate transactions without support from other blockchain networks.
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed Bitcoin. A smol brain or smooth brain is the opposite of a gigabrain and refers to someone considered uneducated or not knowing something that is seen as common knowledge. Referring to someone as ser is the same as “Sir” but is another common misspelling that has established itself in the scene. Supposedly, it is a way of mocking Indian and East Asian crypto participants for their excessive use of the word . Looks rare is an ironic way of saying that an NFT may be valuable .
Best NFT Analytics Platforms for Traders and Collectors
It refers to investing in coins, tokens, or other assets when their price went down and it has fallen in value. The goal, of course, is to profit when the market bounces back. Due to the size of their orders, a whale’s transactions may create a temporary increase in volatility, especially in assets with low liquidity. Consequently, investors like to keep track of known whales in the industry to prepare for when they make a move.
Crypto enthusiasts might encourage you to buy the dip when a cryptocurrency’s price drops. Corey DiNardo Corey saw the need for more accessible blockchain education after having a friend try to explain bitcoin, blockchain, and ethereum numerous times, unsuccessfully. As he learned more, he was able to configure his computer to mine Ethereum and became an advocate for decentralization. Refers to people that panic sell instead of continuing to hodl as the value of a coin or the whole crypto market goes down. It contains a string of alphanumeric characters, but can also be represented as a scannable QR code.
Developers will send tokens to a blockchain address in exchange for a task, or even for free, to help decentralize the ownership of their tokens. A slang term for “address”, as in a crypto wallet’s address. A scamcoin is a type of coin how to hire a web developer that’s created with the purpose of stealing money from people who invested in it. Not your keys, not your coins is a popular expression and it refers to the belief that one must own their wallet keys to truly own their crypto.
When someone installs cryptojacking malware on your computer, they may be able to use your computer to mine cryptos without you realizing it. They can earn money from mining without having to buy equipment of their own or pay for the electricity to keep it running. Join our Discord Server.Become an Ambassador Help bring blockchain education to your community.Write a blog post Submit a blog on anything blockchain-related.
The goal of web three is to create a more open, secure, and accessible internet. Web three-dot-zero is being built by companies and projects such as Ethereum, IPFS, and ENS. Oracles are typically used in decentralised networks where there is no central authority to validate transactions.
‘HODL,’ ‘whale’ and 5 other cryptocurrency slang terms explained
It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Crypto.com App. By clicking the Get Started button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
Moon
Calling a coin a shitcoin is another way of saying it’s worthless. The term is used quite liberally, so depending on who you ask, even some of the most valuable coins may be shitcoins to them. Usually, though, shitcoins refer to cryptocurrencies without any obvious use case.
As the name suggests, Bitcoin Maximalists believe that Bitcoin is the only cryptocurrency of value and the only digital asset worth supporting. A Buy Wall typically refers to a group of transactions xtrade review in crypto that overwhelmingly represent buys that take place at a particular price point. Whales can manipulate buy walls and not all buy walls are indicative of a positive trend in the coin.
DAO is one of the popular crypto slang terms which refers to decentralized autonomous organizations. As its name implies, it’s a type of organization that has no central authority and operates autonomously. As you might guess, paper hands are the opposite of diamond hands. If diamond is strong, paper is weak, and paper hands signify a person who sells at the first sign of problems.
A block, the constituent element of a blockchain, is an individual unit in which data is stored. Confused about the difference between the blockchain and crypto? This glossary contains all of the most important web3 jargon that you need to know. A cryptocurrency whitepaper is a comprehensive document outlining the technical and economic aspects of a specific cryptocurrency. This term can be translated as When will you buy a Lamborghini? It’s a way to ask someone when they’ll get rich off of their crypto holdings, so rich that they’ll be able to buy an expensive car like a Lamborghini.
Bitcoin Maximalist
The views and opinions expressed in this article are solely those of the author. Vaporware describes protocols or dApps that provide solutions to non-existent or exaggerated problems. It often pitches decentralization as a key attribute of the solution. But often, decentralization only serves as a marketing ploy to make the product sound more appealing and innovative than it is in reality. In fact, vapourware means that the technology to deliver a grand project is not nearly developed enough to live up to the hype this project generates.