In cryptocurrency and Web3 space, understanding the jargon is crucial. With new terms and concepts emerging almost daily, it can be challenging to keep up especially on Twitter.
Hence it’s important to get familiar with these crypto slangs and jargon.
Common Cryptocurrency Terms
Here are some of the popular cryptocurrency terms used during communication.
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Address
An address is a unique set of alphanumeric characters that can send and receive cryptocurrencies and NFTs on a blockchain.
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Airdrop
Airdrop is the distribution of free cryptocurrency tokens or coins to a specific group of wallet holders, often as part of a promotional campaign or network upgrade.
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Bearish Market
A downward trending market.
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Bullish Market
An upward momentum in the market where the prices continually increase.
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Burn
Permanently removing a number of crypto tokens from circulation.
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Cold Wallet
An offline wallet that is not connected to the internet, making it less vulnerable to hacks.
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Fiat
Fiat currencies are currencies issued and controlled by the governments or states like the US Dollar or British Pounds.
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Fork
A split in a blockchain’s path resulting in two separate blockchains.
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Gas Fee
The necessary cost paid to network validators to complete a transaction on a blockchain network.
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Gwei
A gwei is one billionth of an ETH, the native token of the Ethereum blockchain. It is used to pay gas fees on the Ethereum blockchain.
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Halving
A programmed reduction in the reward for mining new blocks in a blockchain, created to control inflation. Bitcoin and Litecoin, for example, have a halving event approximately every four years.
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Hot Wallet
A wallet connected to the internet, making it convenient for transactions but more vulnerable to cyberattacks.
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Market Cap
It refers to the worth or total value of a cryptocurrency in the market.
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Liquidity
The ease of converting a digital asset or cryptocurrency to another or cash without unnecessary price fluctuations.
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Metaverse
A virtual reality space or digital universe where users can interact, work, and play, often using blockchain and NFTs.
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Mining
Validating transactions on a blockchain by solving complicated math problems.
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Node
A computer within a blockchain network that stores and verifies transactions, maintaining the network’s security and reliability.
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NFT (Non-Fungible Token)
Unique cryptographic assets that represent ownership of a specific item or collectible. They are indivisible, unreplicable, and cannot be exchanged one-to-one like cryptocurrencies.
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Private Key
A secret cryptographic code that allows access to your cryptocurrency holdings.
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Sharding
A technique to improve blockchain scalability by splitting the network into smaller parts.
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Solidity
An object-oriented programming language created to construct and design smart contracts on the Ethereum network.
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Smart Contract
Smart contracts are self-executing contracts with predetermined conditions directly written into code that automatically run when these conditions are met.
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Testnet
A testnet is a trial version used to test and develop a blockchain network.
Crypto Jargon
These terms are a little more advanced compared to the common cryptocurrency terms.
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Bagholder
A person who holds onto his investment rather than selling even in the face of a rapid decline.
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BTC Maximalist
A person who thinks that Bitcoin is superior to all other cryptocurrencies.
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Buy the Dip (BTD)
Buy the dip, or BTD refers to purchasing a crypto asset when the price has plummeted. The belief behind this is that investors hope the price of the crypto asset will pump in the future.
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Cryptosis
This refers to the thirst for never-ending knowledge about cryptocurrency.
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Diamond Hands
Investors who hold cryptocurrencies despite intense pressure to sell are referred to as “diamond hands,” similar to bag holders.
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DYOR
Do your own research! Investors are often advised to do their due diligence before investing.
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FOMO (Fear of Missing Out)
The anxiety of missing out on a profitable opportunity leads to impulsive buying.
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FUD (Fear, Uncertainty, Doubt)
Negative information or rumors spread to create fear and uncertainty in the crypto market.
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HODL
It means “hold on for dear life”, a misspelling of “hold,” often used in the crypto community to encourage holding rather than selling cryptocurrencies, especially during market volatility.
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ICO (Initial Coin Offering)
A fundraising method where new cryptocurrencies are sold to investors before they are officially launched.
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Mooning
Mooning means a cryptocurrency is rapidly rising in price.
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No-coiner
Someone who believes cryptocurrencies are either doomed to fail or will have a very low value in the future.
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NFA
In simple terms, NFA stands for "not financial advice”. It is used as a disclaimer to signify a lack of responsibility for any consequences of the advice given.
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NGMI
NGMI is a popular crypto jargon in the crypto community; it means “not gonna make it”.
For instance, sometimes it is used to make fun of people with a funny or negative opinion about cryptocurrencies.
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P2E
Play-to-earn (“P2E”) games are games built on the blockchain that allow users to acquire in-game assets and items.
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Paper Hands
Contrary to diamond hands, paper hands refer to someone who sells out of panic.
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Pump and Dump
A type of crypto scheme where scammers use manipulative tactics to put market sentiment in their favor. They hype cryptocurrencies before selling them for profit.
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Rekt
Short for ‘wrecked’ it refers to a heavy or major loss often caused by poor decisions on a trade or investment.
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Rug Pull
Rug pull is quite similar to pump and dump. It happens when a project team pumps their native tokens of their project before pulling out and not producing what was previously promised.
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SAFU
In the crypto space, SAFU means Secure Asset Funds for Users. More specifically, it implies that the funds are safe.
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Shill, Shilling
Shilling involves actively promoting a project or cryptocurrency to illicitly inflate its price and generate hype around it by inducing other investors to buy it. The perpetrator behind it is referred to as a Shill.
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Shitcoin
A cryptocurrency that doesn’t have any real purpose or utility.
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WAGMI
WAGMI means “we’re all gonna make it”.
Members of the crypto community say it to each other to spread hope and positivity.
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Wen Lambo?
Wen Lambo originated from a trend often used for successful traders and investors in the crypto community who purchased Lamborghinis after landing financial success.
By extension, it now means when a person gets rich from cryptocurrency.
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Whale
A whale is someone who holds a very large amount of a particular cryptocurrency.
Now that you are familiar with these crypto slangs and jargon, there will be no FOMO again. You can now understand some of the things that are discussed by crypto enthusiasts on Twitter.
WAGMI, see you at the top, friends!
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This article is intended for educational purposes and is not financial advice.
