Cryptocurrencies have taken the world by storm, with many investors jumping on board to search for high profits. However, this emerging industry comes with a new language: crypto slang. If you're new to the world of cryptocurrencies, it can be challenging to navigate the unique terminology used by the community. In this article, we’ll break down some of the most commonly used crypto slang terms to help you understand the language and communicate like a pro in the cryptocurrency world.

How many crypto terms are there?

There is no definite number on how many crypto slangs exist, given that the crypto market is constantly evolving. When you dig deeper into the world of crypto, you may come across some new phrases every day. To effectively communicate and navigate this dynamic market, it is critical to stay up to date on the latest lingo.

Top commonly used crypto slangs and what they mean

In the section that follows, we'll explain some of the most commonly used crypto slang terms, including "ATH," "FOMO," “HODL,”"moon," "rekt," "whale,” and among many more. Additionally, we'll go over some crypto mining lingo to help you understand and communicate with others in the mining community. Let's get started and expand our crypto vocabulary! (All phrases are in alphabetical order)

ATH

ATH stands for “all-time-high”, which refers to the highest price a cryptocurrency has ever reached.

Bagholder

Bagholder is someone who holds onto an asset even though its value continues to decline to near zero. These people often believe that the price of their cryptocurrency will bounce back someday.

Cryptosis

Cryptosis refers to someone who is obsessed with cryptocurrency and cannot stop talking about it.

DYOR

DYOR stands for “do your own research”, which is commonly used to encourage individuals to not rely on views of others opinions when making financial decisions, and to do their homework before investing in cryptocurrencies.

Exit Scam

Exit scam is a fraudulent practice in which a cryptocurrency company or individual, generally the team behind a cryptocurrency project, abandons the project and disappears with the funds raised from investors. The scheme's operators typically promise investors significant financial returns. A well-known example of such a fraud is "Crypto Queen."

FOMO

FOMO is short for “fear of missing out”, which refers to the anxiety or regret that an investor may experience if they do not buy in a cryptocurrency whose price is soaring. It has been a major driving force behind Bitcoin's price surge and fall in 2017. You should be mindful of such fear because it can lead to irrational investment decisions and cause significant loss.

FUD

FUD stands for "fear, uncertainty, and doubt," and it is a psychological tactic used to manipulate people's perceptions of something by circulating misinformation . FUD can have a negative impact on the market value of a cryptocurrency. When markets are rising, people may fall to FOMO; when markets are falling, FUD can spread more easily..

HODL

HODL, the misspelling of ¨hold¨, refers to keeping one's crypto investments even during times of market volatility. It is used to promote patience in traders who, rather than panicking and selling, should wait to ride out the price dips.

Moon

Moon describes a crypto coin that has a strong upward market trend; "To da moon" refers to the hope or expectation that the price of a specific cryptocurrency will rise dramatically. Individuals who are overly optimistic about the prospects of a coin are referred to as moonbois or moonboys.

No-coiner

No-coiner is a term used to describe someone who is highly critical of cryotos and feels they have little to no worth. These people do not hold any digital currency in their portfolio and believe that crypto is doomed to fail. Overall, they are pessimistic about crypto and do not see a use case for it.

Noob/Newb

Noob/ newb/ n00b/ newbie all refer to someone who is new or inexperienced to crypto. Noobs often are victims of exit scams, so invest carefully when you first enter the space.

Pump and Dump

Pump and dump is a type of scam in which a group of people artificially inflates the price of a crypto through false or misleading positive information. They purchase large quantities of the token at a low price, causing demand and price to rise. Once the price rises, they quickly sell holding for big profits, leaving those who purchased later with significant losses. This is unlawful practice and is considered as market manipulation. Pump and dump scam does not only occur in cryptocurrencies, but also other various assets such as stocks,

Rekt

Rekt is the misspelling of wrecked. You're rekt if you lose a lot of money as a result of a bad trade or investment.

Sats

Sat is short for Satoshis. A sat is Bitcoin’s atomic unit and each Bitcoin can be divided into 100,000,000 satoshis (1 sat= 0.00000001 BTC）. It is named after Satoshi Nakamoto, the creator of Bitcoin.

Shilling

"Shilling" is the act of promoting a specific cryptocurrency, often through false or exaggerated narratives, in order to generate enthusiasm and attract potential buyers to invest. Shillers are those who advocate projects in a biased manner. They may have a vested interest or be paid to promote a certain coin or token.

Whale

Whale refers to a person or entity who holds a large amount of a specific cryptocurrency, enough to have an impact on the market should they buy or sell. They have sufficient funds to possibly manipulate the market, and their trades may cause brief volatility, particularly in low-liquidity assets.

Wen Lambo?

Wen lambo is the misspelling of when lambo. It is a slang term used in the crypto community to ridicule those who are overly focused on a coin's price and to query when a crypto investment would be worth enough to buy a Lamborghini. Lambo arose from the trend of wealthy crypto investors buying Lamborghinis as a status symbol, and it has since become a symbol of success in the crypto community.

ASIC

ASIC is the short for Application-Specific Integrated Circuit. It is a type of computer chip that is designed to perform a certain purpose within the blockchain network, such as mining. ASICs are very useful for mining Bitcoin and other digital currencies that use proof-of-work consensus algorithms. They are much faster and more efficient than traditional computer hardware at performing the complicated calculations required for mining.

Block reward

Block reward refers to the amount of crypto rewarded to miners or validators for successfully adding a new block to the blockchain network. It consists of two components: the block subsidy (newly generated coins) and transaction fees. Block rewards are an incentive mechanism designed to encourage participation and competition among miners and validators.

Fork

Fork occurs when the rules or protocols governing a blockchain network change, resulting in a split in the blockchain's transaction history into two distinct routes. Hard forks, which are permanent divergences, and soft forks, which are transient divergences, are the two most common forms of forks. Bitcoin (BTC) and Bitcoin (BCH) are the most well-known examples of hard fork.

Halving

Halving is an event that occurs in some blockchain network in which the reward granted to miners for validating transactions and adding new blocks to the blockchain is cut in half. Bitcoin halving takes place every 4 years. The Bitcoin block reward is set to reduce from 6.25 Bitcoin per block to 3.125 Bitcoin per block in 2024.

Hash Rate

Hash rate refers to the amount of computing power used to mine or validate transactions on the network. It is measured in hashes per second (H/s), and the higher the hashrate, the more computing power is being used to secure and process transactions on the blockchain.

PoS

PoS is short for proof-of-stake, it is a blockchain consensus mechanism that selects validators based on the amount of cryptocurrency they hold, as opposed to the energy-intensive mining employed in PoW. Validators are incentivized to conduct honestly since they risk losing their investment (stake) if they act maliciously.

PoW

PoW is short for proof-of-work, it is a blockchain consensus mechanism in which participants compete to solve complex math problems in order to validate transactions and add new blocks. The first participant to solve the problem receives a newly minted coin, but this process consumes a significant amount of energy.

SHA-256

SHA-256 is the short for Secure Hash Algorithm 256-bit. It is a widely used cryptographic hash function in blockchain that ensures data integrity and creates digital signatures. In mining, SHA-256 is used to generate a unique hash value for each block. This very secure algorithm takes a variable length input and generates a 256-bit long hash output.

51% Attack

A 51% attack is a security threat in blockchain networks in which an entity or group controls more than 50% of the computational power. The controlling party can use this attack to manipulate transactions, reverse transactions, and potentially double-spend cryptos. Decentralization across the network is crucial in preventing this type of attack.

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Thank you for taking the time to read our post. We understand that the crypto space is fast-growing and can be challenging to navigate. That is why we are committed to providing informative content on cloud mining and all things crypto. Check out our other blog posts for more useful information. As a leading mining service provider, we at Bitdeer strive to empower our readers with the knowledge and tools they need to stay ahead of the curve in this dynamic industry.