BREAK THE CRYPTO LANGUAGE BARRIER — Crypto Lingo Defined

How familiar are you with the ever-evolving crypto phraseology?

Have you ever come across a crypto meme but have no idea what it means? We also see crypto-related news dominating just about every medium on the internet, with cryptocurrency and the technology behind it becoming more prevalent in our global society. But there’s a bit of a language barrier regarding the terms used, and it’s growing as new terminology is invented.

Hold On For Dear Life — HODL

I’ll start with the most common cryptocurrency term, HODL, which is considered the acronym for “Hold On For Dear Life” and has become one of the core philosophies of cryptocurrency investing. HODL means holding on to your cryptocurrency for the long term and paying no attention to the short-term price action.

Fear Of Missing Out — FOMO

FOMO is short for “Fear Of Missing Out,” and in the context of crypto, FOMO is what you feel when you see the price of a coin or token that you don’t have in your portfolio reaching new ATH, which is an acronym for all-time highs.

Fear Doubt And Uncertainty — FUD

The opposite of FOMO is FUD which is the abbreviation of Fear, Uncertainty, and Doubt. FUD is pretty self-explanatory; it’s what you feel when you see the crypto market crashing or see a viral news article about how Bitcoin is dead. People who spread FUD are referred to as fraudsters and of which the corporate media has been guilty.

Hopium

It’s essential to back up your beliefs about a cryptocurrency using solid facts and statistics; otherwise, you may be at risk of becoming a hopium addict. Hopium is an addiction to false hopes and is a blend of the two words “hope” and “opium.” It’s used to describe a fictional drug to help one stay hopeful in times of stress.

Copium

Copium is a blend of the words “cope” and “opium.” A user of the Urban Dictionary defined copium as “a metaphorical opiate inhaled when faced with loss, failure or defeat, especially in sports, politics and other tribal settings.

Shitcoin

Co-host of Unhashed Podcast, Ruben Somsen, is credited with defining what a shitcoin tweeting a shitcoin is “a coin that can be predicted to go to zero because of its flawed fundamentals, its creators and adopters deny all criticism and focus heavily on misleading marketing in order to extract maximum value from new “investors,” saddling them with the inevitable losses.”

Image source 99bitcoins
Image source 99bitcoins

Shill

Shill has become a popular term in the crypto space and refers to a person who will promote a particular cryptocurrency, typically using baseless information, for their personal gain. Many crypto projects assign bounties for influencers who “shill” their crypto. A “Shiller” encourages others to invest in a cryptocurrency so that the interest grows, and people buy it, and the price of the coin or token increases.

The word “shill” didn’t originate in the crypto world. It is commonly used by casinos where collaborators (shillers) are given a stack of chips to play so that the other gamblers don’t have to feel alone in losing.

Shillers are often seen as fraudsters; however, what constitutes a shill is of personal opinion. Sometimes, we can see the use of shilling when a person makes damaging, occasionally false accusations about a specific cryptocurrency. A Shiller may want a competing crypto to fail so that theirs becomes more valuable.

Pump And Dump

A “pump-and-dump” strategy is a form of market manipulation that has been around long before cryptocurrencies existed. “Pump” happens when a coin or token’s attention and demand in the market goes up, leading to a price increase. Then, everyone “dumps” the cryptocurrency and sells, coupled with a spread of negative emotions towards it. This will result in big waves in the crypto’s value.

Like FUD, pump and dump is another tactic they use to manipulate the sentiments of the crypto market. In many cases, traders artificially inflate the price of cryptocurrencies with the hope of making a quick profit at the expense of other investors.

Airdrops

Airdrop has become a central feature of the cryptocurrency space. It refers to the practice of crypto projects giving away free tokens to the public. This can lead to an increase in the project’s publicity and token circulation. It then gets more people trading it when it lists on an exchange.

In Closing

There you have it. Just some of the key crypto slang terms, and you’re likely to come across many more, along with new words and acronyms that will find their way into the crypto world as the industry evolves. To check out a few more, visit cryptocurrencyfacts.com. Cryptocurrency slang is a handy thing to know, and knowing where all these terms came from really highlights just how far the crypto asset class has come.

I am a writer for the Market Network and crypto/blockchain industry. I’m a strong advocate for technology, progress, freedom of speech and I embrace “Change”.