Decoding Crypto Terminology; The Ultimate Crypto Jargon-Buster
With the growing demand for crypto, it has become necessary to decode the various crypto jargons for effective day to day investing. Newcomers to the world of Crypto may feel a little overwhelmed by the trading jargons. Worry Not, there’s a simple definition for everything.
From the intricacies of HODL and FUD here is a guide to cryptocurrency terminology
Whale - Unlike the actual aquatic mammals, #cryptowhales don't need saving. These deep-pocketed folks are early entrants and the "Don Corleones’" of crypto space. They generally have lots of coins, especially #Bitcoin, and you wouldn't want to irk them. Ever.
HODL - An intentional play on the word 'hold', #HODL means to not be a chicken. Holding onto your crypto & not selling them during a market crash. Doesn’t mean that you have to, but that's the idea. Similar to 'Holding onto your Dear Life' in PUBG or CS: GO.
Rekt - While trading in crypto markets, have you ever found yourself to be in the same emotional state as this emoji? Huge losses on your crypto investments with no hopes of recovering whatsoever? You just got wrecked or REKT. What's the solution? HODL, maybe?
Bagholder - When you buy crypto, and its value goes up, you are a successful investor. When the value goes down considerably, you just become a 'bagholder'. Thought for the day: Every investor was once a bagholder.
FUD - Rumors & misinformation abound in the crypto space. Individuals & mainstream media outlets both spread fear, uncertainty & doubt (FUD). Doesn't mean you should sell your crypto or lose confidence. When you encounter one, in your mind tell it to FUD off.
Shitcoin-Shitcoins are altcoins with no value at all. Folks get trolled for buying and 'HODLing' altcoins on social media all the time. Like fatsos fat-shamed for being fat. Whether you have #Bitcoin or altcoins, trolling a fat person is bad manners!
Faucet-A faucet usually represents a site or app where a user can navigate to for small rewards repeated over time.
Metaverse -Metaverse refers to a shared virtual world where you can buy land, buy groceries, wander around with your friends, and even attend events.
Wei -Wei is the smallest fraction of an Ether, where 1 Ether = 1,000,000,000,000,000,000 Wei. A whopping quintillion a.k.a the one with 18 zeros.
Crypto industry is an enthralling new space that has its own language. Hopefully these definitions of important crypto-terminology makes the move onto this space a little easier.
