Top Crypto Slang Terms You Should Know In 2022

We bring to you some of the commonly used crypto slang terms. A cryptocurrency, or crypto coin, is a digital currency that works as a medium of exchange over a computer network and is not backed or maintained by any central authority, such as a government or a bank, hence has a certain amount of risk involved with respect to its profits.

It can be perplexing to read about cryptocurrencies, which are decentralized digital assets that run on a blockchain. The vocabulary of bitcoin might appear like its own language, including technical jargon and acronyms as well as slang. Cryptocurrency aficionados have developed new ways to define, ritualize, and give significance to the flow of decentralized money during the last decade, otherwise called crypto slang.

See Also: Why Are There So Many Cryptocurrencies? | And Bonus Questions

Popular Crypto Slangs

Hence, here are some crypto slangs you must know:

An Address

It is a string of characters that serves as a location for people to receive, store, and send cryptocurrency.

Altcoins

In crypto slang, all cryptocurrencies that aren’t Bitcoin are “altcoins”.  The phrase casually applies to a variety of other cryptocurrencies as well.

Bitcoin Maximalist

A Bitcoin Maximalist is someone who believes Bitcoin is the only cryptocurrency with any value.

Blockchain

A blockchain, which is made up of a sequence of blocks, is a digital ledger that keeps track of all valid bitcoin transactions.

Blocks

A blockchain is made up of blocks, and each block contains a historical record of all cryptographic transactions until it is full.

BTFD

It stands for “Buy The F**king Dip” and is an acronym for “Buy The F**king Dip.” This crypto slang is used when a trader instructs others to purchase a digital currency that has lost its value and is called employed.

dApps

A dApp is a shorthand for “decentralised app,” which refers to any practical blockchain and/or cryptocurrency application.dApps include mobile games, messaging systems, and social media sites.

Decentralized Finance is abbreviated as “DeFi”

DeFi is a crypto movement that aims to not only exchange decentralized currencies but also do it in a decentralized manner. The most prominent Decentralized exchange protocols, which automate the exchange of cryptocurrencies between buyers and sellers without the need for an intermediary, are the most prominent DeFi projects.

Fiat

The term “fiat” refers to government-issued currencies such as the US dollar and the Japanese yen. In a wide sense, fiat refers to any money controlled by a central government. Due to its decentralized form, Bitcoin provides a counterbalance to traditional fiat currencies.

Gas

When executing transactions on the Ethereum blockchain, gas is the cost of computing power, which then passes on to network participants in the form of fees.

Halving

One of the most anticipated Bitcoin events is the halving. The rewards for mining Bitcoin comes to a half after the mining of about 210,000 blocks. This typically takes four years. The goal of halving is to keep the amount of Bitcoins in circulation from growing exponentially.

Hash Rate

Hash rate is a metric for computational and processing power used in cryptocurrency mining, which is the process of obtaining a cryptocurrency using powerful computers and custom software. A network with a greater hash rate is more stable.

Hodl

It is a slang term, not a typo. According to Internet mythology, an early Internet enthusiast’s finger slipped and he typed “Hodl” on an Internet chat forum. Thereby, imploring his fellow investors not to sell. When Bitcoin prices fall, devoted investors encourage one another to “Hodl” and not sell their tokens. Hodl’s hypothesis is that, despite major declines, Bitcoin’s price will continue to rise.

ICO (Initial Coin Offering)

An ICO (Initial Coin Offering) is a method for blockchain projects to raise funds and establish their virtual currency networks. The popularity of initial coin offerings (ICOs) skyrocketed in 2017 and 2018 as a result of the broader market craze. The Securities and Exchange Commission has sued a number of ICOs for being classic pump-and-dump operations.

Mining

It is a process where one creates new coins. Many cryptocurrencies use a proof-of-work mining system. In this, the processing power comes in handy to solve difficult arithmetic puzzles in order to safeguard a network. Along with that, it also generating revenue and minting new coins.

Pump and Dump

Pump and dump is a type of price manipulation in which the price of a cryptocurrency artificially inflates (pump) by bogus recommendations before the assets sell at a higher price (dump).

Satoshi

It can refer to one of two things. The first is a nod to Satoshi Nakomoto. Who was bitcoin’s unknown creator. Satoshi also refers to a unit of currency, which is equivalent to.0001 Bitcoins.

NFT (Nonfungible Token)

An NFT (Nonfungible Token) is a digital asset that grants ownership of a virtual good, such as a work of digital art or an online collectible. Most cryptocurrencies are “fungible,” meaning that there is no discernible difference between one coin and another.

Stablecoin

Any cryptocurrency or blockchain-based token whose value is tethered to another source of value–often a fiat currency–is known as a stablecoin. This crypto slang has the value of One dollar-pegged stablecoin, for example, is worth $1. Stablecoins are a type of cryptocurrency to facilitate cryptocurrency trading and cross-border finance.

Token

A token is a digital financial unit in crypto slang, such as Bitcoin.

To the Moon

When someone says To the Moon or uses a rocket emoji, they are implying that they believe the price of a cryptocurrency will skyrocket.

Rekt

It is a crypto slang term that means “wrecked.” When a trader loses a significant amount of money, it comes in use.

Wallet

It is a crypto slang term for when a cryptocurrency wallet functions similarly to a physical wallet in that it serves as a repository for tokens. However, not all cryptocurrency wallets are equal. Cryptocurrencies are more accessible thanks to online “hot” wallets, but they are also more vulnerable to hackers. Digital assets are available offline in “cold” wallets, making them secure from malicious actors yet difficult to sell.

Wales

Investors and trading firms holding enormous quantities of cryptocurrency called “whales.” They have the ability to influence markets with single trades. Also, You might think that cryptocurrency mining requires a series of devices, including GPUs and big monitors, but thanks to up-gradation in technology, you can now do it on your smartphone or iPhone

See also: How To Mine Cryptocurrency On Android

Trading in cryptocurrency

You can trade in crypto in the following ways:

  1. By manually studying the market and investing as you see fit.
  2. By using different trading websites like Coinbase, Oilprofit, Voyager, BlockFi, Uphold, etc.
  3. Choose a method for storage.

FAQ’s

Is crypto different from Bitcoin?

The most well-known cryptocurrency, Bitcoin, is the one for which blockchain technology was created.

Is crypto a good investment?

Cryptocurrency could be a decent investment if you're willing to understand that it's a high-risk gamble with a chance of paying off – but also that you could lose all of your money.

Is crypto taxable?

Cryptocurrency is subject to taxation. Cryptocurrency is classified as property by the IRS. Transactions involving cryptocurrency are taxable under the law like transactions involving other types of property are.

Conclusion

Remember that investing in crypto has its risks. Because cryptocurrencies are so volatile, day trading them may be quite profitable. The above crypto slangs are all you need to know while trading in the crypto market 

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Aloukik Rathore is a Delhi-based entrepreneur, gadget lover, and absolute geek. He loves spending time learning about new innovations and runs a digital marketing company, Cannibals.