Top 20 most used Crypto slang you should know in 2023

When reading about Cryptocurrency it can sometimes become very confusing to understand the context, because of the jargon and terms used. Some of these terms are unique to the cryptocurrency ecosystem, in this article, we will cover the Top 20 most used Crypto slang you should know in 2023.

FOMO

FOMO stands for Fear of Missing out. In the context of Cryptocurrency FOMO means the fear of losing out on a promising cryptocurrency project which might give good returns to its investors in the future. When a FOMO is created for a project we see it shooting up and giving multiple returns within a few hours. It is one of the Top 20 most used Crypto slang you should know in 2023.

HODL

Hold on for Dear Life (HODL). Hodl is intentionally misspelt for Hold, which means holding a promising crypto project when the market is turbulent and there is a lot of negative news.

Example: Alex is a true believer in Bitcoin and a vivid Hodler.

FUD

Fear, Uncertainty and Doubt mean uncertainty around a crypto project or the crypto market as a whole. This happens when negative sentiments or rumours are spread by a certain person/ group of people (Fudsters) in the market and people are afraid to invest or save their already invested amount. Another important keyword that finds its place in the Top 20 most used Crypto slang you should know in 2023.

Example: The currency Bear market was caused because of FUD around crypto regulation by US Feds.

SHILL

Shilling is promoting a particular crypto project in different social forums like Discord, Telegram, Twitter etc. This is sometimes intentionally done by the marketing team to get more attention from the investors and create a FOMO around the crypto project.

Example: There are a lot of scammers who SHILL fake crypto projects on Telegram.

Rekt

Rekt misspelt for wrecked, in the crypto community means that someone has made losses in their investment.

Example: Steve has rekted up after suffering huge losses in the crypto market.

Sats

Sats is the smallest unit of cryptocurrency Bitcoin. Similar to a fiat currency (eg- USD), cryptocurrencies are subdivided into smaller units. 1 Sat = 0.00000001 BTC.

See the table below for more details:

¹⁄₁₀₀₀	Millibitcoin
¹⁄_1000000	Microbitcoin
¹⁄_100000000	Satoshi(Sat)

Bitcoin and their subunits

Example: I am holding 100 Sats in my Metamaks wallet.

Whale

A whale is a person or group of people who hold large quantities of cryptocurrency and has the potential to move the market trends with their activities on and off the market. A single positive or negative comment from a Whale has the potential to create FUD or FOMO in the market. Wales are what define the momentum of any financial market and they are a must in the Top 20 most used Crypto slang you should know in 2023.

Example: Michael Saylor is one of the most famous Whales in the crypto community.

Pump and Dump

Pump and Dump is the term used to highlight manipulation done in the market by bad actors or scammers. Given the buzz of cryptocurrency where people become a millionaire overnight, there are many projects which are fake or cheap copies of an already successful project. They try to trick new users into investing in the project, by shilling about the project in different forums or directly connecting with them over social networks.

These scammers artificially Pump the project(increase its market price), thus creating a FOMO which attracts more investors. Then all of a sudden they(scammers) sell their stake when the price is at its top and Dump the market(price comes drastically down) and the project, and retail investors lose their money.

Example: The latest meme token was a Pump and Dump scheme, causing huge losses to its investors.

Bagholder

A Bagholder in the crypto ecosystem is one who has bought a huge amount of cryptocurrency at a very high price and missed selling them when there was a profit.

He/She continues to hold those cryptocurrencies where his investment has reduced significantly and is practically worthless after the market crash or if the project is abandoned.

Example: Suzane is a Bagholder, she purchased Bitcoin when it was trading at $50,000 and never sold it. Now BTC is trading at around $18,000 and she is at a huge loss.

When Lambo

Many crypto millionaires in the past have purchased Lamborghinis to flaunt their success in the market. The term When Lambo is used casually as a question asking traders/ investors when they plan to make fortunes in crypto and buy a Lamborghini.

Flippening

Flippening is a referred to the moment in future when Ethereum topples Bitcoin to become the top cryptocurrency in terms of market cap or trading volume.

No Coiner

A No Coiner is someone who doesn’t invest or hold any cryptocurrency. It can be a person who doesn’t believe in the future of cryptocurrency and is a critic.

Vaporware

Vaporware in the crypto ecosystem is a Dapp or Project which tries to solve the non-existing problem statement or come up with an exaggerated solution. They try to pitch a solution which resolves around decentralization or blockchain but fail to deliver or solve any problem. They slowly vanish with time like water vapour.

BTD

You might have seen many memes around Buy the Dip if you are a vivid crypto enthusiast. BTD can be an investment strategy that traders apply when the price of their favourite cryptocurrencies falls down. This strategy can be very beneficial if done properly and clubbed with SIP (Systematic Investment Plan).

Cryptosis

Cryptosis is someone who eats, sleeps and reads crypto. He/She is someone who never misses speaking about crypto on any platform.

KYC

Know Your Customer is the process of getting the know details of users interacting with the applications built on the Blockchain Network.

This is done to prevent scams and money laundering in the crypto ecosystem and bring in more transparency. To prevent scams many centralized crypto exchanges are now making it mandatory for users to complete their KYC process if they want to withdraw their funds.

Example: Binance has enforced KYC verifications for its customers to prevent fraud.

Dapp

Decentralize App (Dapp) is an application built on a Blockchain Network. These apps look and feel similar to a normal web app but the only difference is the transaction and interactions are stored in a Blockchain Network rather than a centralized database system.

DeFi

Defi is Decentralized Finance and differs from traditional financial institutions (like Banks) in a way that its not centralized. The traditional financial system is centralized with a central authority taking decisions on its overall functioning. Decentralized finance attempts to bring more transparency and ownership to its users, where they have complete control and authority over their investments and funds stored.

GAS

In the crypto universe, GAS is referred to the fees a trader has to pay when submitting a transaction to the Smart Contract. It is a small fraction of the amount paid when dealing with a specific Blockchain.

Example: When interacting with a Dapp build on Ethereum Blockchain, you need to pay a certain amount of gas fee in ETH for submitting any transaction in its Smart Contract.

ICO

ICO refers to Initial Coin Offering, this is similar IPOs in the stock market. When a new project wants to launch its token it starts with an ICO. Investors get a chance to participate in the initial phase of the project and are given cryptocurrency for that project at discounted rates. Investing during the ICO phase of a promising project can give multiple times return when the project goes public, thanks to the FOMO created by the Shillers and the solid use case of the project.

There is a lock-in period for people who invest in the ICO before they can sell their tokens. This is done to prevent sudden DUMP during the launch of the project, where early investors can try to cash in on the opportunity.

Conclusion

Knowing the most used terminologies in any industry is key to analyzing the sentiments surrounding that. In this article, we will talk about the Top 20 most used Crypto slang you should know in 2023 which will help you understand and analyze sentiments around cryptocurrency when reading an article or a blog.

Disclaimer

We don’t recommend any cryptocurrency should be bought, sold, or held by you. You are solely responsible for any loss made due to investment. This article is created for educational and learning purposes, it only highlights the author’s view on cryptocurrency and blockchain scosystem. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Not a Financial Advice