- Technical terms such as HODL, faketoshi, Whale, Bagholder, and others might leave you confused.
- In the world of digital transactions, you should be aware of the most popular Crypto, the Bitcoin.
- The basic terms, which you might want to know before you start investing in the Bitcoin.
Anything without proper knowledge is harmful to you. Therefore, as you step into the world of digital transactions, you should be aware of the most popular Crypto, the Bitcoin. So, let us know about the basic terms, which you might want to know before you start investing in the asset.
Technical terms such as HODL, faketoshi, Whale, Bagholder, and others might leave you confused, so it becomes essential for us to write on these topics.
Whale – Just like a Whale, this term used for those individuals, organisation, or entries, etc., who have a vast amount of Crypto values in their wallets. In terms of BTC those who have at least a 5% share of the market. These entities can determine the cost of the exchange.
To the moon- This term is used when the prices of the crypto asset is growing gradually and the moon in particular means when the asset is at the peak.
When Lambo? – This term is an abbreviation of ‘When will you buy Lamborghini?’. The car, which is known for luxury, is used to measure the people’s success in the market.
Rekt – This is a slang which used for “wrecked”. The tragic decision-makers or the people who sell their shares of the asset before the fall of the market value termed as rekt.
HODL – This is a slang which is used in the digital industry and has now known as the abbreviation of Hold on for Dear Life. This term came when the BTC holders shared a post which said “I Am Hodling” while they were drunk and has universally accepted.
Faketoshi – This is a term, which used to refer to those who claim to be the creators of the BTC. The Australian scientist Craig Wright is generally the trusted one though it is yet unknown.
FUD – It stands for Fear, Uncertainty and Doubt. It is also sometimes known as the “Facts you dislike” and is used by economists to describe how human emotions can manipulate the market.
Shitcoin – This term is for those coins, which have no market value, and there is no practical benefit of it in the future for the traders. Though this is generally not useful, many of those experienced in the field can benefit from it.
FOMO – This term used for “Fear Of Missing Out”. This term generally used for those who opt for BTC trading because of peer pressure. People who coined this buy the first BTC typically when the price reaches around $20,000.
OCD – Stand for ‘Obsessive Cryptocurrency Disorder’. This term derived from Obsessive Compulsive Disorder related to Cryptocurrency. People who are too tense about the other coins in the market termed this.
Bitshaming – For people who have BTC but do not have wealth, are generally Bitshamed. This term could be understood as the opposite of Lamborghini.
Nocoiner – This term used for those who have never heard of the name of BTC or is a total stranger to the cryptocurrency community.
DYOR – This word is an abbreviation for Do your Research. People are easily affected by sophisticated marketing strategies and advice to do their research rather than following other methods.
Not your keys? Not your Bitcoins (NYKNYB) – It came into effect when the Blockchain was shocked by the hacking of the significant community. The term is given by Andreas Antonopoulos and shows the use of the private keys for the transaction process.