27
September 2018

BLOCKCHAIN ABC "Cryptocurrency slang"

BLOCKCHAIN ABC "Cryptocurrency slang"

Slang is a common phenomenon for people united into interest groups. Although the cryptocurrency community is relatively young, it already has a set of well-established expressions. Crypto world veterans and just experienced users often publish useful articles mentioning bulls, BTFD, and other terms.

This article interprets frequently used slang words allowing newcomers to read cryptocurrency materials without problem.

1. Scam

A fraudulent project (usually ICO) that looks like a common one.

2. HODL

HODL is a long-term investment strategy. The abbreviation stands for “hold on for dear life”. It is suggested that the word has appeared because of the misprint in the Bitcointalk forum post during the fall of Mt.Gox exchange. The user wrote an emotional publication stating that he did not know a thing about exchange trading, save for holding bitcoins on the e-wallet. Instead of the “I am holding”, he wrote, “I am hodling” that was interpreted totally different on the forum.

3. Pump

A method supposing the sharp rise of the cryptocurrency rate for a short period. Exchange participants following it are called pumpers. Frequently, they buy a huge amount of assets, fluctuating the market.

4. Dump

An opposite method to pumping, which means the rapid drop of the rate for a short period. Dumpers sell a great amount of assets, fluctuating the market.

5. Polo

Short for the Poloniex exchange.

6. Pending

An incomplete transaction. “Currency in pending” means that the application for assets withdrawal is submitted but money is not yet transferred.

7. Transaction

Buying or selling of cryptocurrencies.

8. BTC

Bitcoin.

9. ALT

Altcoin.

10. DASH

Dash cryptocurrency.

11. Salt

A modifier of data line transferring hash functions along with the password. It is used to enhance the password integrity. The example of usage: to salt password, to salt hash, salted password.

12. To the Moon

The abrupt jump of the cryptocurrency rate.

13. Noobs

Newbies on the cryptocurrency market.

14. Bulls

Experienced crypto exchange players who set the odds on the increase of the cryptocurrency rate: they buy coins when the price is on the down grade.

15. Bears

Traders, opposite to bulls, who play on the exchange decrease: they sell cryptocurrency when its price is at the peak.

16. BTFD

It’s a short form for “Buy the Fucking Dip.” It means advising someone to grab a coin whose value presumably hit the rock bottom.

17. Candles

A long green or red bar found on a graph showing the changes in price of a cryptocurrency. Green and red bars of any size are known as candles.

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