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Embracing the world of cryptocurrencies can be exhilarating, but sometimes it feels like stepping into a foreign land where everyone speaks a different language. For example, maybe some of your friend or colleagues ever asked you something like “What is a rug pull?”, what is your answer? Don’t get confused and let’s get started to find the answer!
What Is a Crypto Slang and Why People Are Using It?
Crypto slang, often known as cryptocoin slang, is a collection of colloquial terminology and phrases used to describe cryptocurrency and blockchain technology. Crypto slang was developed by cryptocurrency traders, developers, and enthusiasts to help them convey their thoughts and experiences more quickly and effectively. It is used in the same manner that other types of slang are: to simplify thoughts and swiftly express them in a shorter form in order to save time.
Popular crypto slangs are common in online forums, blogs, social media, and other venues. It may be found in almost every aspect of the crypto realm. From technical code discussions to trading lingo for newcomers, crypto slang makes it easier for people from all backgrounds to interact.
Without further ado, let’s explore popular crypto slangs in 2023 you should know!
1. HODL
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In the ever-fluctuating realm of cryptocurrency, "HODL" stands as an enduring and emblematic term. Born from a misspelled forum post in the early days of Bitcoin, it has evolved into a rallying cry and the most popular crypto slangs, especially for crypto enthusiasts worldwide.
The term "HODL" originated in a post on the BitcoinTalk forum in December 2013. In a drunken rant about Bitcoin's price volatility, a user mistakenly typed "HODL" instead of "HOLD." The post, titled "I AM HODLING," struck a chord with the community and became an iconic testament to the resilience of early adopters.
2. FOMO
"FOMO" is a term that resonates deeply with both seasoned traders and newcomers alike. It encapsulates our emotion of always wanting to know more, which can have a significant impact on investment decisions and market dynamics.
"FOMO" stands for "Fear Of Missing Out." It emerged from the broader cultural landscape and found a natural home within the cryptocurrency community due to the inherently speculative nature of the market. The term is used to describe the apprehension that one might miss out on a potentially profitable opportunity.
During periods of intense market excitement, FOMO can lead to a surge in buying activity, driving prices even higher. This phenomenon has been observed in various crypto bull runs, where the fear of missing out on potentially life-changing gains compels individuals to enter the market hastily, often without thorough research or due diligence.
3. Get Rekt
The terms of “Get Rekt” describes a huge loss that came from badly-timed investments or trading miscalculations. This popular crypto slang is an adaptation of the word "wrecked," and it found its way into the cryptocurrency lexicon through online forums and gaming communities. Initially, it was used in contexts where someone experienced a significant loss or failure, often in a humorous or lighthearted manner.
4. When Lambo?
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“When Lambo?” is one of the most popular crypto slangs in 2023. The phrase "When Lambo?" has emerged as a whimsical yet emblematic expression of the aspiration for having financial success and being able to afford Lambo with profits from crypto investments.
Although "When Lambo?" is linked to materialistic aspirations, it's worth noting that for many in the crypto community, success goes beyond acquiring luxury items. It represents financial independence, the ability to support causes one is passionate about, and the opportunity to pursue personal and professional endeavors without financial constraints.
5. Boomercoin
“Boomercoin” is slang that’s often used to describe types of cryptocurrencies that are seemingly designed for elder generations. This slang is used as a derogatory term and references coins or tokens that have little to no value at all.
Some also believe that Boomercoin are often scams and should be avoided. Additionally, Boomercoins are types of tokens and coins with very low circulating supply, come with high fees and lots of hype. Those coins often focused on marketing rather than actual coin development.
6. Vaporware
Another popular crypto slangs in 2023 you should know is “vaporware.” This term represents a phenomenon that has, unfortunately, become all too common. It serves as a bit of warning against overhyping and overpromising products that all failed to materialize, leaving stakeholders disappointed and disillusioned.
The term "vaporware" first gained prominence in the 1980s within the software development industry. It was coined to describe software products that were extensively marketed and heavily promoted, yet failed to materialize or were significantly delayed. The term 'vapor' alludes to something insubstantial, akin to a mirage.
7. WAGMI
“WAGMI” or also used alongside with Hashtags #WAGMI is an acronym that stands for “We’re All Gonna Make It!” It’s one expression that commonly used in the crypto or trader online forums. Additionally, the term “WAGMI” has emerged as a rallying cry among enthusiasts. It encapsulates a shared belief in the potential for financial success and prosperity.
8. Diamond Hands
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Another popular crypto slangs in 2023 you should know is “diamond hands.” This is also one of a term that has been popularized by various crypto enthusiasts. The term "Diamond Hands" draws its inspiration from the diamond, one of the hardest and most enduring natural substances on Earth. In the context of crypto, it represents the unyielding determination of investors to withstand market volatility and hold onto their assets, even in the face of adversity.
Diamond Hands investors exhibit a steadfast resolve against the fear, uncertainty, and doubt (FUD) that can permeate the crypto market. They resist the emotional urge to sell regardless of volatility and in response to sudden price drops, recognizing that knee-jerk reactions can often lead to missed opportunities for future gains.
9. NFA
Crypto and other digital currencies markets are highly volatile. This means that no one can exactly predict future price movements with absolute certainty. NFA is an abbreviation for "Not financial advice" or "non-financial advice". This is a term used to indicate that information shared on financial or investment matters is provided for informational purposes only and should not be used as direct investment advice. It's important to note that these pieces of information are just simply opinions and not entirely facts. In this situation, investors should hold the experts responsible for their losses.
10. Apes or Apeing
Last but not least, popular crypto slangs or terms you should know is apes or apeing. This terms is used when someone buys a crypto, token or NFT, just shortly after it launches without conducting any proper research.
This term became popular during early 2020 “DeFi Summer” when an unannounced token project launches and led to a group of traders making profits from buying those tokens within a quick timeframe. As stories of these substansial profits leaked into social media, subsequent traders tried to copy them by buying freshly launched tokens without any research beforehand. Thus, this “low IQ” move is what gives apeing its name.
Do Your Own Research (DYOR) and Due Diligence
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All slangs, terms, and examples listed in this article are for your information only. In a space as dynamic and transformative as cryptocurrencies, the principles of due diligence and DYOR are the compass that guides you through unknown territories of digital currencies. You should remember that in knowledge is the most powerful asset one can possess. So, embark on your investment journey with diligence and conduct thorough research, as your future self will thank you for it.
