22 May The Cryptocurrency Idioms You Should Know
As Blockchain has become a talk of the town worldwide, a number of jargons, slangs, and idioms in the industry have been continuously created. So this post will handle some of the cryptocurrency idioms, mainly about their meaning and their usage- plus, some Korean idioms for a bonus.
The cryptocurrency idioms you should know in Blockchain
HODL started to be used after HOLD was misspelt in a December 2013 post on the Bitcoin Talk forum, “I AM HODLING”. GameKyuubi, the author of the post, acknowledged that he had misspelt “Hold”. Later, it becomes a backronym of “Hold on for dear life”, meaning to keep and do not sell even though the price is going down.
The abbreviation of “Buy the Fucking Dip.” It is used to give indication to other traders to pick up a coin that is expected to hit the bottom. That is, as people are running around and selling because of fear, it is the very time to buy.
The abbreviation of ‘fear of missing out’, indicating to buy the coin when its value is rising. It is an important factor to consider in trading as crypto trading is so far largely determined by emotions rather than valuation.
A short form for ‘fear, uncertainty and doubt’. For investors, especially for those who are beginners, uncertainty, and doubt about the trading are the biggest risks. It is also used when a bad news released such as “xxx spreading FUD again.” As cryptocurrency prices fluctuate absurdly in 2018, FUD is common for those in the crypto trading community. You might say “Don’t listen to those rumors: They’re just spreading FUD”
Mooning means that the price of coin is spiking. It is the most optimistic word for price projection, undoubtly the most expected words that investors want to hear. For example, when a coin’s price has skyrocketed, investors would say “It went to the moon, guys!!!”. Or any trader or investor could say “The price of this coin will one day go to the moon!”
A trader who believes prices will fall. A sell-off of BearWhale can flatten the whole market temporarily. Its usage could be like “That bearwhale caused investors a bit of havoc”
Shilling means promoting a cryptocurrency in an unscrupulous manner- a trader or an investor covertly advertising a specific coin for his/her own profit. You can use it as “Of course he tells you to buy it- he’s a total SHILL!”
Slang for Lamborghini. Traders joke that you’re a cryptorich when you buy a $1 million Lamborghini with the incredible return you get from cryptocurrency.
Acronym of all time high, meaning the record highest price on cryptocurrency price chart.
PND (Pump and Dump)
Pump refers to a rapid price increase caused by traders who buy large amount of a particular coin to create the illusion of real demand, causing others to buy the coin. Then they dump, or sell their coins at a higher price.
It refers to cryptoassets hold in a long-term.
A trader or investor who holds a particular coin for a long time, even after PND takes place.
Whale refers to a huge player who has an enormous amount of capital.
Due to their high capital, they are often called a market mover. It often used as a boogeyman to explain unwanted price movements. “Nice support $NEO. Clear whale manipulation.”
It is a misspelling of “wrecked”, used to refer a trader or investor who is completely devastated due to losses from the drop of a price. Its usage would be like “When stop rekt?” One trader used it like, “MOMENT OF SILENCE FOR ALL OF THOSE #REKT ON MARGIN CALLS”
A public address of cryptocurrency. You can use it like “Tell me your ADDY, please”
Following are some idioms in Korean.
Gazua means “Let’ get it!”, an outcry for wishing a stock or crypto goes up. It is a prolonged pronunciation of Gaza, which means in Korean “Let’s go” At first, it was a slang used by gamblers. In 2017, as cryptocurrency started to be on rise, traders and investors used the term in a hope to the increase of a coin. Since then, the term has become a buzzword, used in any situation that has nothing to do with crypto world. For example, one lawmaker said “Gazua!” to cheer up his party members during a meeting.
Kimchi Premium (김치 프리미엄)
Kimchi Premium refers to the gap between Korea and other countries in cryptocurrency prices, notably in the price of bitcoin. Korea’s cryptocurrency fever was first dealt in CNN with the use of the term, ‘Kimchi Premium’, on Dec.12, 2017. At first, in early 2017, cryptocurrency prices were not that different between Korea and other nations. However, at the end of 2017 the gap suddenly widened when the prices in Korea were 30% higher than other countries. However, due to the recent Korean government’s regulation on a crypto market, ‘Kimchi Premium’ is currently going down.
A steep rise of coin, similar to the English term ‘mooning’. Its antonym is TtuckRak, meaning a steep dip of coin price.
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This article explains the very basic words everyone interested in the cryptocurrency and blockchain technology has to learn.
Satoshi Nakamoto is initially mentioned in the Bitcoin’s whitepaper. It is only a pseudonym and, as of now, we still have no clue about his/her/their identity/ies. Satoshi Nakamoto is the creator of Bitcoin and the first person or group mined the genesis block of Bitcoin.
Satoshi is also named as the smallest unit of Bitcoin, which is 0.00000001 BTC. People use it when they are purchasing a smaller amount of Bitcoin. For instance, 0.0000004 BTC is equivalent to 40 Satoshis.
Whitepaper is a research paper that a research-backed startup issues when they are launching a company or a project. The Bitcoin’s whitepaper was released by Satoshi Nakamoto, and the Ethereum’s whitepaper was release by Vitalic Buterin.
Nowadays companies separate the business whitepaper and technical whitepaper, which the latter one is more designed for the programmers or technical assessment. Companies also issue one-pager or yellow paper, which is a simplified version of their original whitepaper. This is mostly designed for the initial screening of the company for investors and analysts.
Cryptocurrency exchanges are online platforms that allow individuals to buy or sell cryptocurrencies. Some exchanges offer a direct fiat to cryptocurrency exchanges while some do not. It is recommended to check whether the crypto exchange can be linked with your base-country bank account before opening an account.
Top crypto exchanges at the time of writing are Binance, OKEx, Huobi, Bitfinex, Digifinex, Upbit, HitBTC, LBank, ZB.com.
If you are a Singapore resident, try using a new Crypto exchange, Cryptology with this link.
Fiat currency is a type of money that is issued (or printed) by a government. The initial idea of the fiat currency is to issue a paper money backed by gold, yet it is now known that the paper money has been issued (or printed) by the US Federal Reserve and not entirely backed by gold any longer.
Altcoin is a short form of Alternative Coin. It’s basically all coins (or tokens) other than bitcoin. Ethereum or Ripple are altcoins although their daily trading volume is significant.
Just as what it is written, Shitcoin is shitcoin. It’s a type of altcoin that has been issued with an intention to scam individuals and usually has no technology or no intention to build a technology at the coin-issuing company.
In order to open your crypto exchange, you need to pass the Know Your Customer (KYC) process for verifying your identity. Most exchanges request to take a selfie holding your ID (usually passport or drivings licence) and a paper with a hand-written your full name and the date of photo taken.