16 Bitcoin Terms Every Crypto Trader Should Know in 2021
All the cryptocurrency slang you need to know in 2021 to become a better crypto trader.
While you’re scrolling through Reddit’s crypto forums or discussion groups, it’s likely that you’d come across short acronyms and technical jargons that are frequently used in the crypto space. The interesting fact is, some of these terms were invented not long ago!
If you’re new to crypto, these foreign terms can get confusing and overwhelming. To help you with that, here’s a quick guide to a few crypto slang that is commonly used in the community!
An act of sending free coins or tokens to wallet addresses which are often made to promote awareness of a new virtual currency.
ATH stands for all-time-high, meaning the highest value of all time. For instance, Bitcoin surpassed $40,000, another ATH in history this January 2021.
A hodler that has been hodling for too long to the point that the price has dropped until it becomes worthless.
A combination of a bear and whale which means a big-time trader that sells massive quantities of Bitcoins to drive the price down. This can potentially flatten the whole market.
Cold storage, also known as offline wallets, is the storing of cryptocurrency offline to a hardware wallet.
DYOR is the short form of Do-Your-Own-Research. While it’s self-explanatory, crypto traders should never trust any statements before verifying it through their own research.
An independent third party is authorised by two parties to hold and regulate the payment of funds, paperwork or other asset transactions until all their condition has been met. This is to ensure that the transaction is unbiased and both parties can never cheat.
When there is an update in the software or change in protocol that causes existing blockchain to split into two separate blockchains. This results in the creation of a new coin. There are generally two types of blockchain forks - hard fork and soft fork.
An acronym for Fear, Uncertainty and Doubt. It is a marketing tactic used by the media to lower traders confidence and market prices.
Short for Lamborghini, a luxurious Italian sports car brand that many crypto investors strive to obtain once they make enough money from their crypto investment. Some say this is the ultimate status symbol of the crypt boom.
This refers to a cryptocurrency skyrocketing and rises in price so rapidly, it feels like it’s reaching the moon.
P&D is called pump and dump, a scheme where the price of a coin is purposely pumped up in order to sell off while the price is high.
A slang term for the word ‘wrecked’ which refers to how one crypto trader is suffering large losses in trades, often used by margin traders that got liquidated for market speculation.
Shill is a person who promotes whatever coin (most probably being paid by others) to drive the price up. They attempt to spread buzz by endorsing the product in public forums.
Refers to crypto projects are still in the development stage yet somehow never became a reality. This applies to 90% of all ICOs that hope to one day become the next Ethereum.
An individual or a group that has a large amount of cryptocurrency in the market. The same as how whales that make a splash will cause a big movement of waves, their actions can directly affect the pricing in the markets as they hold up a significant portion of circulating coins.