A List of 49 Common Terms or Slangs Used Among Cryptocurrency Communities.
Many at times, people tend to be confused with some common cryptocurrency terms used in the Binance Nigeria cryptocurrency community. This is common to newbies in the cryptocurrency space in Nigeria, South Africa, Kenya and other African countries. We will looking into the common crypto terms with their full mreaning in this post.
Now, let’s get the ball rolling already!
Common Crypto Terms/Slangs and Their Meanings
We will list about 50 common crypto slangs in alphabetical order. This will help people in various cryptocurrency communities in Nigeria to know the meaning of some common terms in crypto.
The Full List is Below:
- ALTCOIN (Alternative + Coin) : This simply means any other coin aside bitcoin. The coin came from Bitcoin (bitcoin=bit+coin).
- ASHDRAKED: This slang means a situation where you lost all your money on crypto, probably in a trade.
- BAGHOLDER: This is someone who buys and holds a big quantity of a particular coin hoping to make good profits in the future.
- Bear/Bearish Market: This simply means a negative/downward price movement in crypto market.
- Blockchain: This simply means a general open ledger where all tramsactions are stored. It keeps track of all the transactions that happen within the network.
- BTFD(Buy The Fucking Dip): This is a call to buy a coin when it deeply gone down in price.
- Bull/Bullish Market: This is the opposite of bear/bearish market. It simply means a positive/upward price movement.
- DILDO: Long green or red candles on the chart.
- DIP: A sharp or fast downward movement of a coin at the crypto market.
- DUMP: This is when someone sells off all his bag of a large quantity of a coin. It can also be used to indicate a sudden sharp drop of a coin.
- DUMPING: This means a steady downward price movement.
- DYOR: This is used to tell someone to make a research on a coin to be sure of his own personal stance on the coin. It stands for “Do Your Own Research.”
- ESCROW: This simply means a third party or someone else or a service where someone else holds a coin for two parties involved in buying and selling of the coin to avoid fraud or scam. For example: A and B wants to transact 10 btc for 5 million naira. But neither A or B wants to pay first. So now C is the third party service here. He comes and says…okay, A, give me your bitcoin. B, pay to A once A confirms he got the funds, I will give you (B) the bitcoin.
- FA(Fundamental Analysis): Its a common way of analyzing the market through news and press to determine the direction of the price movement of a crypto coin.
- Fiat: The common currency issued by the government e.g Naira, Dollar, Euro, etc.
- Filled Order: This is when a sell or buy order on a crypto exchange has been executed.
- FOMO: This stands for “Fear Of Missing Out.” This is when a crypto trader buys a coin pumping/going up without making due analysis thinking it will keep going up.
- FORK: This is when a blockchain of a coin splits to form or create a new coin on another blockchain. For example; bitcoin blockchain was forked to create a new coin on another blockchain dubbed bitcoin cash.
- FUD: This stands for “Fear Uncertainty and Doubt” This happens in a situation where a piece of news goes viral especially on social media. Most times the news can cause a drop or rise in a coin. Then most traders rush to buy in other not to miss out.
- HODL: This means “Hold On Dear Life.” Moreover for some, it is a misspelling of HOLD from a popular drunk bitcoiner in 2013. It went viral among crypto communities after it was posted on a popular bitcoin forum. Since then, it is been used by many crypto communities.
- ICO: This is an acronym for Initial Coin Offering. It was gotten from the common Initial Public Offering synonymous with stock market. This happens when a crypto project sells some of its coins to raise money in other to develop their project.
- IEO: This is now common in crypto space due to the too many sanctions on projects who have done ICO during the rise of ethereum smart contracts. Now most of the fundraising is done through exchanges giving birth to IEO – Initial Exchange Offering.
- JOMO: This is an acronym for “Joy Of Missing Out.” It is used to express happiness for not buying a coin that is currently doing poorly.
- LONG: This means to predict an upward price movement and then take a position by buying.
- MACD: This is common to technical trading analysts. It is an indicator used in analysing the market of a coin. It stands for Moving Average Convergence Divergence.
- Maximum Supply: This is the final supply of a coin which at times can be mined or produced. Just like bitcoin with a maximum supply of 21 million but not fully mined yet.
- MCAP: This is an acronym for Market Capitalization. This is used to refer to the total market value of a coin. Coinmarketcap is the popular market capitalization service provider.
- Mining: Mining is the process of creating new units of digital currency such as bitcoin. Bitcoin mining creates new bitcoin.
- MOON: This means a continuous upward movement in price of a coin.
- NODE: This is a computer connected to the blockchain of a coin that supports the network of that coin in validating and relaying transactions.
- OTC: This one means Over The Counter. This is a type of trading that happens directly between two interested parties without the supervision of a third party.
- Pump/ Pumping: This means an upward price movement for pump and continous upward price movement for pumping.
- Pump and Dump(P&D): This is used to refer to market manipulation of a coin resulting in a continuous rice and fall of that coin. This is done to buy the coin cheap and resell back again.
- REKT: When you made a big bad loss.
- Reverse Indicator: This is a crypto trader who is always wrong in predicting price movements.
- ROI simply means Return On Investment. For example when you invest in binance coin, the profit you make is your return on investment.
- RSI simply means Relative Strength Index). It is a crypto trading indicator used to point out the overbought and oversold condition.
- SAJ CANDLE is a huge green candle.
- Satoshi: This is the smallest unit of Bitcoin available. It is named after the creator of bitcoin, Satoshi Nakamoto. So it here, (1BTC = 100,000,000 (100 million) Satoshis. 1 Satoshi = 0.00000001BTC).
- Shitcoin: A shitcoin is used to refer to a coin with no potential to increase in value.
- SHORT: Just like LONG means to predict a downward price movement and then take a position by selling.
- SL means Stop Loss in crypto trading. This is a trading strategy to help a trader prevent further loss in a coin should his prediction fail or should he lose his position in a downtrend.
- SPREAD: This is the difference between the lowest sell price and the highest buy price of a coin or crypto asset. Meanwhile, in OTC trading, it can be referred to as the difference between the price you can buy a crypto asset and sell it immediately.
- STO simply means Security Token Offering. Its similar to ICO or IEO but its now regulated by authorities hence the name Security Token.
- SWING: This is Zig zag price movement (upwards and downwards). Some trade this type of market and it is called Swing Trading.
- TA is the opposite of FA. TA stands for Technical Analysis. This is basically analyzing the market of a coin based on the charts of the market using different trading indicators.
- TOKEN: This is a unit of digital currency.
- TP stands for Take Profit. It is commony used in crypto trading to refer to executing an order set at a target profit price on a trade position.
- WHALE: This is a very wealthy trader/market mover with alot of funds.
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