LIFElabs’ Crypto Slang Jargon Buster

Airdrop noun
Refers to the free distribution of small amounts of a certain digital currency token to its community members; either given out for free or after the community members have performed a small task, e.g. liking and retweeting a post on Twitter.

Altcoin noun
Any digital currency that isn’t Bitcoin; there are over 1,500 Altcoins out there ranging from big (Ethereum, Ripple) to small (LIFEtoken).

ATH noun
An acronym for ‘All Time High’; refers to the highest price milestone that any given coin or token has ever achieved.

Bagholder noun
A person who purchases a currency at an ATH or during a bull run; they become the bagholder once the price lowers, leaving them stuck in a position where if they were to sell they would make a loss.

Bear Market noun
A market which is making lower highs and lower lows; each successive high is lower than previously and each low is lower than the previous; also known as ‘bearish’.

Bull Market noun
A market which is making higher highs and higher lows; each successive high is higher than the previous but each low is higher than the previous; also known as ‘bullish’.

Bitcoin noun
The first, decentralised, successful digital currency that you can buy, sell, and trade through the Internet; the market leader in the crypto world.

Blockchain noun
Blockchain is digitized, decentralized, and continuously growing public ledger that consist of records called blocks, which are linked and secured using cryptography.

Codebase noun
A whole collection of source code that is used to build a particular software system, application, or software component.

Crypto noun
Shorthand for cryptocurrency, a digital currency that is a medium of value exchange.
Also shorthand for cryptography, the underlying technological principle on which cryptocurrency is based.

Cryptoanarchist noun
Someone who hates the government and government-controlled institutions and systems; starts investing in cryptocurrency because of its disruptive, transparent, and open-source qualities.

Cryptocurrency noun
See ‘crypto’ above.

Cryptofamous adjective
A way to describe a ‘big name’ in the world of crypto, e.g. Satoshi Nakamoto, the creator(s) of Bitcoin.

Cryptotoken noun
Shorthand for cryptocurrency token (or coin). Each token represents/embodies a tradable good, e.g. Bitcoin, LIFEtoken.

Cryptoverse noun
Shorthand for cryptocurrency universe, used to describe the world of crypto.

Dapps noun
Shorthand for ‘Decentralised Apps’, meaning apps that have no centralised authority; all crypto projects claim to be decentralised by using Blockchain open ledger technology.

Dump noun
When the value of a cryptocurrency coin or token is decreasing, holders will often ‘dump’ (sell) large quantities of tokens, causing the price to fall even lower.

DYOR noun
An acronym for ‘Do Your Own Research’; often used by laypersons who admit that they’re not financial advisers and that you should always be sure to carry out your own research before investing.

ERC-20 noun
Stands for ‘Ethereum Request for Comment’; the technical standard used for smart contracts on the Ethereum Blockchain for tokens to follow; most projects on the Ethereum Blockchain issue tokens that are ERC-20 compliant.

Ethereum noun
A decentralised platform that runs smart contracts; applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.

Exchange noun
A crypto or digital currency exchange is a business website that allows customers to buy, sell, or trade cryptocurrencies for other assets, such as fiat money (see below) or other digital currency.

Fiat noun
Money/currency that a government has declared to be legal tender, but is not backed by a physical commodity e.g. GBP (£), EUR (€), USD ($).

FOMO noun
Slang acronym which stands for ‘Fear Of Missing Out’.

FUD noun
Stands for ‘Fear, Uncertainty, and Doubt’; the term for any strategy intended to make a company’s customers insecure about future product plans, with the purpose of discouraging them from adopting competitors’ products.

Gas noun
For every transaction made on the Ethereum Blockchain, you pay ‘gas’; the cost of carrying out an operation, ranging from performing a transaction to executing a smart contract.

Hodl verb
Originally a typo misspelling of ‘hold’; now stands for ‘Hold On for Dear Life’; suggested as the superior portfolio strategy for novices and amateurs who have little to no experience in trading; if you don’t hold you could lose a significant chunk of your investment.

ICO noun
An acronym for ‘Initial Coin Offering’; an unregulated means by which funds are raised for a new cryptocurrency venture, often used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.

KYC noun
An acronym for ‘Know Your Customer’; a process that exchanges, wallet companies, and token issuers carry out to make sure that their operation is in compliance with Anti-Money Laundering (AML) laws.

Lambo noun
Shorthand for Lamborghini, a luxury sportscar brand that is very expensive. Used in the cryptoverse for the thing(s) one could buy when big money is made; see also: ‘when lambo’ – when will someone make enough money to buy.

Litecoin noun
The world’s secondary cryptocurrency, after Bitcoin.

Moon noun
A much higher destination price for a cryptotoken, e.g. when you look at the chart and it shoots up and keeps increasing; a price surge in the range of +400%; see also: ‘when moon’ and ‘to the moon’ – when will the price increase, and get this token price up.

Node noun
Basically a computer wallet that stores transactions on the Blockchain in real-time; the ledger that stores every transaction made.

Noob noun
In the cryptoverse, a way to describe someone who is new to the space, and may be naively trading/buying and selling as they have not yet learnt enough about the markets. (Also sometimes written as ‘newb’ – shorthand for newbie.)

OG noun/adjective
Originally shorthand acronym for ‘Original Gangster’ or just ‘Original’, usually meaning someone who has been around in the industry a long time.

Open-source adjective
When concerning a code, means that the code is open to be shared, used, or modified by other developers; a code that is freely available. All cryptocurrency projects have open-source codes for transparency.

Pump verb
Describing where a cryptotoken is bought by a select group of people in huge amounts for the purpose of inflating the price, to lure in greedy and/or gullible buyers. When the new crowd comes in to buy the token the price increases even higher, and the OGs will then sell at this higher price, making it fall back down, causing a loss for those who bought at the lower price.

QR Code noun
A unique code that carries information without an address or link; scanned using the camera on a smartphone, it will redirect the user to a specific site or address.

Rekt adjective
A slang version of ‘wrecked’; refers to how one investor is losing bigtime with a trade; often used by traders that got liquidated for market speculation.

Ripple noun
A cryptotoken based on a shared public database that makes use of a consensus process between validating servers to ensure integrity. Doesn’t rely on the energy and computing-intensive proof of work used by Bitcoin.

Shill verb
When someone continually chats about a certain token online via social media or chatrooms, trying to get other people to buy it too; see also: ‘shilling’.

Shitcoin noun
A token with no inherent value or utility, often promoted by a C-list celebrity or greedy person which offers little to no benefits to its holders.

Smart Contract noun
A computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract; various types of cryptocurrencies have implemented types of smart contract.

Unanimous adjective
Meaning two or more people are all in agreement; important in the crypto world because organisations follow a consensus model; there is no centralised body, hence decisions are made democratically.

Verification noun
2-factor verification is important in the crypto world; it saves any account from being compromised; basically using a password and a code sent to your phone to login to your account to make it difficult for hackers and scammers to gain access to your private/sensitive data.

Whale noun
A crypto investor that has massive crypto holdings (usually worth thousands or millions in fiat); there is often lots of speculation about whales manipulating the market for their own gains, for example, selling a large volume of a currency in a short space of time to crash down the price.

 

 

 

One thought on “LIFElabs’ Crypto Slang Jargon Buster

  • October 11, 2018 at 4:30 AM
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    Wow! Thanks, guys! This is useful

    Reply

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