With intense growth in the cryptocurrency industry, seasoned crypto investors have created dedicated online communities that discuss information related to bitcoin investment and development in other crypto markets. For new investors, trying to get a clear understanding by looking at conversations in these online communities may get a little weird, especially when someone is telling that a person is actually a ‘whale’ and another person has ‘paper hands.’
Worry no more, here is your quick primer intro to these slangs, after which you will not feel left out from those exclusive crypto communities.
Bagholder: A bagholder is someone who could not sell their cryptocurrencies at a higher price and is now ‘held with the bag,’ because they do not want to sell at the current price.
Stonk: Coined in a Facebook meme group, stonk is just slang for stocks, sometimes with a pinch of irony. People like to use it in terms of losses.
HODL: No code-cracking in this one. HODL simply means — hold on to your crypto assets. Funnily, someone in early forums posted a message asking the community members to hold their bitcoins, except they spelt the word “hold” wrong as “hodl,” and readers interpreted it as — “hold on for dear life.”
FUD: FUD means Fear, Uncertainty and Doubt. So, if you come across any rumours related to cryptocurrencies that create irrational panic, they are just spreading FUD.
Diamond hands: Popularised by a Reddit community Wallstreetbets, the term Diamond Hands refers to the investors whose decisions are not affected by the pressure caused by a volatile market and has a risk tolerance higher than most investors.
Paper Hands: Opposite to the Diamond Hands, Paper Hands are investors that easily cave under pressure. Such investors would easily sell when the price drops or when the price is up but starts to dip.
Pump and Dump: When a large group of people collectively invest to create demand for the cryptocurrency in the market boosting its price, it is called pumping. When the price goes up, all of them sell their coins to reap a benefit — called Dumping.
Bitcoin maxis: Bitcoin maxis is another word for Bitcoin supremacists, who believe that Bitcoin is the only digital currency that will be used in future. They believe other cryptocurrencies are unnecessary and inferior.
To the moon: A kind of celebratory term crypto investors use when the prices are going up and up.
Whale: Whale means someone who holds a large amount of a crypto coin, such as 5%, which is enough to bring prices down if they sell all their coins together.
This is not an exhaustive list but it is enough to get you an entry to the crypto-world.