Strapped in and ready to fly, Bitcoin has been rocketing in recent weeks. Hitting the ATH price mark and commanding the attention of investors and casuals alike, it appears that more and more people are choosing to engage with Bitcoin than ever before. While it’s great to see so many new individuals get involved in the cryptocurrency market, there are many that aren’t yet clued in on Bitcoin terminology. We certainly know our way around Bitcoin slang, so – forgetting all things formal for a moment – here’s a quick look at what you need to know when it comes to insider terms.
Bitcoin Slang Guide A-Z
BearWhale – We’ve all heard the term bear, but what’s the next step up? Well, that would be the BearWhale. This tag is attached to big-time traders who adopt a massively lopsided bearish approach to the market, often to a dangerous extent. BearWhales have been known to try and sell huge, market shaking quantities of Bitcoin in a single order. The most notable incident of this occurred back in 2014, when a trader on the Slovenian Bitstamp exchange attempted to unload 30,000 Bitcoins in a single trade, equating to a $9 million transaction. This move hammered Bitcoins value – albeit temporarily – as others look snapped up the flood of available Bitcoins. It’s safe to say that when a BearWhale moves within the market, you are certainly likely to hear about it.
Baghold – Effectively the opposite of a BearWhale, a Bagholder is someone that holds onto a cryptocurrency for far too long and often faces some stern consequences as a result. Altcoins are rife in the realm of cryptocurrencies, with these start-ups resembling penny stock “pump and dump” schemes, thus they are known to target Bagholders.
Choyna – Slap an accent on the word “China” and you have “Choyna”, with this distortion on the word obviously still referring to the powerhouse nation from the Far East. The reason why you’ll here Choyna mentioned is because China stands as the country where the most Bitcoin trading and mining activity occurs. The term actually emerged from a bitcoin trader called “Flibbr”, who turned the phrase in a way to mock US President Donald Trump.
Flippening – The Flippening will occur when another cryptocurrency tops the price of Bitcoin. As of right now, it hasn’t happened, but who knows what the future holds.
FOMO – Standing for fear of missing out, FOMO is touted around when investors snap up cryptocurrencies not based on analysis or expectation, rather that they don’t want to miss out on the moving crowd. If you’ve decided to buy up bitcoin just because it’s a bull market and represents the current trend, then odds are you’ve been hit by FOMO.
FUD – An acronym for fear, uncertainty, and doubt, the term has been largely attached the increasing amount of Bitcoin propaganda that currently floods mainstream media. It’s also a term that comes about when investors give into FUD, causing Bitcoin’s price to stumble.
Hodl – Starting with the most used – and arguably most comical – piece of Bitcoin slang. The term “Hodl” all started with a single post from a Bitcointalk member, which is a popular Bitcoin forum. “GameKyuubi” shouted “I AM HODLING” and from that point on his famous typo was in the history books, as Bitcoin users now use the term seriously and in jest around the world. What’s crazy is that beyond the famous spelling error, the user actually gave some sound advice, as in the midst of the 2013 price collapse he advised investors to hold tight, so maybe it’s a case of who’s laughing now?
Lambo2020 – You’re going to see this reference darted around social media as#Lambo2020. Referring in many ways to the supersonic growth of Bitcoin, implying that by 2020 a single Bitcoin will allow you to buy a Lamborghini, which commands a costly $200,000. The term Lambo2020 actually originated at BitStarz, so make sure you tip your hat to us when you use it.
Moon – Sometimes referred to via the terms “to the moon” and “Mooning”, it stands as a rallying cry for Bitcoin for it hit an all-time high. Honestly, there really isn’t all that match to this phrase outside of that, so when you hear it you can expect optimism amongst investors to be high.
Rekt – Stylized as #Rekt, the term is prominent in the world of online gambling, but it’s now crossing over into the world of cryptocurrency investing. It basically means to see an investment ruined or destroyed. If anyone ever labels someone’s cryptocurrency portfolio as Rekt, you can be sure that it won’t be something worth copying.
Bitcoin trading has created its very subculture in many ways, so if you want to sound like you know what you’re talking about you’ve certainly come to the right the place. Commit the above to memory; keep BitStarz bookmarked in your browser, and you’ll be speaking fluent “crypto” in no time!