“HODL” and other cryptocurrency terms demystified
When technology like the blockchain gets introduced to the world and all of a sudden you start to show some interest in this field, you get to experience a lot of new things. And before you know it, your interest could lead you to a becoming a cryptocurrency day trader or a crypto expert all in all.
We like to learn from experts within the same field who have done their due research and share the same knowledge. But when you conversate with them and get to know them, you might get to feel like the subject you initially had a lot of interest in is now becoming too complicated.
Just like your love for money, might not be the same to do with accounting. And although accounting majorly deals with where the money comes in from and where the money goes out of and the whole 360° aspect, you would honestly not want to get into any of it. Why?
Because of all the technical jargons that these accountants use. It gives you an even bigger headache when they start talking to you like they expect you to know all of these terminologies.
The same happens to most of the newbies when they enter into a very new platform like crypto trading. Ever entered into any of their forums? You should probably give it a visit. You’d find a lot of things that are so simple and easy to understand at the bat of an eye look all too complex at first glance. The technical jargons that they use will make you want to close the web page and come back later. Try referring to the largest Oxford Dictionary that you can ever get your hands on. And those terminologies will still not be defined in it.
Also, unlike the accounting and the medical field, the world of cryptocurrency still does not have their own technical to non-technical dictionary out, yet.
So the best go-to friend that you can have at the moment would naturally be Google. Google can clear all your queries in a matter of seconds and keep you abreast of everything that is going on at the current moment. From Google, just like I did, even you can finally be able to understand all the technical jargons and be able to freely conversate with other bug shots in the tech field like a pro on any platform, be it you on an online forum, or at a world crypto conference.
But now, if you are new to the world of Bitcoin and the entire cryptocurrency space, you still might be having some difficulty in knowing what all this means.
So far so good. But let’s break it all down from here. Even in the online world such as your WhatsApp messages, Slack channels, Telegram groups, Quora queries and Reddit threads, you might have noticed that people with must have mistakenly misspelled “HOLD” for “HODL”, in spite of all of them having an auto correct feature on their cell phones and computers. In these crypto communities, be it online or offline, a breed of new lingo has now started to emerge with the rise of cryptocurrencies. If you have ever joined a crypto conversation with any of these crypto whizzes you are sure to be whizzed out.
So today, we are going to clear the air and make sure that most of the popular jargons within the cryptocurrency space is cleared.
“HODL” – What is this?
We are not sure who is the inventor of the word HODL. But the very first time it appeared on the net we believe was in the year 2013 on a very famous form back then and even now was the Bitcoin Talk Forum. And it came from a thread that read “I AM HODLING” by the user GameKyuubi
Just read the post if you can. It will be totally worth your time from this serious-faced game that everyone in the tech field plays. Because the user intended to actually write “I AM HOLDING”, but was too drunk when texting, that he got it misspelled, and everyone actually followed suit. This thread was initiated by him under this name when this guy was in a bar, drinking “whiskey” (Actually spelled whisky).
And by the look of the post, it seems that he just wanted to convey that he was ‘holding’ his BTC despite the fact a serious crash in the value of Bitcoins had happened back then. This person, I remind you again, is not some expert crypto guru of some sort over the net. He is just a regular guy like any of us who go to the bars on the weekends to get drunk and restart the week, who, also happened to drunk text and invent a new term, which got caught on as something as a fad in the crypto world.
So now when someone says that they are “HODLING” onto their cryptocurrency, they are going as far to mention that they are holding onto their coins long enough even when the market is doing bad, with the belief that their investment will become profitable one day.
That’s wisdom that you won’t even get taught in college. With this being said, I can clearly say that HODL has been demystified. And like the late Notorious B.I.G says in Juicy, “And if you don’t know, now you know.”
So, to be honest, “HODL” was a typo, no doubt. And now it has earned the status of a humorous backronym
HODL – Hold on for dear life
Popular terms that every aspiring “I-don’t know-how -to” cryptocurrency day trader must know
If you are quite new and have stepped your foot in the cryptocurrency arena, then you might have probably seen some other jargons from time to time. Remember, they are only jargons because you don’t know what it means but has got something to do with your field of interest. Just like the word “catastrophe” (pronounced kat-ass-trophy) has got nothing to do with the word “trophy”, most of these words have got nothing much to what they sound like.
Let’s hit the most common ones one by one.
- FOMO – Fear Of Missing Out
It refers to missing out on the profit that could have benefitted one from a decision or an investment.
NOTE: FOMO does not refer to the slang term you generally find posted on some Facebook post by an ex or that wannabe drama queen you knew back in your elementary high at an after party.
- ATH – All Time High
This only means that a cryptocurrency has been doing good. Too good that it broke all its previous prices and is off the charts trading in at the highest price it has ever achieved.
The folks at Wall Street use this. This just goes to point that a trader/investor believes that the price of a particular cryptocurrency will perform poorly and they look to invest and cash in on that.
The folks who gamble use this. It refers to a trader with a fat account. Someone on a winning streak and who is generally bullish on the price of any given cryptocurrency. The term is used as a reference to people and such people are also often called as bullish whales.
This only means a trader who has a fat account and one who is bearish on the price of the cryptocurrency
This term is used for an investor who has been destroyed completely and utterly ruined with the losses from the present downfall of a price. Future investors – you don’t want to be this guy. But you will at some point.
Note: The term “REKT” here is a misspelled version of the word “wrecked”. It’s termed as REKT however probably because it sounds cooler, or maybe someone was drunk texting again. Who knows?
ADDY refers to the pin or the cryptocurrency public address. On forums, you are sure to find some saying, “Tell me your ADDY. Please?”
Note: Never give out your ADDY. Unless if needed.
- TO THE MOON
This refers to the bullish performance of the cryptocurrency. It simply states that the crypto-coin is gaining very good momentum, that someday its price will go to the moon!
- FUD – Fear Uncertainty and Doubt
Used to refer investors that are unsure of the outcome of a situation. Every investor naturally has a sense of fear in them as the market is volatile.
BAGHOLDER is the investor or trader who has been holding (hodling) for too long on a certain cryptocurrency.
Here are some more jargons that are worth noting.
- ALTCOIN = Any cryptocurrency other than bitcoin.
- ASHDRAKED = A situation where you lost all your money.
- BTFD = Buy The Fucking Dip (an indication to buy a coin when it has dumped so hard)
- DUMP = To Sell off a coin
- DUMPING = Downward price movement
- DYOR = Do Your Own Research
- FA = Fundamental Analysis
- JOMO = Joy Of Missing Out
- LONG = Margin bull position
- MCAP = Market Capitalization
- OTC = Over The Counter
- PUMP = Upward price movement
- SHITCOIN = A coin with no potential value or use
- SHORT = Margin bear position
- SWING = Zig zag price movement (Upwards and downwards)
- TA = Technical Analysis
- REVERSE INDICATOR = Someone who is always wrong predicting price movements
Note that these terms were not made by one person alone and all are used in the name of pun, fun and humor. These were collected from the internet via multiple chat rooms, forums, and other active sources. Also, these terms used here are very subjective and not intended to harm an individual’s reputation.
Disclaimer: This website does not hold any responsibility for the correctness of the exact meanings.