It's been a while since I have done a crypto video! As I promised from my very first post, I want to help those who are new to blockchain technology and crypto by explaining things in my own way & simplifying a bit. So, I did a video on some of the most common crypto terms!
It can be overwhelming when you are in this space and not sure what certain words mean that are flying around. It's like when everyone is in on an inside joke and you're the odd man out! This video will help. :) While there are a lot more than just this, I felt like this was a good first batch to cover initially.
COMMON TERMS
HODL: HODL is actually a misspelling for "hold". Someone actually misspelled "hold" in a bitcoin forum early on. The term is used to encourage others to hold on to their crypto currencies in times of volatility and hold on no matter what. It also stands for “Hold On for Dear Life.”
FUD: FUD stands for "Fear, Uncertainty and Doubt". It often stems from fear or a lack of certainty when it comes to cryptocurrency as a whole or individual coins or projects. People will spread "FUD" to discourage users from buying into a coin to drive down the price.
Moon/Mooning: When a coin is Mooning it really just means that it is experiencing an upward trend or spike. It has kind of become a meme of things to say that your coin is going to the moon (or going to moon). Often you’ll see this just as an effort to inflate the price of a position or encourage others to jump on board.
Lambo: This may not be a technical term to explain but it was something I saw a lot when I first started, so I felt it deserved an explanation! It’s the idea of a dream that can be purchased after holding a coin long enough to have appreciated to the point of being able to cash out and afford that dream item. Essentially "lambo" symbolizes what we are all planning on buying once our coin "moons". ;)
Whale: Whales own what is considered to be a sizable amount of a cryptocurrency. They can manipulate markets based off of their moves. For example, a whale can flood supply if they make a sale, which causes the price of the currency to drop.
Weak Hands: Weak Hands are people who sell off their coins when volatility picks up. It goes against the idea of HODL aka holding strong onto your crypto.
Pump and Dump: A pump and dump is where a coin most often an alt coin gets a lot of attention or is “pumped up”. This in turn inflates the price and is followed by a “dump” or crash.
Bag Holder: Bag Holders are people who bought in at a high price and then had the market go down on them. This can be a result of a pump and dump or just plain bad timing. They essentially are left holding a bag of cryptos until the price returns to a price above where they got in. Otherwise, they have to take a steep loss on their position.
Feel free to put more terms below that I missed to help those new to the crypto space!
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