About a month ago I compiled a long crypto dictionary for people who are either new, out of the loop or just lurking around. As we are witnessing a massive influx of new crypto investors and users here, I was asked by the Redditors to post the updated version after Christmas. After somehow catching COVID a few days ago, I have a lot of free time on my hands so I decided to update the dictionary with all the suggestions people added in the previous post and a lot of new content to help out the newbies and veterans alike.
With expressions like "HODL", "FOMO", "DAO", "ATH", "LP" we can sometimes sound alien to people who aren't into cryptospace.
Are you new to crypto and want to join in the conversation? Lets go boys and girls, grab your cocoa and get cosy cause this is gonna be a long ride. (ps. please send some bandages for my fingers and carpal tunnel treatment braces for my poor wrists.)
| ABBREVATION | EXPLANATION |
|---|---|
| Airdrop | It's not C17 dropping a Humvee onto you. It's a giveaway for holders of certain crypto or for founders. In short: free coins! |
| Altcoin / Alts | An altcoin is any coin that’s not Bitcoin (however nowadays Eth is not quite considered an altcoin anymore). |
| AMM | Automated Market Maker. A kind of decentralized exchange platform (or DEX). |
| ATH | All time high aka the highest price of an asset. Also known as, the time when we decide to buy. |
| APY | The annual percentage yield (APY) is a method of calculating the amount of money earned on a money market account over the course of a year. To put it another way, this is a technique to track how interest accumulates over time. (1). Reminder: High APY is usually high risk project. |
| ASA | Added by u/HoleyBody : ASA - Algorand Standard Asset. ASA is to ALGO as ERC-20 is to ETH |
| ATL | All time low aka the lowest price of an asset so far. Also known as, the time when we feel like it's really time to sell. |
| Bear Market | Bear market is a declining market. |
| Bull Market | Bull market is a rising market. |
| Buy the dip | When crypto dips, it's a good time to buy. Hence, buy the dip and have some tasty nachos read in case of drama. |
| Bubble | Explained by u/PhilTheQuant : the state of a market going up only because people are seeking to join in with a market going up, not due to any permanent or underlying increase in value. Characterised by increased personal debt and an influx of investors with little or no market knowledge. |
| Block | Groups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins. |
| Blockchain | A digital form of record keeping, and the underlying technology behind cryptocurrencies. |
| BSC | Binance smart chain network (BNB) |
| BRRRRR | Usually combined with another word such as printers, crypto and such. I suspect it's onomatopoeia for whirring. Usage "government is gonna put another billion dollars in. PRINTERS GO BRRRRR". |
| Buy high, sell low | Just a sad reality that we face with. Do not seek to buy high and sell low. Let it come to you. |
| Centralised Exchange (CEX) | Centralized exchanges or CEX are a type of crypto-exchange that is operated by a company that owns it in a centralized manner. Some of CEX include Binance, Coinbase, Kraken and others. |
| CMTSWTMC | Contributed by u/Half_Past_Five : Cry myself to sleep while the market crashes |
| Coin | A representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin. |
| Cold Wallet | A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. |
| Crab Market | When market is neither Bullish or Bearish and is only moving to the right (like a crab moves) without going either up or down too much, it's considered to be a crab market. |
| DAO | A decentralized autonomous organization (or DAO) is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. |
| DCA | Requested by u/Striking_Marzipan_74 : Dollar Cost Averaging: This is a strategy where an investor invests a total sum of money in small increments over time instead of dumping the whole sum in at once. This way you the risk that volatility of markets present is somewhat smaller. |
| Decentralization | The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority such as a national bank. |
| Decentralized Exchange (DEX) | Exchange that allows their users to exchange the crypto without the intermediary and gain higher returns. |
| Decentralized Finance / DeFi | Financial activities conducted without the involvement of an intermediary such as bank or CEX. |
| Decentralized Applications / DApps | Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries. |
| Diamond Hands | The pinnacle of evolution in crypto traders. The one who never sells, despite the FUD (see below for explanation). High chance of being very attractive and incredibly smart. |
| Digital Gold | Experts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value. |
| Dump it / Damp it | This is a meme phrase from Bogdanoff talking on the phone. Usually its after the investor buys his or her crypto and Bogdanoff dumping all of it, causing losses to investor. In 2022, both Bogdanoff brothers passed away due to Covid. Also see Pump it / Pamp it |
| DYOR | Do your own research. Usually that means looking at the logos and deciding which one looks cooler. |
| ERC20 | Ethereum network |
| Faucet | Faucet is a website that gives out small amounts of crypto to its users for free. (no that doesnt mean those scammers who offer 1ETH in exchange for 2). Faucets are popular way of getting crypto to cover gas fees of various cryptocurrencies. NANO is very popular with it's faucets and WeNano app. |
| FIAT | Fiat makes great cars but not money. FIAT is a currency without intrinsic value established as money by government regulation. $,€,￥are all FIAT. Sometimes also called "shitcoins" |
| Flippening | Not to be mistaken for "fappening"! It's an act of Ethereum overtaking Bitcoin in mcap or other metric. |
| FOMO | Fear of missing out. Its when you see LUNA go to 95$ and you buy in because you dont want to miss out the opportunity. Can be very dangerous. |
| Fork / Hard fork and Soft fork | Fork is when a cryptocurrency platform's existing code is changed. A hard fork is when nodes of the newest version of a blockchain no longer accept the older version of the blockchain. With a soft fork, only one blockchain will remain valid as users adopt the update. Think of it as an upgrade of network. |
| FUD | Fear, uncertainty, doubt. It's what makes this place fun! |
| Gas | A fee that developers have to pay for transactions. You may hear things such as "omfg these fees are killing me" and "I need to take a loan to move my 0.001 ETH". |
| Gas Hands | Explained by u/Charming-Dance-1839 : Inability to move ETH due to high gas fees. |
| GWEI | Gwei is denomination of ETH which the gas is paid in. 1 GWEI equals to 0.000000001 ETH. |
| Green Dildos | "Ahh I love to wake up in the field of green dildos" is not what your parents want to hear. You should quickly explain that it means that the market went green as the dildos represent the green candlestick graph. |
| Genesis Block | The first block of a crypto. |
| Here's our little cryptocurrency investor | It's what they call us at family dinners. |
| HODL | “HODL” that was started to get popular by a meme post in 2013. HODL does not mean "hold on for dear life". That was just a drunk guy misspelling the word HOLD. It means to HOLD the crypto and not sell. |
| Halving | A feature written into Bitcoin’s code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved. |
| Hot Wallet | A software-based cryptocurrency wallet connected to the Internet. |
| I don't know shit about fuck | Requested by u/nebula21399 : A common expression when we see FUD and extreme fear everywhere yet the market goes up 10%. |
| Influencer | Scumbag |
| Initial Coin Offering (ICO) | A way that funds are raised for a new cryptocurrency project. Popular in 2017 and a legendary for some big disappointments. |
| KYC | Know your customer. It's what most exchanges have been pushing lately. Usually it means submitting your photos, documents and address. |
| Lambo | Lamborghini .Usually used in conjunction with when. "When Lambo" in translations means " when will my coin go high enough for me to become rich?". |
| Leverage Trading | Requested by u/redamid :Mostly used in together with crying emojis and "I screwed up guys". Leverage is basically borrowing the money from the exchange in order to increase one's investments. You can see 3x-5x-10x options at your exchange. Thats leverage. My recommendation to newbies: Run the fuck away from it. |
| LP | Liquidity Provider (LP). A liquidity provider is a user who funds a liquidity pool with crypto assets she owns to facilitate trading on the platform and earn passive income on her deposit. |
| Mainnet | Mainnet is the released functional blockchain. (see testnet) |
| Market Capitalization / MCAP | Cryptocurrency market capitalization refers to the total value of all the coins. Also one of the many reasons why SHIB will not go to 1$. |
| Mint | Minting is how a file, usually a NFT, is recorded to a blockchain. |
| (To the) moon | Going up like heck |
| Moons | What makes this place go around |
| Moon Farmer | Explanation by u/DonerTheBonerDonor ---'Someone who gets paid by posting the most boring comments as quickly as possible on r/CryptoCurrency. They can probably earn more moons by working a minimum wage job and then buying the moons, but they still prefer to spend their day on the toilet with their phones in their hands.' |
| MCIBYCFC | Mom can I borrow your card for crypto. I have never said line that before. IM A GROWN MAN DAMN IT! |
| NFT | Suggested by u/Bunker_Beans : Stands for Non-fungible token. Tech with many uses but yet most of the focus is now on jpegs that sometimes sell for millions or are just a way of money laundering. |
| Nocoiner | People who don't believe in cryptocurrency or dislike it. |
| Not your keys, not your coin | Suggested by u/yogajogging : This expressions refers to holding the crypto on a centralised exchange. This means that if you do not hold the private keys (seed) of your crypto, you do not truly own it and can lose it at any time. If CEX goes down, your crypto is gone. |
| Node | A computer that connects to a blockchain network. |
| P2P | Peer to peer. In crypto this is mostly used in payments where two users transfer funds without an intermediary. |
| Paper Hands | People who sell at the first sign of danger. They are considered to be weak and unattractive. The opposite of Paper hands is Diamond hands. |
| Parachains | Requested by u/CrayCJ :Parachains are custom, project-specific blockchains that are integrated within blockchain, as of time of writing DOT and KSM. Recently the term got popular with parachain crowdloans release on Polkadot. |
| Public Key | Your wallet’s address, which is similar to your bank account number. |
| Pump it / Pamp it | Suggested by u/Dayl-San : This is a meme phrase from Bogdanoff talking on the phone. Usually its after the investor sells his or her crypto and Bogdanoff pumping it. In 2022, both Bogdanoff brothers passed away due to Covid. Also see Dump it/Damp it |
| Private Key / Private seed | The encrypted code that allows direct access to your cryptocurrency. This is the key to your money. |
| Pump&Dump | Don't worry, it's not "jerking off while shitting". It's artificially inflating the price of crypto in order to sell at a higher price. |
| PoW | Proof of Work involves solving cryptographic equations using computing power. Bitcoin is based on PoW protocol. |
| PoS | Proof of Stake uses digital coins for the right to validate new block transactions. Polkadot is one of many PoS protocol based cryptos. |
| REKT | Short for "getting wrecked". Usually "I got so REKT by buying ICP at ATH" |
| Rug Pull | SQUID investors most hated word. Rug pull is where crypto developer(s) abandon a project and run away with the money. |
| Satoshi Nakamoto | The big daddy. The OG. The founder of Bitcoin. |
| Sats | Satoshis, or SATs, are a fraction of a Bitcoin. 1 BTC = 100.000.000 SATs. Keep stacking em! |
| Sharding | Oh cmon, we are all adults here. Sharding is a way of splitting the blockchains into partitions. |
| Shitcoin | In 2021 one of the most discussed things here were shitcoins. Shitcoins are cryptocurrencies which have no use apart from hype or other thin air stuff. Sometimes shitcoins can evolve into meme coins. Synonym with FIAT (see FIAT) |
| Shilling | It's not an ex-Austrian currency. It's a person hyping coins or shitcoins for their own benefit. Avoid. |
| Smart Contract | An algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts. |
| Stablecoin | A stablecoin pegs its value to some other non-digital currency or commodity. It's usually what you buy other crypto with. |
| Staking | Proof of Stake based cryptocurrencies offer staking- aka locking up your coins for certain amount of time and earning rewards for holding them. Popular staking crypto is ATOM, ALGO, FTM, ADA, DOT and others |
| Testnet | The testnet is the testing “Sandbox” blockchain. |
| Technical Analysis | Suggested by u/Nickel62 : Using mathematical indicators that are based on history of market movements, TA analysts try to predict future trends. |
| Token | A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin). Usually tokens are what we lose money on. |
| Usecase | Suggested by u/FinoAllaFine97 : This term comes up a lot with less-that-hygienic coins. It refers to "what use does this coin have". How can you use it? Is it thin air or can you actually do something with it? |
| VC | Not to be mistaken with WC which is a different kind of facility. VC stands for Venture capital which is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which have demonstrated high growth. (1) |
| Wallet | Place to store crypto |
| WAGMI | Suggested by u/Gemini_George : We are all gonna make it! Popular phrase during the bear market when we try to keep our sanity. |
| Whale | Not your mom but someone who owns a big portion of coins. Usually the word is used in respect like "omg look at that whale moving 200BTC" |
| Whitepaper | Term that got popular with crypto. This is a document that gives it's investors information regarding the project. Most popular whitepaper is that of Bitcoin, written by Satoshi himself. If you are interested, it's really an amazing read. You can read it here. |
| Yield Farming | Yield farming involves staking, or locking up, your cryptocurrency in exchange for interest or more crypto. |
I hope this helps you guys feel more at home here and to understand what we are all rambling about. If you enjoyed my post, please let me know. If you want me to add something, also let me know. If you hated it.. definitely let me know <3 If time allows me, I intend to keep this updated so any suggestions are more than welcome.
So, welcome everyone to 2022. Hopefully we will be using a lot of "green dildos" this year and as little of "FUD" as possible! Love you all
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Sources (except the content that has source next to it)
Time.com , UsaToday , Altcoinbuzz.io , Weteachblockchain.org , AlexandriaCMC
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