It is of no consequences if pioneers are first of all acquainted with the crypto know-how to be able to understand what Blockchain Technology experts are saying. By understanding the common word registers in the web3 and Blockchain will impact every pioneer with the prerequisites knowledge needed to trade professionally on the both the Pi Network, PiChainMall and other crypto trading platforms like Binance and Crypto.com.
Below are the first 10 slangs used in the crypto market
1. Bagholder
Bagholder describes a person who holds onto their assets despite a continuous decrease in their value. They may hold their position even when an asset’s value crashes to essentially zero, usually out of hope that its price will eventually bounce back (or simply out of fear of losing).
2. Cryptosis
Cryptosis refers to someone who strives to absorb every bit of information about crypto and won’t stop talking about it.
3. Ape
Ape or apeing is when someone buys a token or NFT shortly after it launches without previously conducting proper research.
4. Bitcoin Maximalist
As the name suggests, Bitcoin Maximalists believe that Bitcoin is the only cryptocurrency of value and the only digital asset worth supporting.
5. Cryptojacking
Cryptojacking is a type of cybercrime whereby a hacker co-opts an unsuspecting victim’s computing power to secretly mine cryptocurrency on the hacker’s behalf. Also referred to as ‘malicious cryptomining’, cryptojacking became a widespread problem during the 2017 crypto boom when Bitcoin and other cryptocurrencies’ prices skyrocketed.
6. Diamond Hands/Paper Hands
Diamond hands and paper hands are terms used to describe the risk appetite of traders.
A trader with diamond hands will hold on until the bitter end — regardless of market conditions. The term signifies a high appetite for risk. Traders with diamond hands don’t cave in and sell their tokens until the tokens have reached their full potential in the trader’s eyes
In contrast, a trader with paper hands will sell their position at the first sign of trouble. In short, they panic sell. Traders with paper hands typically have a low-risk tolerance for high-volatility tokens and tend to exit their positions early in order to prevent losses
While diamond hands is a trading ethos commonly identified in long-term market participants, paper hands is an ethos more apparent amongst swing traders and day traders.
7. BTD
BTD is a phrase used to encourage buying an asset at a low market price. The acronym stands for ‘buy the dip’, meaning to take advantage of the opportunity to lock in more crypto at a discounted price. The idea is that the price will eventually bounce back and more than likely increase in value.
8. 🐋 Whale
A whale refers to a person or entity owning large amounts of a certain cryptocurrency. While there is no official threshold to be considered a whale, the number of coins or tokens held needs to be significant enough to have an impact on market prices should holders buy or sell. Essentially, they have enough funds to manipulate the market.
Due to the size of their orders, a whale’s transactions may create a temporary increase in volatility, especially in assets with low liquidity. Consequently, investors like to keep track of known whales in the industry to prepare for when they make a move.
The related term bear whale describes a whale trader who is bearish on the market and believes prices will fall.
9. DYOR
DYOR stands for ‘do your own research.’ In crypto, it’s commonly used to remind investors to vet a project before investing.
10. FOMO
Short for ‘fear of missing out’, in crypto, FOMO refers to a trader’s or investor’s fear that they may be missing out on a potentially lucrative opportunity. It was a major driving force behind the rapid rise and fall of Bitcoin’s price in 2017.
This fear can drive individuals to act impulsively and make investment decisions based on emotion, rather than logic and reasoning. FOMO can strongly impact cryptocurrency prices and cause major volatility in crypto markets. It can also lead investors to incur far greater financial losses.
More of the words will be posted separately.
