Alex Reinhardt | Crypto Lingo You Ought To Know

Bitcoin lingo can be complicated to understand, especially during conversions. They sound like English words (because they are), but they need to make accurate sense. You may have encountered them online, in forums, or conversing with someone. Alex Reinhardt briefly explains popular Crypto lingos and their meanings so you can actively join the conversation and use them while speaking.

Popular Crypto Lingos You Ought To Know

Alex Reinhardt explains some popular Crypto lingos you need to know:

ELI5

ELI5 is an acronym for “Explain Like I’m 5.” It’s a term used by many when they find it difficult to grasp a project’s Protocol or mechanism. ELI5 allows for better understanding as the explanation will be broken down into smaller crumbs that even a 5-year-old could grasp.

WAGMI

It stands for “We Are Gonna Make It.” WAGMI is a popular term among crypto enthusiasts to show support or offer encouragement. It is often used in situations of a massive rise in a coin’s price. The alternate form of WAGMI is NGMI “Not Gonna Make IT,” which is used when there is a drastic fall in the price of a coin.

Whale

In crypto, a whale is not a sea animal but refers to a person or corporation holding many cryptocurrencies. Although the exact percentage being held is unknown, Alex Reinhardt points out that the immediate selling of these coins can significantly impact the market or possibly crash the whole of the project. 

Rekt

Rekt is possibly derived from the word “Wrecked,” which means destroyed. Rekt is often used when financial investors lose a significant amount of their wealth due to poor financial decisions or bad investments.

To the Moon

“To the Moon” is unarguably one of the most used lingos. It describes a Cryptocurrency that is expected to rise in price or skyrocket so high that everyone involved gains a lot. Crypt investors often use it on the verge of selling their coins to gain more profits.

HODL

HODL signifies “Hold On for Dear Life.” The term Hodl is believed to have originated in 2013 when a typo for the word “hold” was seen in a post on Bitcointalk. The term means to hold or keep, and it’s often used by those who buy and keep coins, hoping it rises in the future. 

A person who hodl is called a hodler, and they are often long-term visionaries who believe in the steady uprise of a coin’s price.

Buy The Dip (BTD)

BTD is often used to encourage people to buy a coin when it’s at its lowest price. It tells people to purchase a coin now as there is a belief it will eventually get back up, offering you profit.

Shill

Shilling is used when someone actively promotes a cryptocurrency to attract buyers and investors. A person who engages in shilling is called a shiller.

Paper hands

It refers to a person who sells off the coins in their portfolio when there is a slight change in the price of the coin. Alex Reinhardt highlights that, on the other hand, a diamond hand does not sell its coin, irrespective of the losses incurred during holding or trading.

Featured Image: Pixabay

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