Hello Steemians!
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How's your day? I think most people are worried about the dips of cryptocurrency market. Good thing that the market is starting to rise today and we now see green of the charts. Some say it is because of major correction, others say because of known people making FUD, and the worst comment they say it is a fraud. Well, whatever they say.
When we took about cryptocurrencies, blockchain or ICO there are many words that most people do not understand. For example are HODL, FOMO, and FUD. They are referred as cryptocurrency lingo. In this post, I will educate the readers on the meaning of these lingo.
What are Lingo?
According to Merriam dictionary, (1) it is a strange or incomprehensible language or speech. (2) the special vocabulary of a particular field of interest. (3) the special language used for a particular activity or by a particular group of people. As what I understand, it is a language which specifies a specific area, topic, interest, or group of people. For example, every country has its own lingo and these lingo has different meaning on a specific country. In cryptocurrency, these are language use for this topic. Some, topics may also have the same with crypto lingo but it has a different meaning.
Have you encountered difficulties in understanding this language while searching on cryptocurrencies forum? Before I also have difficulties and sometimes annoys me, but, then I research for this language. How that it will give you benefits.
Here are the common Cyptocurrency Lingo.
HODL - Hold On for Dear Life
Have you heard this? It is a spin in crypto investing which is the same with the word hold. HOLD is like you buy a coin and wait until the price of that will go higher. Sometimes also describe when a trader loss gain because the market crash but hold the coin until the market bounces back. A trader who buys a coin and does not have intention to sell the coin is called HODLER of the coin.Whale
It refers the a investor with substantial amount of capital or a huge player on cryptocurrency trading. Whales are often the market movers to the coins which means they can affect the prices of the coin.AltCoin - Alternative Coin
It refers to all cryptocurrency coins except Bitcoin. So, altcoins are competitors of bitcoin. Bitcoin is the most famous and first digital coins. But, altcoins offers greater security, less power consumption, and faster transaction than the bitcoin which leads some altcoins advances in the market.FUD - Fear, Uncertainty and Doubt
As the name implies, it gives doubts to player which results in selling off their coin that makes the market down. From the past, many high profile individual give FUD to the players. Example on this is the founder of JP Morgan Company who spread FUD by saying that bitcoin is a fraud. Others also say that the whale are also spreading FUD to crash the market and once it crashed they will buy the coins with much lesser price.FOMO - Fear Of Missing Out
Have you tried looking at the chart and saw a green candle which indicates the price is going up and you don't own that coin? Some players will freak out, sell there other coins or belonging to just to have that coin. There is a result of cyrpto trading driven by emotion rather than valuation.ATH - All Time High
This is a abbreviation of all-time high. It means that it is the highest historical high price on a specific coin. For example Bitcoin reached is ATH last December of 2017 at almost $20,000.Pump and Dump
It is a action of the price of the coin where it goes high in an instance (Pump) and suddenly goes low at a short period of time (Dump). It may happen in a day or maybe hours. Pump and Dump may also considered as a fraud. This phenomenon can happen when a high profile person endorses the coin and players will freak out and buy that coin. When there is a high trading volume, the prices will rise up due to law of supply and demand. After that, that person will sell-off his coins with great price and leads the price down due to low demand.