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Cryptocurrencies were first developed as a way to bypass traditional banking institutions and decentralize the perceived power they had over financial transactions.
As an anti-establishment movement, it may not surprise you that crypto-enthusiasts have their own language.
“There is undeniably a very real and powerful subculture that has grown out of the crypto community,” This is reported by marketing research provider WARC.
“[It has] the potential to change future urban lifestyles and consumption patterns – similar to the emergence of streetwear and urban culture rooted in the countercultures of the 1980s and 1990s.”
Maybe you’ve seen some of this crypto jargon and wondered what they’re talking about?
Fortunately, UK-based financial services platform Uphold recently published a glossary of crypto slang that it calls “encryption”.
Here are some selected words and their definitions:
It’s “one of the most enduring” cryptocurrency jargons, which stands for “hold on to everything.” This is also a misspelling of the word “hold” and refers to the act of not selling cryptocurrency for an extended period of time.
Similar to HODL, diamond hands refer to an investor who will hold their crypto assets regardless of volatility. The opposite of this is “paper hands,” which describe someone who sells at the first hint of trouble.
This is a pejorative term for an investor who cannot tolerate dips in the crypto market.
This is a verb that describes buying a digital asset hastily, without much research.
A theme that has remained relevant throughout the years, flipping refers to the potential moment when Ethereum (CRYPTO: ETH) overtakes Bitcoin (CRYPTO: BTC) as the crypto with the largest market capitalization.
This is an act of mockery of a Bitcoin to the investor for holding it for years but not yet getting rich on it.
These beings are investors who own huge shares of a certain cryptocurrency. Because of the size of their holdings, any purchase or sale of whales can affect the market price.
This is a misspelling of the word “ruined” to describe an investment that has completely collapsed and lost the owner a significant amount of money.
Sweeping the floor
It refers to a trading activity where one person or a small group buys a large amount of a particular cryptocurrency.
It is a verb that describes the act of publicly supporting a particular crypto to generate hype and demand. Some celebrities and social media influencers have been accused of such acts.
Although the term describes an individual who holds onto their digital assets for a long time, it has a distinctly negative slant when compared to “diamond hands.” Bag owners are holding onto their crypto for too long and are left with useless tokens.