If you read the news on a regular basis, chances are that you have become familiar with at least one cryptocurrency terminology. Maybe that term is ‘cryptocurrency’. There are, however, quite a few more terms you should be aware of if you decide to venture into the cryptocurrency space as an investor, miner, trader, or enthusiast.
This is not when people huddle together, nor is it a reference to Hodor from Game of Thrones. The origin of this term is much more silly than that. It was born out of a typo made by a Bitcoin investor, who wanted to write that he was ‘holding’ onto his Bitcoins during the crash. Instead, the spelling came out as ‘hodling’. The Internet is quick to jump on these things and create memes out of it. The memes went viral, and now HODL is an actual term that stands for ‘hold on to dear life’ during a cryptocurrency downturn.
To the moon
This one is a bit more obvious. Going ‘to the moon’ refers to when the value of a cryptocurrency is skyrocketing within a short period of time. Once the cryptocurrency has hit the peak, it is called ‘mooning’. Coincidentally, this is also the ideal time to sell off all your cryptocurrencies to maximize profits. In other words, don’t HODL when your cryptocurrencies are mooning.
Once you have HODL’d during the hard times when the value of your cryptocurrencies was low and you have sold them off after they went to the moon, you might have the answer to this question. The answer to ‘when Lambo?’ is when you have become so rich off your cryptocurrency mining or trading that you can afford to buy a Lamborghini.
This term refers to either wishful thinking, or the future we might soon be living in. Hyperbitcoinization is the point where fiat money has been rendered completely obsolete by cryptocurrencies. When that future will arrive is still uncertain. But given that major banks around the world are all experimenting with blockchain technology, it will probably become a reality in our lifetime.
Obsessive Cryptocurrency Disorder (OCD)
This variant of obsessive-compulsive disorder will be familiar to anyone who has traded in the stock market. It can be nerve-wracking to invest a large amount of money and time in something and then have to watch the value of the investment go up and down. The same applies to mining or investing in cryptocurrencies. If you get too caught up in the market fluctuations, you will eventually end up with obsessive cryptocurrency disorder.
This abbreviation stands for ‘fear, uncertainty, and doubt’. Although the term has not originated in the cryptocurrency community, it is widely used – and for good reason. Due to the volatile market of cryptocurrencies, there is definitely a lot of fear, uncertainty, and doubt. FUD can deter people from joining the cryptocurrency community and investing in the various ICOs.
Do you have any cryptocurrency slang you want to share? Drop your knowledge in the comments section, and stay tuned for Part 2.