Part 2 of our Guide to Cryptocurrency Slang is here! Below you’ll find some more terms you should be familiar with when you venture into the cryptocurrency space. Remember to read Part 1 if you have not done so already!
If you have heard of fatshaming, then this term is probably self-explanatory. Bitshaming is when members of the cryptocurrency community mock a holder of Bitcoin for not being rich from his or her investments. It can also be applied to investors who are not holding on to their Bitcoins, but rather sold them early and thus have lost out on the opportunity to become a Bitcoin millionaire.
Every group separates its members from the people outside the group, and typically have a term for outsiders. In the cryptocurrency community, this term is nocoiner. The term can be applied to someone who used to be part of the cryptocurrency community and has now sold off all their coins, or someone who is not part of the community and is skeptical about the whole concept of cryptocurrency.
Every group has their extremists who strongly believe in one part of the community. Members of the cryptocurrency community are a bit like football fans in that respect. They all like cryptocurrencies, but some are die-hard fans of one particular currency. Bitcoin Maximalists believe that Bitcoin, and no other cryptocurrency, will be the one that goes mainstream.
There are of course cryptocurrencies other than Bitcoin in circulation. Since Bitcoin was the first one, however, it gets dibs on the term Bitcoin. Other kinds of cryptocurrencies, like XRP (from Ripple) and Ether (from Ethereum) are instead called altcoins, to distinguish them from the ‘original’ cryptocurrency. Although all of them are cryptocurrencies and rely on blockchain technology, altcoins tend to have slightly different technology than Bitcoin.
Whether or not Bitcoin will remain the king of cryptocurrencies remains to be seen. It is thus far one of the most valuable cryptocurrencies out there, but anything can happen in the world of digital currencies. Some believer in The Flippening, which is the moment in time when Bitcoin will lose its status and be overtaken by an altcoin like the ones described above. There is even a website dedicated to monitoring when The Flippening will happen.
This term is not really exclusive to the cryptocurrency community but is a more broadly applied online term used by Internet users. Given that cryptocurrency fans spend a lot of time online, however, there is a considerable overlap between them and other online communities like Reddit, 4Chan, and YouTube. Rekt is an alternative spelling of ‘wrecked’, and refers to when a cryptocurrency investor makes a bad move and loses a lot of money. People who sold their Bitcoins early before it peaked in December got rekt. People who held on to them after crash also got rekt.
Do you have any more cryptocurrency slang you would like us to cover? Let us know in the comment section below, and stay tuned for Part 3!