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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-authority movement, it might not surprise you that crypto enthusiasts have their own language.
“There is undeniably a very real and powerful subculture that has come out of the crypto community,” WARC declared market research provider.
“[It has] the potential to drive change in future urban lifestyles and consumption patterns – much like the emergence of streetwear and urban culture rooted in the countercultures of the 1980s and 1990s.”
Maybe you saw some of this crypto jargon and wondered what they were talking about?
Luckily, UK financial services platform Uphold recently released a glossary of crypto slang, which it calls the ‘cryptic’.
Here are some selected words and their definitions:
It is “one of the oldest cryptocurrency jargons” which means “hold on for life”. It is also a misspelling of “hold” and refers to the act of not selling cryptocurrency for a long 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 describes a person who will sell at the first sign of trouble.
This is a pejorative term for an investor who cannot tolerate declines in the crypto market.
This is a verb that describes the hasty purchase of a digital asset without doing much research.
It is the act of making fun of a Bitcoin investor for owning it for years but not getting rich yet.
These creatures are investors who hold massive proportions of a particular cryptocurrency in circulation. Due to the size of their holdings, any buying or selling activity by the whales can influence market prices.
This is a misspelling of “wrecked”, which describes an investment that has completely collapsed and caused the holder to lose a significant amount of money.
It refers to a trading activity when an individual, or a small group, buys a large number of a particular cryptocurrency.
It is a verb describing the act of publicly endorsing a specific crypto in order to generate hype and demand. Some celebrities and social media influencers have been accused of such acts.
While this term describes someone who holds their digital asset for a long time, it has a decidedly negative slant to “diamond hands.” Bag holders keep their crypto too long and end up with useless tokens.