Cryptocurrencies and NFTs have had a profound effect on the financial sector. With any new technology comes an array of intricate terms, acronyms and expressions that may not be immediately understandable to someone just starting. To help you better understand this complex language and allow you to buy low while avoiding fear, uncertainty and doubt (FUD), we’ll cover some of the most common slang related to crypto in this article. If you are planning to invest in Bitcoin, you may visit this Web to use the most reliable trading platform online.
Which are the essential crypto slangs that you should be aware of?
Ape
An ape is someone who jumps into buying a non-fungible token (NFT) or another type of digital asset without doing research first. This unwary investing strategy has earned its term – “apeing.”
BTD
The acronym BTD stands for “buy the dip,” and it refers to taking advantage of an asset’s discounted value when its price has temporarily declined. By doing so, one can profit from their investment once the market recovers back to normal.
10K Project
A 10K project is an NFT collection comprising roughly 10,000 avatars. The CryptoPunks collection from 2017 first popularized this concept and since then its popularity has skyrocketed among creators and investors alike. Although not all collections have exactly 10,000 avatars, the phrase “10K project” has become widely used to describe them regardless of size.
Bullish
When stock prices are increasing, it is known as a bull market. A person with a bullish mindset believes that the price of stocks will continue to grow and they have an optimistic outlook on the markets. By making investments during this period, investors can potentially get higher returns.
DAO
DAO is an extremely well-known slang term for crypto which describes decentralized autonomous organizations. As its name suggests, it’s a kind of organization which works independently and with no central authority.
Degen
Degenerate stands for degenerate and in the cryptosphere, it possesses various meanings. It is utilized mostly to refer to a person that makes substantial financial commitments to precarious cryptocurrency projects.
Bozo
The term “bozo” has always been used as an insult to describe someone foolish or stupid. However, those involved in the NFT scene have adopted its use more frequently, often to refer to people being taken advantage of or making bad decisions when it comes to buying and selling non-fungible tokens (NFTs). If somebody gets scammed, they’re a ‘bozo’. Making the wrong decision with their investing? Also considered a ‘bozo’!
Collectibles
Collectibles are one-of-a-kind tokens with varying levels of rarity which makes them highly sought after as users vie to obtain the rarest items. This competition for collectible goods gives them an element of collectibility.
Cold Wallet
The cold wallet would be among the kinds of cryptocurrency wallets. A far more secure strategy is to utilize cold wallets or hardware wallets, that are utilized to keep electronic currency and non-fungible tokens offline. The two most often used cold wallet makers tend to be Trezor and Ledger.
DYOR
Before investing in any Non-Fungible Token (NFT) project, it’s important to do your own research first – which could be summed up with the abbreviation “DYOR”. As there are many fraudulent NFTs on the market and bad actors touting their projects, exercising due diligence is vital before investing.
Diamond Hands
Within the cryptocurrency world, diamond hands or maybe the stone hands emoji are employed to refer to traders who are going to keep, or perhaps not sell, irrespective of market swings. It is a dangerous move, however, it truly does pay off.
NFA
The acronym NFA means “not financial advice,” and those that give non-financial or crypto trading advice. It can serve as a disclaimer to the result that they’re not held responsible for the outcome of complying with their suggestions.
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