Crypto Lingo You Need To Know

by Corey DiNardo

Lost in a sea of new terms as you try to find your way to crypto clarity? If you are brand new to the world of blockchain and cryptocurrency, it’s easy to get overwhelmed. There are so many new technical terms and slang you need to digest and understand. We are here to help with a list of crypto vocabulary to make navigating this new world just a little bit more manageable.

Are we missing a term? Make sure to send us a message to get it added to this list!

Cryptocurrency Slang Terms

Addy

A slang term for “address”, as in a crypto wallet’s address.

Altcoin

Altcoin refers to cryptocurrencies that are an alternative to bitcoin, the first cryptocurrency.

Bagholder

A trader who missed the opportunity to sell and is left holding onto coins with little to no value.

HODL

The practice of amassing and keeping crypto. A typo for “hold” that has come to mean “Hold On for Dear Life”. It became a rallying cry when crypto was having more downs than ups and hold was misspelled in a popular form post.

Lambo

Short for Lamborghini, when someone asks “When Lambo?” they are asking when a particular coin’s price will increase and they will profit enough to buy a Lamborghini.

Moon

When a cryptocurrency rapidly increases in value, people will say “to the moon” or it’s “mooning” You will also hear the question “When Moon?” asking when will the price of a particular coin spike in value.

Nocoiner

A person that has no bitcoin or crypto. Can sometimes be used as a derogatory term for people outside the crypto community.

REKT

Short for wrecked - or what happens if you lose lots of money on a trade.

Satoshis or Sats

The smallest amount of bitcoin that can be sent. Named after Bitcoin’s anonymous creator that used the pseudonym Satoshi Nakamoto.

Shill

A person hyping altcoins or shitcoins for their own benefit. Don’t be this!

Shitcoin

A coin with no value or purpose.

Weak Hands

Refers to people that panic sell instead of continuing to hodl as the value of a coin or the whole crypto market goes down.

Whale

An individual who holds a large amount of bitcoin or another cryptocurrency.

Technical Terms

Address

Used to receive and send transactions on a blockchain network. It contains a string of alphanumeric characters, but can also be represented as a scannable QR code.

Airdrop

Airdrops are a method of token distribution. Developers will send tokens to a blockchain address in exchange for a task, or even for free, to help decentralize the ownership of their tokens.

Blocks

Each block on a blockchain represents a collection of transactions that have taken place. As the transactions are validated, they are compiled into the blockchain permanently. Blocks include a timestamp and are built in such a way that they cannot be changed once recorded.

Cryptography

Mathematics creates codes and ciphers in order to conceal information. Cryptography is used as the basis for the mathematical problems used to verify and secure transactions on the Blockchain.

Decentralization

The process of moving control of a system from one centralized location to many equal ones that can act on a peer-to-peer basis.

DeFi

Short for Decentralized Finance, an open and modular financial system where you have more control than traditional financial systems. The goal of DeFi is to connect individual users to provide financial services without the need for a centralized bank.

DEX

Short for Decentralized Exchange. DEXs facilitate cryptocurrency transactions peer-to-peer without the need for a third party.

Exchange

A website or organization that allows and facilitates the transfer of fiat to cryptocurrency as well as the reverse. Some exchanges allow you to trade your crypto for other cryptocurrencies.

Fiat

Currency issued by the government. The US Dollar and Euro are examples of fiat currencies.

Mining

The process of adding transactions to blocks and securing the blockchain. Miners are specialized hardware that race to solve equations and add the next block to the chain. The computer that wins receives the block reward for creating the newly added block.

Node

A computer that possesses a copy of the blockchain and is working to maintain it.

Peer-to-Peer (P2P)

A system in which computers talk directly to each other with no centralized system in between.

Private Key

A private key is a string of data can digitally prove you have access to the crypto in a specific wallet. Private keys can be thought of as a password; they must never be revealed to anyone, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

Public Key

A cryptographic key that can be obtained and used by anyone to encrypt messages intended for a particular recipient, such that the encrypted messages can be deciphered only by using a second key that is known only to the recipient (the private key).

Proof-of-Work

A system that ties mining capability to computational power. Blocks must be hashed, which is in itself an easy computational process, but an additional variable is added to the hashing process to make it more difficult. When a block is successfully hashed, the process must have taken some time and computational effort. Thus, a hashed block is considered proof of work.

Proof-of-Stake

An alternative to the proof-of-work system, in which your existing stake in a cryptocurrency (the amount of that currency that you hold) is used to calculate the amount of that currency that you can mine. The higher your stake, the more likely you are to be selected as a validator and receive a block reward.

Stablecoin

A cryptocurrency that attempts to peg it’s value to a fiat currency or commodity in an effort to deal with the volatility of the crypto market.

Wallet

A physical device or computer interface that facilitates the storage of public and private keys. Your cryptocurrency is not stored in the wallet itself, it’s on the blockchain. It only manages your keys.

Acronyms

While most of these are not directly related to crypto, you will see them a lot, so it’s good to know what they stand for!

ATH

All Time High

BTD

Buy The Dip

DYOR

Do Your Own Research

FOMO

Fear Of Missing Out

FUD

Fear Uncertainty Doubt

ICO

Initial Coin Offering

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