Cryptocurrency slang can appear a bit bit mystifying to these on the surface, so right here’s a helpful information to a few of the phrases you may encounter.
Cryptocurrencies corresponding to bitcoin, Ethereum, Ripple and numerous others have barely left the information cycle within the final 12 months or so. Bitcoin, arguably the preferred cryptocurrency, hit an all-time excessive in December 2017 as increasingly members of the general public jumped on the bandwagon.
What many individuals don’t know is that there’s a wealthy vocabulary on the planet of digital currencies. Boards and subreddits are suffering from terminology that may usually appear bewildering to outsiders. What are ‘whales’ if not large water-dwelling mammals? What does ‘HODL’ truly imply?
Cracking the code
What’s fascinating concerning the latter is that it’s each a typo and a meme. Apparently, a person instructed one other bitcoin discussion board member to ‘HOLD’, as in not panic and promote their cash, however misspelled it as ‘HODL’. It additionally turned out to be a helpful acronym for ‘maintain on for pricey life’.
A whale is somebody who owns greater than 5pc of any cryptocurrency they usually usually take the blame when digital forex costs take a plunge. In the meantime, a ‘BearWhale’ is a dealer with a big amount of cryptocurrency who believes costs will fall – in the event that they unload, the market could be briefly flattened.
To search out out what a ‘bag holder’ is or keep away from ‘FUD’ on the cryptocurrency market, try the infographic beneath.