I came across this insightful article and i thought i should share with others.
If are actively trading bitcoin and other digital assets, you should know the most commonly used bitcoin slang terms to make sure you know what’s going on when your peers are discussing the markets. In this article, you will learn the 10 most important cryptocurrency trading terms you should be aware of.
To invest in bitcoin and give up even when the prices fall off a cliff. The term traces its origin from a bitcointalk forum post in 2013. The author GameKyuubi screamed ‘I AM HODLING’ and although he later apologised for the typo ‘holding’, he could not change the already viral term. In the post, GameKyuubi argued that in the bear market, the only people who sell bitcoins are those who are expert timers or those who are complete novices. Everyone else just ‘hodls’.
If you are Goxxed, it means that you are experiencing technical issues on the bitcoin network. Many bitcoin users complain that the MtGox platform for bitcoin exchange is too knotty, hence the term ‘goxxed’.
When online gamers want to mean ‘wrecked’, they simply say ‘#Rekt’. So, #Rekt is defined as totally broken or ruined. It traces its history from a Reddit user who once called for a moment of silence after a bitcoin crash.
A user paid to advertise or market a product or endorse a miner on the TrollBoxes. A shill is also the user who posts or starts a relevant, engaging, informative thread on bitcoin forums.
A whale is a trader who has so many bitcoins that he or she can create large price movements in a cryptocurrency. The word ‘whale’ traces its origin from Casinos.
Like on Wall Street, a bear is a person who believes that the bitcoin prices will go down.
Bear Market is the name given to the persistent fall of bitcoin prices over an extended period.
This is the exact opposite of the bear. It is a bitcoin trader that believes the prices will go up. A bull market is a lengthy period when bitcoin prices hit the roof, like in the first half of the year 2017.
This is one of the smartest ways to trick the bulls. A slight increase in the prices lures speculators to buy and then the prices suddenly go down.
The first definition of a bagholder is someone who is trading a pump and dump scheme altcoin and holds on to his coins for too long and is then left with losses when the currency comes crumbling down.
Any cryptocurrency that is not bitcoin is an altcoin. It’s an alternative coin of which there are several hundred at this point. Some carry significant value, such as Ethereum, Ripple, and Litecoin, whereas others are pretty much worthless.
TO THE MOON!
This is the cry of a trader lamenting about the skyrocketing bitcoin prices.
A shitcoin is any new altcoin that is not mainstream or does not add innovation to the market. If an altcoin grows worthless or turns out to be a scam, then it is a shitcoin.
PUMP AND DUMP
This is an artificial inflation of cryptocurrency prices through false positive statements, where traders target to sell higher.
A TrollBox is a cryptocurrency exchange’s chat room where users discuss cryptocurrency. Although there are rules and terms of using the Trollbox, users have the freedom to discuss future bitcoin prices, altcoins, and wallets among other relevant topics.