Popular Crypto Slang Terms. Part 1

We've long been helping our readers decipher crypto jargon. Below, you can explore various acronyms, abbreviations, and slang expressions:

• FOMO
• FUD
• KYC
• DCA
• DYOR
• ICO/IDO
• Whales and Shrimps
• Pump&Dump
• Catfishing

Continue your journey and get familiar with more crypto terms commonly used in online conversations.

Shill or Shilling

The most renowned shiller, Elon Musk. Source: Reddit

Shilling refers to the promotion of an asset specifically for personal gain. This term predates the cryptocurrency market and originally referred to someone acting as a plant or a stooge, posing as a regular user but secretly acting as an intermediary who profits from transactions.

Shillers often have investments in a particular token and seek to persuade others to buy it, driving up demand and price. Even crypto bloggers who receive compensation for endorsements may fall into this category.

Shillers hype up tokens, touting their potential for massive gains, but their primary motivation is personal profit.

Rekt (or Get Rekt)

Rekt. Source: coincodecap

“Rekt” is a term used to describe a substantial or total loss of capital, due to a decline in the value of cryptocurrency. The term comes from multiplayer online gaming, where it means “wrecked,” “killed,” or “broken,” typically used when a gamer’s character meets an unfortunate end.

In cryptocurrency trading, saying “he can get rekt” suggests that a trader (or their publicly known position) is facing or could face significant losses.

Bag Holder

Bag Holder. Source: X

A bag holder is a trader who clings to their cryptocurrency investments even as they plummet in value, rendering them virtually worthless.

This term is borrowed from the stock market, where it describes an investor who has bought into poor-performing stocks at high prices and holds onto them, hoping the market will eventually rebound.

In the cryptocurrency context, “bag holders” often find themselves inadvertently caught in pump-and-dump schemes. They are left holding valueless coins after the orchestrators have cashed out, mistakenly believing in the asset's potential.

It’s important not to confuse bag holders with steadfast holders, such as those who remain confident in the long-term appreciation of Bitcoin.

Noсoiner and Precoiner

Precoiners, Nocoiners, and Bitcoiners. Source: Reddit

Nocoiners are those who believe cryptocurrencies are destined to fail and foresee no value in them for the future. Because of this viewpoint, they steadfastly refuse to invest in any crypto assets.

This group also includes individuals who did not invest during the so-called “golden era” of cryptocurrency from 2018 to 2020. Now, these nocoiners harbor resentment about missed opportunities. Mired in resentment, they criticize all virtual assets and disparage those who believe in their potential. Despite over a decade since the release of Bitcoin's white paper, they still liken cryptocurrencies to historical economic follies such as Dutch tulips, the dot-com bubble, and financial pyramids.

Contrastingly, precoiners don’t own digital assets either, but their reasons stem from apprehension rather than skepticism. Overly cautious, they fear making a mistaken investment and constantly seek the optimal timing to buy at the best possible price. They keep abreast of all the latest developments in the cryptocurrency world and monitor the market closely. However, despite their vigilance and readiness to learn, precoiners are hesitant and are not yet prepared to make their first investment.

Evaporator

The term “evaporator” is used to describe crypto projects that were, in fact, never actually developed. These projects are extensively marketed and hyped up, becoming the talk of the community. 

However, they end up being a disappointment as the project dies without ever truly launching, typically because the founders either lose interest or fail to find the necessary investment to bring their ideas to fruition.

Cryptosis

Popular sticker for those afflicted with cryptosis. Source: Reddit

Cryptosis refers to an unquenchable thirst for knowledge about cryptocurrencies that can never be fully satisfied. Although it sounds like a serious illness, there's no need to worry—it's not life-threatening, though it can be quite contagious within the crypto community.

Symptoms include a relentless pursuit of information across forums, constant scrolling through social media, an almost compulsive need to convince friends to discuss cryptocurrencies nonstop, and subscribing to numerous well-known crypto analysts on platforms like X and YouTube. This behavior helps the individual appear as an expert in discussions about Bitcoin’s support and resistance levels, making them seem like a whale in the eyes of crypto novices. However, the actual trading portfolio of someone with cryptosis might only contain a few shitcoins and tokens accumulated from airdrops.

If you've simply named your cat “Bitcoin” and joked about buying a Lambo after the next halving, that doesn’t qualify as cryptosis—at least not yet.

WAGMI / NGMI

Vitalik Buterin – an optimist. Source: Reddit

WAGMI stands for “We're All Gonna Make It.” In the cryptocurrency community, this phrase is commonly used to reinforce trust and keep spirits high during bear market periods.

NGMI, short for “Not Gonna Make It,” is used when an individual feels they have made a detrimental investment decision, indicating a belief that the investment will not turn out well.

While WAGMI serves as a universal cheer for community encouragement, NGMI is generally more personal, expressing individual doubt or regret.

Both acronyms are prevalent in the cryptocurrency space, particularly in discussions related to NFTs in social groups on platforms like X and Discord.

Diamond Hands / Paper Hands

Diamond Hands / Paper Hands. Source: Reddit

Diamond hands are individuals who hold onto their cryptocurrency even when others are selling.

While it's easy to confuse them with holders, diamond hands are distinguished by their cold, calculated approach, ensuring they don't miss the opportunity to cash out at the peak. On the other hand, holders keep their crypto for the long term, often driven by ideological beliefs.

In contrast, “paper hands” refer to traders who sell prematurely. Their actions stem from a fear of risk and a tendency to panic, leading them to miss out on potential gains. It's a weakness in the cryptocurrency realm, as paper hands lack the patience to wait for their investments to flourish.

A less common variation of this term is “spaghetti hands.”

BTD or BTFD (Buy The (F*******) Dip)

BTFD. Source: Reddit

Buy The Dip is a phrase commonly used to suggest investing in an asset when its price has fallen. On forums, you may also often encounter the variation “Buy The (F*******) Dip!” (BTFD).

Additionally, you might hear BTD from someone who has genuinely managed to enter at the lowest point and the best price, and now they're ready to share this top insight into the world of crypto with you.