From “whales” to “shills” and “bag holders,” if you want to be a successful cryptocurrency investor, here are the terms you should know.
Since the rise of Bitcoin over the past few years, cryptocurrencies have been all the hype. And if you’re interested in hopping on-board the crypto-train, it’s important to know what you’re talking about. Just like the pool of investors and the market itself have grown considerably over the years, so has the culture, along with new slang and memes popping up everyday.
To equip yourself with up-to-date cryptocurrency slang, here’s a quick glossary of important terms you should know. For starters, get used to hearing the word “whale” thrown around. Whales are investors who own five percent or more of any cryptocurrency coin. Other names to be aware of are “shills” and “bag holders.” A shill is basically a scammer in the crypto-world — a person who promotes altcoins for their own benefit. They encourage others to invest in altcoins in order bump up their own investments. Bag holders are people who hold onto their investments for too long. When it comes investing in the volatile cryptocurrency market, it’s incredibly important to know when to hold on and when to let go.
Speaking of holding onto investments, another common term is the acronym, “HODL,” meaning “hold on for dear life.” This term was coined after someone accidentally wrote HODL instead of “hold” in a 2013 Bitcoin forum. From the hashtag #REKT, used to describe investors who experience a major coin collapse, to the phrase “to the moon!”, meaning a coin is increasing extremely fast, there are a number of tricky terms to learn if you plan on being a successful crypto-investor.
To prepare yourself, check out 99Bitcoin’s infographic below for an illustrated glossary of cryptocurrency slang.