Understanding Common Cryptocurrency Slang and Terms
The world of cryptocurrency has a language all its own, with unique slang and terminology that can seem confusing to those just getting started. In this beginner's guide, we'll decrypt some of the most common crypto terms and explain the key concepts in plain language so you can understand any blockchain or crypto conversation.
What Does "WAGMI" Mean? A Crypto Call to Arms
"WAGMI" has become a popular slogan and rallying cry in crypto culture. It stands for "We're All Gonna Make It." The saying reflects the community spirit and belief that if investors club together, show conviction in quality projects, and HODL for the long term, everyone will see great returns eventually.
It's an expression of unified faith that all boats will rise in the next big crypto bull run. When prices temporarily dip and newbies panic, crypto OGs comfort them saying "WAGMI," signalling a calm confidence that fortunes will improve.
Example Usage
"Don't stress the daily fluctuations! WAGMI - we just gotta hold."
"I know Ethereum has dropped 50% from its peak but WAGMI. This is just a bull market correction before we march onwards and upwards."
What Does "NGMI" Mean? The Crypto Skeptic's Retort
If "WAGMI" is the utopian crypto community's slogan, then its counterpoint is "NGMI" - meaning "Never Gonna Make It."
This is the catchphrase of crypto cynics and permabears who believe certain coins or sectors are overhyped scams with no viability. Saying "NGMI" is a tongue-in-cheek way to poke fun at investors when markets are tanking by signalling little faith they will ever recover.
Example Usage
"That dog coin you aped into? NGMI, bro - told ya it was a dumb gamble."
"I tried to warn you not to invest in that Ponzi token before it rug pulled. NGMI!"
When Lambo? The Crypto Investor's Dream Car
In investment circles talking about "When Lambo" is a joking phrase about when your profitable assets will make you rich enough to afford indulgent luxury purchases - specifically a Lamborghini sports car.
It stems from the early Bitcoin days when holders would speculate on when their portfolio would be valuable enough to splash out hundreds of thousands on flashy supercars. Saying "When Lambo" is now a tongue-in-cheek way to ask when the market will pump so your crypto holdings will make you insanely wealthy.
Example Usage
"C'mon Bitcoin, smash through this $22K resistance! When Lambo?"
"If Ethereum hits $10K this cycle I might finally be able to go Lambo shopping!"
Bullish vs Bearish: Are You Feeling Upbeat or Downbeat on Crypto?
In investing, if you're "bullish" you have an optimistic outlook anticipating rising prices. Bulls push markets higher.
Conversely, "bearish" means you are pessimistic expecting values to decline further. Bears drive markets lower.
These terms originate from the way the animals attack their opponents - bulls thrust upwards with their horns, and bears swipe downwards with their paws.
Example Usage
"I'm feeling super bullish on Bitcoin now - so many major corporations are buying it up."
"After the latest Crypto Winter scares, I'm feeling pretty bearish on altcoins heading into next year."
When Moon? The Crypto Holder's Rocket Ride
If bulls and bears are creature-based terms, then another animal phrase is "When Moon?" This refers to when a crypto asset's price will rocket upwards extremely quickly, like when Apollo 11 went to the moon.
It captures investor hopes of prices suddenly catapulting to unprecedented new highs despite previous stagnation - in other words mooning!
Example Usage
"C'mon VeChain - when $1? When moon baby?!"
"I just loaded up big on MATIC under $2. When moon to $5?!"
Degens and Apes: Reckless Crypto Speculators
Some additional creature-inspired slang are "degens" and "apes."
"Degens" are ultra speculative investors who think nothing of gambling on memecoins, leverage trading 100x, or YOLOing their life savings into shady new projects. They exhibit "degenerate" levels of risk appetite.
Similarly, in crypto "apes" are undiscriminating speculators who madly pile cash into tokens without doing research. They just ape in, chasing quick riches.
Example Usage
"I can't handle this market chop; gonna sit it out until the degens and apes are wiped out."
"Time to separate the brave long term investors from the weak handed apes!"
The Flippening: Could Ethereum Dethrone Bitcoin?
One hypothetical crypto event frequently debated is "The Flippening." This refers to if/when Ethereum's total market cap overtakes Bitcoin to become the #1 ranked cryptocurrency.
Could "The Merge" or other Ethereum updates trigger this passing of the torch? Bitcoin maxis scoff that flippening is unlikely. Ethereum believers eagerly anticipate this changing of the guard.
Example Usage
"If the Merge goes smoothly without issues and ETH keeps innovating, the flippening could happen by 2025!"
" LMAO, Bitcoin dominates the cryptoverse - flipping ain't ever happening!"
Not Your Keys, Not Your Coins: Why Crypto Storage Matters
"Not your keys, not your coins" is a cautionary mantra drumming home the importance of storage solutions when owning cryptocurrencies.
Only if you possess the private keys linked to your crypto assets are you in full control. If you leave funds on an exchange, they can freeze accounts, get hacked, pull an exit scam, etc. Whoever holds the keys holds the true ownership.
Example Usage
"I finally got my cold storage hardware wallet - now I truly have my Bitcoin because not your keys, not your coins!"
"Leaving crypto on Coinbase is super convenient but sketchy...not your keys, not your coins, buddy!"
Paper Hands vs Diamond Hands: Weak Wills vs Resolute Conviction
Now onto appendage-based terminology - "paper hands" and "diamond hands."
Those with fragile paper hands have weak conviction and panic-sell at the slightest market dips. They can't stomach volatility.
By contrast, diamond hands have an unshakable belief in their crypto picks whatever temporary crashes occur. Their hands are hardened like diamonds - firm and unbreakable. Volatility doesn't faze their commitment.
Example Usage
"When this altcoin corrects 30% the paper hands will dump hard while the diamond hands accumulate more!"
"You gotta have nerves of steel and diamond hands in this market, buddy!"
No Coiners, Whales, and Moonboys: Crypto Archetypes
Let's clarify definitions of a few common crypto characters:
"No coiners" are skeptics who dismiss cryptocurrency and don't own any.
"Whales" are individuals or entities that hold enough coins their trades significantly impact prices.
"Moonboys" have delusional price expectations, thinking their shitcoins will go up a zillion percent.
Example Usage
"My boomer parents are total no coiners - they think crypto is one big scam."
"Evidence suggests a Bitcoin whale just acquired 15,000 BTC on Binance!"
"Don't listen to those Safemoon moonboys shilling their token scam project."
Sh*tcoiners, Maximalists, Crypto Bros, and Crypto Chads
Here are some final crypto community member labels:
"Shitcoiners" - those fixated on low cap memes and scam coins trying to 100x in value.
"Maximalists" - cultish advocates of one specific crypto asset they're ultra bullish on.
"Crypto bros" - loud, confident crypto pundits spreading predictions and advice.
"Crypto chads" - mega successful crypto OG investors and traders commanding respect.
Example Usage
"I only invest in Bitcoin - those shitcoiners buying DoggyDodgeCoin deserve to get rekt when it rug pulls."
*"Don't argue with hardcore Bitcoin maximalists - everything else is a shitcoin to them."
"Why listen to the crypto bros on Twitter? Half the time they're shilling their bags to you."
"That dude perfectly called the 2018 Bitcoin bottom and 2022 tops - what a total crypto chad!"
In Conclusion
Phew, that covers all the major lingo and slang floating around crypto conversations online and in real life!
As this rapidly evolving landscape continues to mature, no doubt additional unique terms will emerge. But the above glossary gives beginners a solid headstart.
Whether you're a no coin Boomer, shitcoining degen, diamond handing hodler, or crypto chad...you can now flex your knowledge during any blockchain debate!
