The crypto industry may be a perplexing place, full with strange terminology and acronyms. It’s difficult to keep up and find the crypto facts you’re searching for. Which is why we’ve compiled a list of the top crypto acronyms you should know in order to keep informed.
ATH – ATH is an abbreviation for ‘all-time high,’ and it relates to the highest price an item has actually attained in terms of market capitalization since it was originally listed. The highest price yet obtained for a certain asset is referred to as the ATH.
ATL – ATL stands for “all-time low,” as in “all-time low pricing.” It is the counterpart of ATH. It refers to the lowest value record that any specific currency or token has ever attained in the context of cryptocurrencies.
BTD – BTD is a word that is frequently used to stimulate the purchase of an asset following a drop in market price. The term stands for ‘buy the dip,’ which is slang for trying to take advantage of an anticipated chance to take in an item at what is seen to be a reduced price, with the expectation that the asset’s price will later grow in value.
DAO – In general, a decentralized autonomous organization (DAO) is a group that is meant to be independent and functional without the need for a focal place of authority. It is often made up of a group that delegated day-to-day administration to a committee which agreed to follow particular norms for a shared goal. In principle, the community jointly possesses and governs the DAO via its native cryptocurrency and assists the DAO in working towards an united purpose.
Dapp – A decentralized application (dapp) is a blockchain-based application. A dapp’s interface is similar to that of any mobile app or website with the exception that a user may be requested to link their cryptocurrency wallet in order to enjoy the full range of the dapp’s functionality. Dapps may give the same assistance as traditional apps, but they also have the extra benefit of being decentralized.
DeFi – Decentralised finance (DeFi), which is influenced by traditional centralised financial services, is technology formulated on atop of a blockchain that allows the construction of services with the extra feature of being operated on a public ledger. Users frequently engage with smart contracts and codes rather than a centralized system or middleman, such as a bank, using a front-end customer experience.
DYOR – DYOR is an acronym that stands for ‘do your own research.’ It’s widely used in crypto to urge consumers to research a concept prior to paying for anything. After making sure everything is okay, you can easily, for example, buy Bitcoin in Dubai.
FOMO – FOMO, which stands for “fear of missing out,” refers to a trader’s anxiety that they may miss out on a highly lucrative prospect. It was widely regarded as a primary motivating factor behind the explosive spike in Bitcoin values a few years ago.
Fear can cause people to act rashly and make judgments based on emotion rather than rationality and thinking. FOMO may have a significant influence on bitcoin values and produce significant instability in cryptocurrency markets.
FUD – FUD is an abbreviation for ‘fear, uncertainty, and doubt’ in marketing and communications. It is a psychological strategy used to persuade people to have a negative opinion of something, like an item, market, or brand, usually by disseminating disinformation or instilling fear.
FUD in cryptocurrency often splits into two subgroups:
- The purposeful attempt to instill widespread fear, confusion, and uncertainty about a certain project in order to drive prices downward.
- General skepticism regarding cryptocurrency as an asset class, which can lead to the dissemination of exaggerated negative or ‘false news’ about the subject.
FUD, whether intentional or unintentional, may have an impact on the market value of a currency, a company, or a product, as well as an entire market. It may be viewed as the polar opposite of FOMO. Individuals may succumb to FOMO while markets are soaring, but when markets are falling, FUD may spread more quickly.
GM – The abbreviation GM stands for ‘Good Morning.’ It is used in bitcoin to encourage happiness, greet others, and develop online camaraderie. People of the Twitter network, notably, start their days with a GM tweet, and followers frequently respond with a GM tweet.
HODL – The acronym HODL, which stands for ‘hold on for dear life,’ is essentially a typo of the word ‘hold,’ which has lingered about and now implies ‘keep.’ It is a buy-and-hold strategy. As a result, a crypto dealer who purchases a coin but does not intend to sell it in the near future is referred to as a ‘hodler’ of the currency.
The name came from a 2013 online forum post in which the error first occurred. A hodler’s primary purpose is to ride out the market’s ups and downs with a view on long-term gains.
A hodler will not be swayed by short-term market swings, or even if whole marketplaces fall or become extremely volatile. Hodlers will keep their holdings, instead of, for example, selling Bitcoin in Dubai, despite the prices because they believe in the long-term worth of cryptocurrency.
IYKYK – IYKYK is an abbreviation for ‘if you know, you know.’ It suggests that a message or information will only be understood by a small number of individuals. The term could also be used humorously to criticize someone who is giving common knowledge.
KYC – KYC is an acronym that stands for “know your customer,” and it is used by financial organizations to verify the identification of persons who utilize their services. KYC is widely employed in the crypto industry by big major systems and is a regular procedure among many institutions. When joining up for a cryptocurrency platform, it is common to be requested for a complete legal identity and government-issued documentation credentials. This might be a passport, a driver’s license, or another kind of identity.
NGMI – NGMI is an abbreviation for ‘not going to make it.’ In cryptocurrency, it is frequently used to forecast future failure as a result of a poor choice (such as selling at the bottom ignoring all market signs suggesting a token’s value is rising). It may also be used to mock individuals who have taken a position against cryptocurrency or who do not comprehend fundamental crypto ideas.
WAGMI – WAGMI, on the other side, is an acronym that stands for ‘we’re all going to make it.’ The term is commonly used in the cryptocurrency world to instill optimism and faith in a project. It is also used to inspire the people to help one another and to never give up hope.
As you can see, familiarising yourself with these crypto acronyms to better understand what people in the crypto space are saying can be crucial for you to decide when is the right time to buy or to sell your assets. At the end, we just hope you found what you were looking for in this blog post and had fun reading it!