If you are new to the crypto-space you’ll quickly realize there are some unusual terms thrown around, that are usual in the crypto communities. Much like crypto itself, most of the vocabulary of its community has been formed organically.
This article will explore some of the more common, yet unusual terms used in Bitcoin and crypto.
To the moon Alice!
When someone says that this coin is "headed to the moon" or it's going to moon, they are referring to the coin having massive increases. A very common phrase is Bitcoin.
It can even be used as a verb like "have you checked the charts? Bitcoin is mooning!". Meaning Bitcoin is flying up in value as we speak.
Other variations include:
"I hope this coins moons!"
"It's on a moon mission."
All mean go up in price A LOT. Proverbially having astronomical gains. Frankly, everyone hopes the coins they chose moon.
Rugs are the opposite of Moons..
Unfortunately, in the wild, wild west that is the cryptocurrency space, there are many projects with bad intentions.
A "rug pull" is a project that boasts all kinds of aspirations, gets your to invest and then when the price starts to rise "pull the rug out from under you" and sells all their coins, crashing the market.
Not all rug pulls are nefarious, sometimes good intentions die young, but you probably can't consider yourself a veteran of crypto until you've experienced one rug pull, although my fingers are crossed that it never happens to you!
The term "bags" refers to the amount of cryptocurrency you are holding. For example if you have a million Dogecoin, you are a fairly large "bag holder" of that specific coin.
You may also hear things like, "don't fall for this, he is just trying to get you buy his bags" - implying that someone promoting a project may be trying to get you to buy in, so they can sell and leave the project.
Being a bag holder isn't necessarily a bad thing, if you believe in the project's long term growth. Just don't get caught in a dead project, left behind "holding your bags"
If you are from "traditional" finance, then this is a familiar term to you. Much like the stock market which has "bulls" (who are optimistic about the price of an investment) and Bears (who are pessimistic). You will frequently hear things like, "This news is "bullish" for Bitcoin", meaning it's news that should propel the price up.
On the other side, if you hear, "Litecoin" is headed into a bear market, then the person proclaiming that sees a grim future for the coin.
Buy the dip!
This coin should dip soon.
It's just a dip!
Why are so many people in crypto obsessed with dip?
No it's not chips and dip (although who doesn't love that dip). And they certainly aren't talking about picking up a can of SKOAL.
Dip is generally used to describe a temporary price drop in a coin. Someone who buys the dip is hoping that they are getting in at a good price, because the coin has temporarily dropped in price.
Beware though, just because someone says it's just a temporary dip, doesn't mean that to be the case. Be sure to DYOR!
Again, this is not a term that is exclusively to just cryptocurrency, but it is one you will hear a lot.
DYOR, or Do Your Own Research, is a way of letting someone know to do just that.
Many times you will see an individual go on a spiel about the reasons why you should invest in this project or that, and then they will end their speech with "DYOR".
Basically telling you, this is why I think it will be a good project, but don't just take my word for it. Which is very good advice to say the least.
A "normie", like referenced in the tweet above generally refers to people outside the crypto space.
You'll know what a normie is when you get a text from a random friend asking you how they can buy Bitcoin with a credit card. Normally these texts come when Bitcoin hits an all time high and is featured on CNN or something.
We were all normies once, but everyone should take the time to learn a little bit about the space before jumping in with both feet.
Ah, remember the playground in elementary school? Who didn't love the swings! I know i did.
In this case, most communities don't take too kindly to "Swingies".
A swingie, or swing trader as it's referred to in traditional finance, is someone who attempts to increase the size of the coins they hold in a certain coin by buying selling them at a price jump, and then buying back in at the next "dip".
Sounds easy right? Well somehow it rarely works out for the swingie and additionally, many times they end up pushing the price down in their attempt.
Most members of a coin's community prefer the buy and hodl method, where they secure their stack and hold it as the project progresses.
Swing at your own risk
All credit goes to KnownYourMeMe on this one.
What started off as a misspelling became arguably the most prolific term in cryptocurrency history.
A ranting, yet passionate member of the Bitcointalk forum misspelled "hold" in his address to the community. He was proclaiming that he was going to hold onto his counts during this price crash. The community started to make fun of him and it quickly became the cache way to spell it. Skip 8 years later and it is the official way to spell hold (trust me).
The crash he was referring to was when the coin was under $100. *glances at current Bitcoin price* - his HODL turned out to be a great decision. YA THINK!?