the basics of crypto lingo

people use all kinds of wacky terms and phrases in the crypto space. if you are tired of not being able to understand people when they talk about crypto, check this out

If you have ever delved into the crypto space even a little bit, you have probably heard weird terms like "HODL" and "FUD". This lingo is second nature to the people who know everything there is to know about crypto. There's a lot out there that you don't know about when it comes to crypto... and why should you? At a certain point your average joe stops caring about blockchain tech and proof-of-stake mining. That is no reason to abandon the space and the money there is to make. Equip yourself with the tools to navigate the space and know terms like...

HODL

This term of phrase might be obvious to some, but not everyone. This is usually used when people are referring to "holding" their crypto. Holding implies that you plan on buying and holding your crypto investment regardless of how the market is doing. HODL is the most popular phrase used in the crypto space and coincided with one of the safest and best trading strategies out there. The reason why this spelling error is so commonly used today in the crypto space can be found on the 2013 Bitcoin Forum when a drunk Bitcoin holder explained to the community his big brain trading strategy. For people who have a couple grand to spend on crypto, for the love of God, HODL!

FUD

FUD stands for Fear, Uncertainty, and Doubt. FUD is a term used in many different markets and industries, but it is particular present in the crypto space. FUD is spread when misinformation or particularly damaging news or info is released and directed toward the public to get large amounts of people to trade their crypto. FUD is usually what leads people to lost their money when they try and trade their crypto and the best way to combat it is to HODL.

FOMO

FOMO is pretty self explanatory. We have all experienced the fear of missing out, but it stings a little bit worse when you miss out on hundreds, even thousands of dollars of gains in the matter of hours. FOMO is what causes people to make irrational decisions when trading and can lead to big losses if it is not checked.

Diamond Hands 💎🙌

It only took one tweet from Elon Musk to send the crypto space into a frenzy of memes and culture. Diamond Hands is the term commonly used to refer to all the legends out there who buy, HODL, and reap the rewards when the crypto market booms and Bitcoin hits its all time highs. Collectively, Diamond Hands are one of the bigger reasons why a crypto goes up. Lots of holders who are confident enough to buy and never sell means a higher price.

Pump and Dump

A pump and dump is exactly what it sounds like. It is when a bunch of people pump the price of a coin by setting up a planned time to all buy a lot of it at once. People do this all the time with smaller alt coins and meme coins today. These are obviously not good, unhealthy for the market, and lead to people losing lots of money.

Rug pull

Similarly to a pump and dump, a rug pull is a way for big investors or token creators to manipulate the market in a way that allows for them to make lots of money, but leaves the rest of its investors with little to nothing.

An example of this is the very recent $SQUID token. This do-nothing coin was created in light of Netflix's Squid Game. This coin went from a penny, to a couple of cents, to a HUNDREDS of dollars in less than a week. The coin promised an in depth game built on the blockchain and claimed to have partnerships with Microsoft and Netflix, but had no actual backing to it or even a credible team of devs. People who invested a couple hundred dollars into the meme coin woke up with millions of dollars in their account. What users didn't realize is that the tokens protocol was made so that it was impossible to sell. This allowed for the coins price to rise to incredible numbers and when the scammers who made it were good and ready, they enacted a rug pull. The anonymous scammers ran off with a bag of over $3.4 million and everyone who invested lost all of their money. Scams like these are precisely why people recommend sticking to stable coins like Bitcoin and Ethereum or more credible alt coins like Cardano and Solana. Check out a live reaction to the $SQUID rug pull here.

Now that you have the lingo down, get invested in the crypto space with Coinbase. Its the exchange that I personally use and it is safe, easy, and offers a wide variety of coins to invest in. Most importantly, Coinbase is the most beginner friendly, so check it out using my link below.

Click this icon to join Coinbase and in doing so receive $10 worth of Bitcoin for FREE

I really do hope that you are having fun and earning money in the #crypto space. It is easier than you think. Please, do your own research before #investing into anything, and don't forget to #HODL.

*this is not financial advise and i am not a financial advisor