Learning the friendly way

Whether you're trying to navigate the world of Crypto Twitter or preparing for Web 3.0, understanding the lingo is imperative to understanding the information available and fitting in. You might be very familiar with the English language, but don't let that fool you, crypto slang on social media is a language of its own.

While you might be familiar with concepts such as mining and smart contract, here we upgrade you to the next level of crypto jargon content. Below we run you through the 20 biggest acronyms and terms you need to learn when embarking on your Crypto Twitter journey. Good luck!

20 Top crypto terms and acronyms

Apeing In 

Apeing in refers to buying a token or more commonly an NFT right after launch without doing the necessary research. Also sometimes expressed as "I aped", this is usually a result of being fearful you're going to miss out on potential gains. Always DYOR. 

Bag Holder 

This term refers to an investor that is holding a cryptocurrency or NFT that they cannot sell for a higher price, and cannot sell at the current price (as it is too low). While this isn't entirely negative, it's not very positive either. Bag holders will simply need to wait out the market dip.

BUIDL

First made famous by Ethereum founder, Vitalik Buterin in 2018, buidl is an obvious typo of the word build and refers to "build useful stuff". The concept revolves around developers utilizing blockchain technology, to hopefully, provide a solution to the industry as a whole. 

BTFD 

Standing for Buy The F** Dip, BTFD has been described as a "prominent investment lesson". Buying the dip is when investors accumulate cryptocurrency during a bear market when the prices are trading at less than their value. Quoting Warren Buffet, "be fearful when others are greedy, and greedy when others are fearful."

DAO

DAO stands for decentralized autonomous organization and acts as a form of venture capital funding, replacing a board of directors with open-source coding. Operating entirely automatically, everyone is granted ownership and is involved in the decision-making. DAO essentially describes the structure of Web 3.0 companies. 

dApps

You may be familiar with this term already, decentralized applications are any digital apps built on top of a blockchain network. Instead of operating off of a centralized computer system, dapps harness the power of blockchain and are maintained and operated by the network on which they're built. 

Ethereum, Solana and Cardano are popular platforms on which developers built their dapps, with no limit to what industry these dapps can be built for, from payments to entertainment to supply chain management.

Diamond Hands

This term refers to an investor who will never sell. Diamond hands push through the losses, gains and volatility, resisting the dips and the peaks. These are hardcore hodlers who strongly believe in a project's vision. 

DeFi

Another term you're likely to have come across is decentralized finance, DeFi. DeFi is a sector of the crypto industry that provides traditional financial products and services only using blockchain technology, like lending, borrowing and providing liquidity. The aim of DeFi products is to remove the centralized nature of banking and make things more accessible to the masses. PancakeSwap, Aave and The Graph are examples of DeFi platforms. 

Degen

Degen is short for degenerate risk-taker, someone who makes highly risky bets without due diligence. While this is typically frowned upon in the real world, in the crypto world this is a badge of honour. Being a degen and making money fast is the ultimate flex. We still recommend that you DYOR beyond just the project's website. 

DYOR

Possibly the most important phrase when it comes to investing in cryptocurrencies and NFTs: always do your own research. Never follow anyone's advice blindly, no matter how much money they've made, instead always look into a project before investing in it. DYOR takes a firm stand in reminding you that you are accountable and responsible for your investment choices. 

GMI

A term of endearment in the crypto space, GMI stands for Gonna Make It, used to reassure someone that they're on the right track. Often thrown around on Twitter and Discord, GMI offers someone an affirmation in their decisions. 

On that note, NGMI stands for Not Gonna Make It. Usually used when someone makes a mistake or does something crazy, or when someone makes ignorant comments about the crypto space when they know little about it. It can be brutal out there, but DYOR and you'll be ok.  

Genesis Collection

Similar to how the first block on a blockchain is referred to as the genesis block, a genesis collection is the first NFT collection created by an artist. Buying items from a genesis collection is a symbol of early support and usually comes with some added benefits. Following the transaction for the digital currency, holders might be treated to early releases, insider info or concert tickets.

HODL

While we're familiar with what HODL refers to (holding onto a cryptocurrency for a long time in order to tap into possible future gains), many might not be aware that it has been gifted an acronym of its own. We say gifted because the term originated from a typo in a Bitcoin forum. HODL has affectionately been expanded to Hold On for Dear Life, encouragement for when markets dip and weak hands consider selling.

Metaverse

A hot topic at the moment, but do you know what it means? The metaverse refers to an alternative reality that exists in the digital realm. This digital space allows users to work, play, socialize and do business, interacting with others as they do. The metaverse can be described as a combination of VR (virtual reality), AR (augmented reality) and 3D worlds.  

NFT 

This is a big one. It stands for Non-Fungible Tokens and refers to anything that someone can create store and sell on the blockchain but is not fungible. Each NFT is unique and cannot be used interchangeably like most other cryptocurrencies. Also note that an NFT is a token standard and can be built on various blockchains, while ETH for instance is the native token to Ethereum and cannot be used by other blockchains. 

Shill

Shill refers to someone promoting a particular cryptocurrency to create excitement for it, usually to their own financial benefit. The purpose of shilling a coin is to generate hype that will hopefully lead to mass buying. Most platforms frown against shilling as it's essentially part of the same family tree as pump and dumps. 

Paper Hands 

The opposite of diamond hands, paper hands are quick to sell, often too early. Giving in to pressure and volatility, paper hands sell when the financial risk is too high (as opposed to waiting out the dip). 

P2E

P2E stands for play to earn and is a concept in gaming where players can earn an in-game asset that holds value outside of that ecosystem. Axie Infinity, for example, is a game in which users can earn AXS, which is traded on many big exchanges. Gods Unchained and Evaverse are other P2E games.

RUG

Sometimes referred to as a "rug pull", rug is used to describe a situation where the founders of a project run away with the raised funds. These scams are not uncommon in the unregulated world of cryptocurrencies, however, they have become much fewer and far between since the earlier days. Their actions often send the crypto price plummeting to zero and cause huge losses among investors. 

Cryptocurrencies function much like traditional currencies in that they can be transferred digitally and used to pay for goods and services around the globe. However, they also pose several benefits that fiat currencies lack, such as the fact that they operate using a decentralized network and not a bank or government agency (providing greater control to users) and can execute international payments in a fraction of the time and cost.

While many believe cryptocurrencies will eventually replace traditional currencies, there is plenty to be done before we get there. We are sooner more likely to experience cryptocurrencies working alongside traditional currencies than entirely replacing them, a movement that is generating momentum each day. 

Before we launch into what the industry needs in order to go mainstream, let's first observe how we reached this pinnacle moment in the history of finance. 

How crypto officially got on the map

Bitcoin was created to provide an independent financial system to people that were thrown into serious debt following the global financial crisis. The digital currency was created to provide individuals with the opportunity to control their funds independently from any financial institution.

Since the advent of Bitcoin in 2009, cryptocurrencies have experienced interest from many groups of people, largely outside of mainstream media. In 2017, following a wild bull run, Bitcoin was first thrust into the mainstream media spotlight as it fast became the main topic of conversation across various news channels around the world. 

Fast forward three years to the pandemic. Following global market crashes, Bitcoin displayed impressive resistance and built its wealth back more quickly than many other assets and stock markets. This caught the eye of many large corporations, dispelling scepticism and leading one in particular to move their USD reserves into Bitcoin. Following Microstrategy's decision to buy large amounts of BTC, many other large corporations followed suit, with companies like PayPal and Square even incorporating cryptocurrencies into their systems. 

This wave of institutional investment not only increased the value of the markets but also helped to build confidence for retail investors to invest in such "risky" assets. This also played a large role in major corporations embarking on serious research and development of both blockchain technology and cryptocurrencies. 

What crypto needs

Commonly used as an investment tool, cryptocurrencies were designed to facilitate faster and more economical transactions. Operating on a peer-to-peer basis, cryptocurrencies essentially cut out the middleman (and its fees) and make digital cash more readily available. 

As with most things in life, there are two significant camps for and against the mainstream use of cryptocurrencies. Those for the widespread adoption believe the spike in interest will continue on its upward trajectory, believing that very little could hinder its growth. Those against the growth argue that fluctuating market prices and uncertainty around the practical application will hinder its mainstream adoption. 

What cryptocurrencies likely need before any mainstream adoption is a well planned regulatory framework that can appease both the innovative technology and the merchants and consumers using it. Regulations are a necessary component to anything becoming mainstream, and the ones surrounding cryptocurrencies are vague at best. While many nations are working on creating and implementing these, there is still a gaping hole in the industry. 

Based on conversations taking place in the banking and fintech worlds, it is highly likely that in the coming years more traditional companies will expand to offer crypto-enabled financial services. As interest and access continue to grow, companies will need to follow suit if they wish to stay in the game. Large payment processing companies like Visa and Mastercard are already looking to provide crypto services, a key indicator as to where the market is headed.

What are the advantages of Bitcoin over existing currencies?

Bitcoin, and other cryptocurrencies, pose several advantages over fiat currencies. The biggest attribute to cryptocurrencies is that they are decentralized, meaning that they are not controlled by governments or banks, rather they are issued by the network and managed by the individual holding them. Instead of a government deciding to print more money thereby increasing inflation, cryptocurrencies are inflationary and instead created using a mining system that is controlled by various mechanisms.

Using blockchain technology, the digital cash systems provide an immutable and transparent ledger that records all the transactions and ownership, ensuring that funds are handled properly and with the correct measures. Cryptocurrencies also pose a much faster and cheaper means of sending money across borders, a huge advantage for businesses operating on a global level (i.e. sending funds from the U.S. to the United Kingdom).

The biggest advantage to crypto is that it is financially inclusive. Anyone around the world can partake in the payment system with no paperwork, previous financial statements or tedious processes required, it simply requires an internet connection.

What are the disadvantages of Bitcoin compared with existing currencies?

Currently, the disadvantages of cryptocurrencies are that they are not freely accepted around the world (yet). While the adoption levels are rising there is still a gap in how and where users can spend their cryptocurrencies. Another disadvantage is the market's volatility, posing potential inconsistencies between the price when making a payment and once the payment is received.

El Salvador leads the pack

In late 2021 El Salvador became the first country to initiate Bitcoin as a legal tender alongside the US dollar. The decision has accumulated many mixed reviews, with some hailing the president a revolutionary and others concerned he will crash the country's already fragile economy. Should his plan work out we're likely to see this happen again. 

In conclusion: Crypto is on an upward trajectory

With all things considered, cryptocurrencies and blockchain technology are here to stay. While cryptocurrencies might be a significant distance from becoming mainstream, they are far too integrated into our society and financial landscape to all but disappear. All things considered, the money is too great, the technology too innovative and the thought of financial inclusion too promising for any of it to go away. 

BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

What Is BitDAO?

BitDAO aims to create an accessible tokenized economy that provides support, such as research and development, liquidity bootstrapping and funding, to a wide range of partner projects across the DeFi, DAO, NFT and gaming space. Through co-development offers and token swaps, BitDAO aims to attract developer talent and build a sustainable treasury of top crypto coins. 

BitDAO's ultimate goal is to create products that will not only improve BitDAO's efficiency and effectiveness, but also other DAOs. The core product comprises a series of both on-chain and off-chain governance solutions and products; with the latter, DAO treasury management would be able to deploy and monitor assets in order to earn yield.

Moreover, BitDAO plans on providing grants to different teams within the crypto industry for research or development purposes, all of which are voted on by members and given for the public good of cryptocurrency communities worldwide.

Through its DAO structure, the company does not rely on a traditional hierarchy to operate, instead, it is run by a group of token holders that contribute to the platform's development. Token holders are then rewarded in BIT tokens for participating. 

Changes to the BitDAO protocol are proposed to the BIT token holders who then have the power to vote on whether these changes are implemented or rejected. While the platform's vision has been outlined, where it ends up will be decided on by governance suggestions and forum participation. 

To sum it up, the people who hold BitDAO's tokens, investors, and members of its community will help shape BitDAO's vision which includes dedicating both financial and human resources to support DeFi's development.

What is the BitDAO Treasury?

Controlled by BIT token holders, the BitDAO Treasury is responsible for allocating funds as per decisions made by BIT token holders. The BitDAO Treasury also undertakes token swaps with emerging and existing projects with the intention to support them and incentivize the project's contribution to their success.

The BitDAO Treasury allocation was 30% of the projects initial 10 billion BIT total supply. Monthly contributions from Bybit and varying contributions from DeFi partners, determined by smart contracts, also contribute to the DAO treasury management solutions.

Who created the BitDAO platform?

In a unique move, the BitDAO platform has no founders. While being supported by big names such as Bybit, Peter Thiel, Pantera, Founders Fund and more, the project is entirely run by contributors holding BIT tokens. Bybit is recorded as being an early contributor and is believed to have contributed over $1 billion in funding to the initiative.

Taking the notion of decentralization to a new level, the project has no teams, leaders or companies behind its operations. All changes are proposed by individuals within the community and then voted on by BIT token holders.

How do the BitDAO core protocols work?

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

The platform supports the following measures, which will only be executed if the proposal receives a positive vote through the DAO system.

• Financing or milestone development grants for development teams and R&D centers who create BitDAO solutions or assist partnered existing and emerging projects.
• Upgrades to BitDAO's fundamental protocols, notably governance and treasury management.
• Token swaps for current and new initiatives.
• The Treasury will deploy funds based on various tactics.
• Grants will be made available for blockchain technology projects, educational programs, as well as other services related to blockchain.
• Support in the way of cash flow through existing assets will be provided to partner initiatives.

There are three ways to get involved with BitDAO: contributing to the project, becoming a partner, or holding the tokens. Contributors and partners can be any DeFi or CeFi project looking to build the BitDAO ecosystem while token holders are considered to "own" the platform as they have the power to recommend and vote on BitDAO's growth strategies as well as the allocation of BitDAO's treasury resources.

Non-token holders are defined as community members and can have their say through the forum and social media channels. Here they can pitch their ideas, which BIT token holders can then choose to embrace. 

What is the BIT token?

The BIT token is the native token of the BitDAO ecosystem. The governance token allows for off-chain vote aggregation and delegated voting and provides the opportunity for switching to on-chain governance in the future. The BIT token can best be compared to the COMP token in the Compound Finance ecosystem. 

There is a maximum supply of 10,000,000,000 BIT tokens, with the BitDAO Treasury allocation accounting for 30% of these. Token holders technically possess these treasury tokens based on their share of BIT. I.e. if someone holds 10% of the total BIT supply, they have ownership of 10% of the Treasury's 30% supply, equating to an additional 1%. 

How BIT token holders can leverage Tap

You can now easily incorporate BitDAO (BIT) into your crypto portfolio by using the Tap app. The Tap app has recently added BIT to the list of supported crypto tokens, allowing anyone to conveniently and securely access the BitDAO market and safely store their BIT tokens.

Users can buy BitDAO (BIT) with fiat currency or engage in token swaps with other supported cryptocurrencies on the platform, or they can use traditional payment methods like bank transfers. The integrated wallets on the platform also make it easy for users to store and manage their BIT cryptocurrency.

We are delighted to announce the listing and support of BitDao (BIT) on Tap !

BIT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold BIT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting BIT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

Get to know more about BitDao (BIT) in our dedicated article here.

We are delighted to announce the listing and support of Synthetix (SNX) on Tap!

SNX is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold SNX for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting SNX will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Synthetix is a groundbreaking decentralized asset protection protocol that permits users to mint, hold, and trade derivatives across different asset classes such as commodities, fiat currencies, stocks, and even cryptocurrencies like Bitcoin.

Synthetix provides a decentralized, permissionless, and censorship-resistant platform that allows users to gain exposure to both crypto and non-crypto assets without the need for ownership of these assets. This enables anyone with an interest in DeFi to join the industry through the use of synthetix assets regardless of whether they hold the actual assets or not.

Get to know more about Syntheticx (SNX) in our dedicated article here.

We are delighted to announce the listing and support of Enjin (ENJ) on Tap!

ENJ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENJ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENJ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Playing an important role in the adoption of Web3, Enjin provides a platform of software products designed to allow anyone to harness the power of NFTs (non-fungible tokens) through the development, trade, monetization, and marketing of blockchain assets.

Powering the ecosystem is the Enjin Coin (ENJ), a token used to back the value of NFTs and other assets minted on the platform. When an asset is minted it locks ENJ tokens into a smart contract and effectively removes the tokens from circulation.

Enjin Coin (ENJ) is the native token of the Enjin ecosystem. Built on the Ethereum blockchain and compatible with multiple gaming platforms, the Enjin Coin is an ERC-20 token that allows the in-game items created on the platform to be traded with real-world value. The ENJ token has a maximum supply of 1 billion coins.

Get to know more about Enjin (ENJ) in our dedicated article here.