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. 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 contracts, 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 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.
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.
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 utilising blockchain technology, to hopefully, provide a solution to the industry as a whole.
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 stands for decentralised autonomous organisation 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.
You may be familiar with this term already, decentralised applications are any digital apps built on top of a blockchain network. Instead of operating off of a centralised 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 can build their dapps, with no limit to what industry these dapps can be built for, from payments to entertainment to supply chain management.
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.
Another term you're likely to have come across is decentralised 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 centralised nature of banking and make things more accessible and inclusive of the masses. PancakeSwap, Aave and The Graph are examples of DeFi platforms.
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 and not persue this status.
Possibly the most important phrase when it comes to investing in cryptocurrencies and NFTs: always do your own research. Never follow anyone's advise 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.
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.
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, like access to early releases, insider info or concert tickets.
While we're familiar with what HODL refers to (holding onto a cryptocurrency for a long time), 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.
The metaverse, while not an acronym, refers to an alternative reality that exists in the digital realm. This digital space allows users to work, play, socialise 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.
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 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.
The opposite of diamond hands, paper hands are quick to sell, often too early, giving in to pressure and volatility.
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.
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 for parties involved.
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