Cryptocurrency is not only an asset in the trading market that is driven by passionate investors, but it also embraces the presence of an extremely diverse community. The Crypto community, being young, hopeful, and enthusiastic about the future of blockchain, is well-known for creating meme trends, market fluctuations, ruthless trolling, and their unique jargon.
Today we are going to explore some of the hidden crypto jargon that you might not have heard before. This jargon will not only introduce you to the different blockchain concepts but will also give you an insight into the mindset of the evergreen and ever-active crypto community.
So without further ado, let us dive right into knowing the top 10 crypto jargon that you never heard before.
Here is a list of some of the most baffling crypto jargon that might come across in the crypto streets. Beware some of these words are truly strange!
If the first image that comes to your mind by hearing the word ‘Attack’ is offensive then you are more than correct. There have been multiple scenarios in the past where the control of the entire blockchain has been gained by a group of miners. But if blockchain technology is decentralized then, how can anyone or any group of individuals control the entire chain?
Well, technically they can and this is what 51% attack is all about. If an individual miner or a group of miners controls over 50% of the mining hash rates of the network then they can not only restrict the addition of new blocks on the chain but also can approve false transactions using their validator strength.
However, ‘51% Attack’ is a brute force attack that is not possible on medium to large-sized blockchain networks. These are observed rarely and on smaller crypto chains that are easier to control. For comparison, for a successful 51% attack on Bitcoin, a group would need to have control of mining hardware worth $8.5 Billion. Thus, all the Bitcoin investors can sleep peacefully as this is not going to happen.
Imagine buying a coin from one marketplace and finding out that the same value of the same token is trading at a higher price in another market. Selling it right away on the other exchange would be your natural response to make a profit.
This difference in the market prices for the same commodity is called arbitrage and those traders who use this difference to make profits are called arbitrage traders. Cryptocurrency exchanges are known to have differences in their prices for the same tokens, however, to earn a decent profit on arbitrage trading, the volume of the asset movement must be large enough.
Coming from the shoes of the sea, the word Demur-rage is a word that originated in the dockyards. However, the word ‘Demurrage’ in the blockchain is used for exhibiting the cost of holding a crypto token within your wallet.
Demurrage is a method that effectively restricts currency hoarding in traditional finance frameworks. Demurrage ensures that a huge quantity of crypto tokens is not withheld by a single entity for longer durations. This promotes a higher circulation of assets in the markets making the trades possible.
You must have heard a lot about the crypto whales but do you know that we have dolphins too? Well, crypto dolphins are of the same fishery family from which the crypto whales have come.
Crypto Dolphin is a term used for those crypto-holding entities that are bigger than the retail investors but smaller than the crypto whales. In matrics, 100-500 BTC holders can be categorized as Bitocin Dolphins. The number of crypto dolphins is higher than that of the whales and they are also one of the major forces that drive the market fluctuations.
No, you did not read it wrong. Hodler might look like a misspelled holder or even mean the same but an official Bitcointalk forum has given it a meaning forever.
Hodl or HODL is a slang used in the cryptocurrency world to showcase one’s trust in one project by buying and ‘Holding On for the Dear Life’, and thus HODL. Hodling has been an effective strategy for investment in crypto tokens excluding the recent LUNA crash. Hodl stands for trusting the project that you are investing in and not exiting the markets when the market hit a short-term low. Nevertheless, the crypto community loves to hodl and so do we.
If JOMO reminds you of FOMO then you are already on the right track. Just as FOMO stands for ‘Fear of Missing Out’, JOMO is a more optimistic take on the same situation. JOMO or ‘Joy of Missing Out’ is a term that is used by the crypto community to express their joy of missing out on trends in times when everyone is trading only on the basis of speculations and FOMO.
Mooning might sound like a purely astronomical term that has something to do with the moon but it withholds different meanings in different cultures. Being from the culture of crypto, we can share the meaning of mooning in the blockchain world.
Mooning refers to working towards pushing the prices for a specific token so much so that the bulls take it to the moon. Mooning as jargon can be used in the different scenarios and also incite sarcasm. However, it must not be confused with a practice with the same name.
When two miners happen to create the same block at the same time (which happens rarely) only one of the two blogs are accepted by the blockchain. No matter how unjust it may sound, adding two same blogs to the same blockchain is technically not possible, and can result in chaos within the blockchain ledgers.
One of the blocks that has been produced consecutively to the other block will be rejected and called an orphan block. Heartwrenching, isn't it?
Keeping the unlucky one for the last, Rekt is a state in which none of the crypto investors will ever want to be. Finding its origin in the misspelling of the word ‘Wrecked’, Rekt is used for those unlucky investors who destroyed a majority of their assets during a recent token crash.
Not being in a great place to be, rekt has been in use during the recent market crash often but with the pace at the crypto market recovering, we are sure that things will not remain the same for long.
Jargon and slang are part of almost all industries and this is what makes them unique. The Crypto community is relatively younger when compared to other similar communities and makes its unique lingo with every passing event. Being one of the largest adobe to the creatives, the crypto community leaves no chance of coining new words for new situations.
Crypto jargon not only assists communication within the industry but also allow the members to communicate their idea with the exact weightage. Jargon incites familiarity and gives uniformity to the community, however, excessive usage of slang can also be the reason for miscommunication.
Q.1 What are some of the most commonly used crypto jargon?
Ans. Some of the most commonly used crypto jargon include Hodl, Burn, Whale, Mining, and many more. Knowing these terms cannot only give you a better understanding of the subject but also introduces you to the different concepts of the blockchain.
Q2. Where can I learn crypto jargon?
Ans. You can learn about new crypto jargon using the Coin Gabbar Crypto Dictionary and flaunt your knowledge among your peers. You can also develop a great crypto understanding by reading Coin Gabbar Blogs and News.
Q3. What are the benefits of learning Crypto Jargon?
Ans. Learning crypto jargon can make you familiar with the way the crypto community interacts and can make your crypto learning journey easier. If you are new to the crypto world, starting with Coin Gabbar blogs can give you a detailed overview of how cryptocurrency works while also updating you about the recent market trends.