Crypto Trading Terms and Phrases For Beginners
Throughout history, popular culture has been shown to shape the language that we speak. As a matter of fact, the type of words and catch phrases used by humans can be used to pin point an era in time far much better than a calendar would.
One example can be the introduction of Star Wars into our lives. As soon as the Blockbuster film franchise debuted in 1977, everyone wanted to be a Jedi and everyone wished each other good tidings using the phrase ‘May the force be with you.‘ This phrase is commonplace even in 2018 due to the resuscitation of the movie series, but the 1970s and 80s marks the time period it was introduced into the world.
A similar process and cult following was seen in the 1960s when Spock from Star Trek uttered the words ‘Live long and prosper’ with the signature open palm gesture.
The same can be said about the language being used during this young, fast paced and exciting period of Cryptocurrency trading.
Therefore, without further delay, let me introduce you to some of the common phrases and terms being used in the Cryptocurrency space.
As the main photo of this article shows, every Cryptocurrency trader wants to make enough money from crypto trading to the point where they can own a Lamborghini. A standard Lambo goes for around $200,000. It is not rare to find many crypto owners calculating how much a coin needs to be worth for them to own such a vehicle.
Let us use the example of XRP when it was at $1. At this price, you’d hear an owner of the coins saying that he only needs the coin to be $100 for his 2,000 coins to pay for a Lambo.
When Nissa Micra?
This phrase is the opposite of ‘When Lambo?’ In such a situation, a coin might be doing very poorly in the exchanges that a trader can only wish to own a Nissan Micra using his Crypto investments. A standard Nissan Micra goes for $10,000.
So, for the same 2,000 XRP coins mention above, the price only has to reach $5.
When Sadness end? When Homeless?
This phrase is commonly used in the Crypto social media chats when the value of a specific coin keeps plummeting in the exchanges. A good example can be when Verge’s (XVG) value dropped like a rock during New Years. The story goes that the XVG team was to release the Wraith Protocol before the end of the year, 2017. However, this did not materialize and this left many traders disappointed and selling XVG in a flurry of panic.
The price then proceeded to fall for the next couple of days. Many traders on the Telegram chat that I am a member of, kept asking ‘When sadness ends?‘ and ‘When homeless?‘
Everyone wanted the fall in value to end. And they used the above phrases to emphasize their worry.
To the Moon
As the picture suggests, To The Moon is a phrase commonly used by Crypto currency traders when they are amped and excited about the price of a coin. They usually have high hopes that a coin will skyrocket to levels close to the Stratosphere and further onto the Moon.
This is a commonly used slang word in the Cryptocurrency community that is derived from the word HOLD. It refers to when a die hard believer of a coin decides to hold it rather than selling it when the price falls or heads south. According to Wikipedia, it originated in a December 2013 post on the Bitcoin Forum message board by an apparently inebriated user who posted it with a typo in the subject, “I AM HODLING”. The way the term allegedly came to be is hilarious, but it has made rounds in many social media platforms. It is the standard word to use when you want to express that you are not giving up on a specific coin.
A Cryptocurrency Whale is what is referred to as a person or organization that holds a large amount of Cryptocurrency or is lurking in the various exchanges in search of a cheap deal on a coin in order to buy in bulk. The same whale can also cause the price to fall by selling all or part of his holdings at one particular time.
They are considered to be dangerous and ruthless traders by the smaller traders. One can only assume that the name is in reference to the ruthless Moby Dick in the book with a similar title by Herman Melville.
There is more out there…
The above list is just an introductory lesson for those who are new to Cryptocurrency trading.
With time, you will be able to understand words such as pump, dump, sell and buy walls, resistance level and support level.
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