Interestingly, along with the popularity of cryptocurrency world over, various slang terms have also become famous among crypto enthusiasts. We take a look at three prominent slang terms in the cryptocurrency world and their explanation.
Cryptocurrency was the flavour of season last year especially Bitcoin that observed stellar rise. From retail investors in Japan to tech enthusiasts in India, bitcoin has held the attention of governments and individuals alike. In the last few weeks, crypto ’enthusiasts’ have turned their attention into ‘cheaper’ assets such as Ripple, Stellar, Tron and a host of other cryptos. Particularly talking about Bitcoin, there are various reasons for it garnering such a craze world over. The fact that bitcoins are completely decentralized and unregulated has added to their popularity. You can trade your bitcoins anywhere in the world without worrying about any exchange rate controls. Interestingly, along with the popularity of cryptocurrency world over, various slang terms have also become famous among crypto enthusiasts. Here are the three prominent terms:
HODL is a slang term and Internet meme that is used in the Bitcoin community when referring to holding the cryptocurrency rather than selling it.It originated in a December 2013 post on the Bitcoin Forum message board by an apparently inebriated user who posted with a typo in the subject, “I AM HODLING.” In 2017, Quartz listed it as one of the essential slang terms in Bitcoin culture, and described it as a stance, “to stay invested in bitcoin and not to capitulate in the face of plunging prices.
Sats is short for ‘santoshis’, a term derived from the first name of bitcoin’s mysterious creator named Satoshi Nakamoto. It refers to the smallest fraction of a bitcoin that can be sent, which is 0.00000001 of bitcoin.
The slang “whale” is commonly used to describe the big money Bitcoin players that show their hand in the Bitcoin market. A whale is someone who owns a lot of cryptocurrency.
In the latest, BananaCoin that is catching eyeballs. And the interesting thing about BananaCoin is that it is not a cryptocurrency, but a “token” or initial coin offering (ICO) to be used in the production of organic bananas. According to BananaCoin’s website, it is model of crowdfunding that allows us to issue digital tokens in exchange for investments. BananaCoin, which is being called an “organic token”, can be bought using Ethereum and Bitcoin, and the price of one token is tied to the price of 1 kilograms of bananas in the international market. This garnered reactions from people on micro-blogging site Twitter when a picture of its advertisement from a cryptocurrency conference went viral.