Important Backdoor Crypto Terms You Must Remember!

The world of cryptocurrencies has a language of its own, which is used by those who decide to tap into this universe or those who are already there! It is very crucial for you to be able to grasp and understand this unique language before you try and invest in the crypto industry! At the end of the day, this community is everything and being able to communicate within it is the key! What if someone tells you to HODL? What would you do?

Is it some alien language?  

Well no! Of course not! The crypto language is actually quite easy. All you need to do is grasp and know them! First of all, you have the HODL term, which stands for “Hold on for Dear Life”. It means that even if a certain coin is dipping, you simply buy and hold on to it because you simply believe in its future value. Then you have the term FOMO, which stands for “Fear of Missing Out”! This means that you are willing to sell everything you have to avoid missing out on another investment that you are eager and ecstatic to buy! You really do not want to miss out on a green growing chart! Let’s rock your world with the term buy-the-dip as well. This means that when the market is dipping or falling, you buy not sell!

In addition, you have the term FUD, which stands for “Fear, Uncertainty and Doubt”. This is used when you want to refer to someone who is spreading these three vibes! Then, you have the term ATH, which stands for “All-Time High”. This is when a certain coin reaches the highest price it can reach, leaving it in a historical position! Moreover, we have the term WAGMI. This term stands for ““We All Gonna Make It”! Here, you are referring to positive and optimistic predictions and anticipations for the future, especially the future of a cryptocurrency or project or etc.

APE doesn’t refer to an animal!

In crypto, the term APE is not an abbreviation of a word and is not an animal, but simply means grasping a big and huge position in the size of a person’s portfolio. Now, where does crypto take place, most of the times? Well, we think you got that right. In DApps, which refer to decentralized apps. This form of application operates and works autonomously and through using smart contracts! For example, banks are centralized since there is a “head” controlling your transactions, while most crypto platforms are decentralized. That means you control you, literally!

That’s not it!

Crypto language is not only about abbreviations! You also have some words that you already know but they mean something else! For example, you have the term whale, which stands for a person, or a “huge player” who owns a huge amount of cryptocurrencies. By a lot, we literally mean a lot! These players have the ability and power to affect altcoins’ movements in the market! AH, by the way. Altcoins are alternative coins to Bitcoin! Also, you have the word mooning and no, we are not literally talking about the moon. Rather, we are talking about the price of a coin skyrocketing or increasing enough to reach the moon! Makes sense, right?

Finally, we’re going to end this with the term FIAT! This is the term that people in the crypto world use for regular paper money, usually created and regulated by government authorities. Usually, FIAT money “does not have intrinsic value and does not have use value”! in other words, they are not crypto! In conclusion, there are, of course, a lot more terms. We, as BLACK LEMON, advise you to tap through them before you dig any deeper! Also, we’re just going to keep them coming!