Cryptocurrency Acronyms and Meaning
Introduction:
This article explains important crypto currency acronyms for easier communication and identification.
WAGMI, on the other hand, stands for ‘we’re all gonna make it.’ The acronym is widely used by the crypto community to inspire both positivity and confidence in a project. It is also used to encourage the community to support each other and not lose hope.
NGMI
NGMI stands for ‘not gonna make it.’ In crypto, it is often used as a prediction of future failure as the result of a poor decision (such as selling the bottom despite all market indications that a token’s value is on an upward trend). It can also be used as a label to ridicule people who have taken a stance against crypto or who fail to understand basic crypto concepts.
LFG
LFG is short for ‘let’s f–ing go!’ and is used to express excitement about a project.
KYC
KYC stands for ‘know your customer’ and is used by financial institutions to verify the identity of individuals using their services. In the crypto space, KYC is commonly used by major centralised exchanges and is a standard practice amongst many institutions. In the context of crypto, it typically means being asked for a full legal name and government-issued identification documents when signing up for a platform. This can be a passport, driver’s licence, or other similar forms of identification.
IYKYK is short for ‘if you know, you know.’ It implies that a post or message will only make sense to a few people. The acronym can also be used ironically to mock someone sharing commonly known information.
HODL
An abbreviation for ‘hold on for dear life’, the term HODL actually derived from a misspelling of ‘hold’, which has stuck around and now means ‘keep’. It refers to a buy-and-hold strategy. As such, a crypto trader who buys a coin and does not plan on selling it in the foreseeable future is called a ‘hodler’ of the coin. The term originated from a 2013 online post to the Bitcointalk forum, where the typo first appeared. Essentially, the goal of a hodler is to weather the various ups and downs of the market with an eye towards long-term gains. Short-term market movements will not sway a hodler, nor even if entire markets crash or become seriously volatile. Instead, hodlers will hold their positions regardless of price out of confidence in the long-term value of crypto.
GM
The acronym GM stands for ‘Good Morning’. In crypto, it is used to promote positivity, greet others, and build camaraderie online. Members of the Twitter community, in particular, regularly start off their day with a GM tweet, with followers often tweeting back with a GM reply.
FUD
FUD is a marketing and communications term that stands for ‘fear, uncertainty, and doubt’. It is a psychological tactic to influence people towards having a negative perception of something — such as a product, market, or brand — generally through spreading misinformation or inciting fear. In crypto, FUD usually falls into two categories: The deliberate attempt to stoke widespread fear, uncertainty, and doubt about a particular project to manipulate prices downward. General scepticism about crypto as an asset class that can result in the spreading of exaggerated negativity or ‘fake news’ on the topic. FUD, whether deliberate or not, can affect the market value of a coin, a company, or a project — and even an entire market. It can be thought of as the opposite of FOMO. When markets are rising, individuals may give into feelings of FOMO; when markets are cooling, FUD can spread more easily.
FOMO
Short for ‘fear of missing out,’ in crypto, FOMO refers to a trader’s or investor’s fear they may be missing out on a potentially lucrative opportunity. It has been seen as a major driving force behind the rapid rise and fall of Bitcoin’s price in 2017. This fear can drive individuals to act impulsively and make investment decisions based on emotion, rather than logic and reasoning. FOMO can strongly impact cryptocurrency prices and cause major volatility in crypto markets. It can also lead investors to incur far greater financial losses.
DYOR
DYOR stands for ‘do your own research.’ In crypto, it’s commonly used to remind investors to vet a project before investing.
DeFi
Decentralised finance (DeFi), inspired by standard centralised financial services, is software built on top of a blockchain that enables the creation of services with the added characteristic of being run on a distributed ledger. Users interact — often indirectly, through a front-end user experience — with smart contracts and code rather than a central authority or intermediary, such as a bank.
DAPP
A decentralised application (dapp) is an application that runs on a blockchain. The interface of a dapp generally looks no different from any website or mobile app, except that a user may be asked to connect their crypto wallet in order to use the full array of the dapp’s features. Dapps can provide the same support as a typical app, but they have the added characteristic of enjoying the advantages of decentralisation.
DAO
A decentralised autonomous organisation (DAO) is, in principle, a group designed to be autonomous and operable without a central point of control. It is usually composed of a community which delegates day-to-day management to a committee that agrees to comply with certain rules for a common purpose. The community, in theory, thereby collectively owns and manages the DAO through its native token and helps the DAO work towards a unified goal.
BTD
BTD is a term often used to encourage buying an asset after a fall in market price. The acronym stands for ‘buy the dip’, which is shorthand to suggest taking advantage of a perceived opportunity to lock in an asset at what is seen as a discounted price, with the idea that the price of the asset will eventually increase in value.
ATH
ATH is short for ‘all-time high’ and refers to the highest price an asset has historically reached in market cap since it was first listed. ATH can be thought of as the highest price ever paid for a specific asset.
Crypto currency acronyms clarify and simplify relevant terms.
Note: This article is based on my Bitbama read to earn platform knowledge. https://www.bitbama.io/user/articles
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