5 Crypto Terms and Slangs you should know about-For Newbies

3 Jul 2022

The Web3 / crypto world is a community on its own, growing bigger by the day with more innovation taking place. With new people being onboarded onto the space daily, they tend to get confused by how the space works due to some registers used.Learning these terms or phrases helps you get accustomed to the flexibility of the space and might save your funds one day, who knows?
So Let's get into it:

1.DYOR: This is an acronym for (Do Your Own Research). It is generally used when advising people to look further into a particular web3 project to check if it is a good investment.

2.HODL: This is an acronym for (Hold On For Your Dear Life). It is used when you are in a situation you invest in a particular token or and you choose not to sell it but stay with it for the long-term.
3.FOMO: Acronym for (Fear Of Missing Out). This is used in a situation where an individual  blindly rushes to buy an already overpriced  token because they have a conviction it might still pull off more positive movements and profits. Most times than not, they are usually wrong.
4.FUD: Accronym for (Fear, Uncertainty and Doubt) Used in a scenario when a bad news  or negative rumor is spread about a project just for the sole purpose of stopping or reducing the rate investors buy into it.The news could be true or false.
5.RugPull: A term used both in the cryptocurrency and NFT space. It defines a situation where a token you buy suddenly crashes without warning, leaving you without the funds you used in investing, simulating the scenario of having a rug pulled from under you.

That's it for now, I'll continue in my next post

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