Cryptocurrency has even generated its own language, as if that weren’t perplexing enough.
Language is something that is constantly evolving, with words and expressions changing vogue at mind-boggling rates.
Given the turbulent past of cryptocurrency, many investors likely have their own words they’d like to use—the majority of which include four letters.
According to Michael Adams, an English professor at the University of Indiana, “new technologies are accompanied by new language because they’re new; that is, things and processes that never existed before need a home in the lexicon so that we can talk about them.” We all utilise technology so readily that we frequently find it difficult to picture life without it or the terms we employ to interact with and live with it.
He claimed that although “we use such terms without a second thought because we take them for granted just like we take computers for granted,” all of these words “followed more or less promptly on development of the technologies they symbolise.”
According to Adams, the words “CPU” and “hard drive” first appeared in the English language in 1962, 1983, 1987, 1992, and 2002, respectively.
According to Merriam-Webster, 370 new terms were added to the dictionary in September. One of those words is “altcoin,” which is described as a term for a variety of cryptocurrencies that are seen as alternatives to bitcoin and other well-established cryptocurrencies.
The staff at Uphold studied the jargon used in the volatile cryptocurrency industry to compile a list of the most peculiar terminology that investors should be aware of.
A cryptionary, as the digital trading platform calls it, was developed with the goal of assisting the rookie in navigating this linguistic wasteland. According to Uphold, the hashtag #cryptoterms has received an astounding 537,100 views on TikTok, fueling demand for “crypto language cheat sheet” searches, which have increased 256% in the past year.
Talk about investments and savings has been prevalent on TikTok. A section of the short-form video hosting platform called FinTok features videos of people giving financial advice. HODL, or “hang on for dear life,” is now a term that almost everyone is familiar with. It stands for holding onto cryptocurrency tokens or coins for a lengthy period of time.
Someone in the cryptocurrency industry who is unable to manage market declines is called a “soy boy” and is derided for it. The term “bag holder” is used to describe investors who keep holding onto digital assets that lose value and become useless.
On the other side, “Diamond Hands” alludes to keeping onto an investment despite instability. According to Uphold, “This person is perceived to have a high risk tolerance and won’t liquidate their digital assets at the first hint of danger.”
According to Uphold, one of the most contentious issues in the cryptocurrency world is “The Flippening,” which refers to the potential scenario in which Ethereum overtakes Bitcoin as the most valuable asset. The Merge, a software update of the Ethereum blockchain, is scheduled for September 15 and is meant to be more environmentally friendly, more secure, and more affordable for users.
- As investors talk the talk, cryptocurrency develops its own lingo
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