July 22
DeFi 101

FUD? FOMO? - 5 Common Crypto Lingo You Should Know

Common Crypto Lingo You Should Know

2 min read

The crypto space is filled with lots of jargon and abbreviations that could get you lost in the field if you don’t get acquainted fast.

You just want to be able to read and get the gist without racking your brain. And the last thing you want is missing out on the latest in crypto just because you couldn’t get the gist. Yeah, we feel you.

That’s why we’ve put together five of the top commonly used abbreviations and their meanings for you.

<text-h2>FOMO <text-h2>

This is an abbreviation for “fear of missing out”. You know that feeling when the price of a cryptocurrency keeps going up and everyone’s cashing in, and you just wanna put in as much as you can so you don’t miss out on what everyone’s gaining? Yea that’s FOMO.

It’s the same reason you “buy the dip” when Bitcoin price goes down because you don’t wanna miss out on possible future profits. You gotta be careful though, because FOMO could be largely impulsive and emotional and could lead you to suffering huge losses on your investments. Stay sharp in the market!

<text-h2>FUD<text-h2>

Here’s another common term you definitely have come across a number of times, especially recently, when the crypto prices plunged. FUD is short for “fear, uncertainty and doubt”.

Whenever negative or false information about a coin is spread mostly on social media and media platforms, it could create panic and doubts among traders. That’s spreading FUD. This could even lead to a plunge in the price of the coin and create a ripple effect.

<text-h2>DYOR<text-h2>

This one is a must for all traders. It’s short for “do your own research”. If you’ve hung around our medium blogs, you should’ve seen this term used by us quite a number of times. It’s just as it states, always do your own research about any project, token, news, DeFi investment or staking activities before diving in. Don’t just believe, but verify yourself!

This keeps you well informed about the current situations in the market and keeps you from spreading FUD via unverified info. You also get to know which coins are actual timebombs and which are genuine and worth investing in. We’re gonna stress this again, always DYOR!

<text-h2>NFT<text-h2>

This is currently growing in popularity in the DeFi space. NFT is short for “non-fungible token”.

Unlike fungible tokens, NFTs are unique tokens that are not interchangeable and are used to represent specific assets on the blockchain. These tokens are individually differentiated by various attributes and are often used to represent assets like collectibles, lottery tickets, physical asset ownership, in-game items etc.

Their uniqueness and scarcity often contribute to the value they possess on the blockchain.

Now we’ve given you an overview of some of the common slangs. You’re not in the dark anymore.When you come across them again in any write up, just read on like a boss.


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