Cryptocurrency Terms You Should Not Miss! (Part 4)



Nov 21, 20222 min read

Cryptocurrency Terms You Should Not Miss! (Part 4)

23. Cryptosis

Cryptosis refers to someone who is obsessed with cryptocurrency and cannot stop talking about it.

24. Flippening/Flappening

In 2017, the term flippening was used to denote a probable flip in the largest cryptocurrency. It refers to a hypothetical occurrence in which Ethereum (ETH) overtakes Bitcoin (BTC) as the leading cryptocurrency in terms of total market capitalization (the total number of tokens in circulation multiplied by the value of 1 token).

Charlie Lee created the term "flappening" in 2018 to characterize Litecoin (LTC) overtaking Bitcoin Cash (BCH) in market value.

25. Rekt

Rekt, which is crypto slang meaning "wrecked," is what happens when a trader suffers a serious financial loss as a result of a poor deal or investment.

26. Sats

Sats is an abbreviation for Satoshis, the smallest unit of Bitcoin (BTC), named after the coin's enigmatic creator, Satoshi Nakamoto. Cryptocurrencies, like conventional cash, may be subdivided into smaller pieces. As a result, it's useful to think about Sats as pennies to a dollar. 1 bitcoin equals 100 million satoshis, whereas 1 dollar equals 100 cents.

27. Vaporware

A blockchain or software project that is still a concept and does not yet have a functional product is referred to as "vaporware." A vaporware project may be pushed for months or even years before it is made public. In some cases, it may never be developed at all.

28. NFA

This is not financial advice. It's a disclaimer tagged onto posts, similar to DYOR, that reminds the reader that the writer is not advising them to do anything. If you removed this disclaimer, the post would often read as financial advice.

29. When Moon

When a cryptocurrency's price climbs, it goes To Da Moon—that is, very high. Crypto traders may also allude to the Lambo—the price at which a Lamborghini may be purchased. When traders express their dissatisfaction with the lack of a meteoric price rise in a cryptocurrency project in which they have invested, they may ask, "Wen Moon?" or "Wen Lambo?"

30. Fiat

Regular money, such as the US or Canadian dollar, or the British pound, is referred to as "fiat." Fiat currencies are those issued by governments that are not backed by gold but have been declared legal tender. They are the polar opposite of cryptocurrencies, which run on blockchains.

31. SAFU

Safe. Binance, the world's largest crypto exchange, was hacked in 2018, and the company's CEO announced that "all money is secure." According to Binance's etymology (which includes no mention of the hack), a YouTuber named Bizonacci created a viral video titled "Funds are Safu." Binance swiftly appropriated the concept, designating a billion-dollar insurance fund as the Secure Asset Fund for Users (SAFU). SAFU is synonymous with "safe outside of Binance."

32. Airdrop

An airdrop is a free cryptocurrency distribution. Airdrops are a popular mechanism for protocols to reward early adopters by releasing fresh coins. Airdrops on platforms like Uniswap, which are similar to free money, made early users "thousandaires."

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