Welcome to the crypto dictionary. Here you will find commonly used words and slang of the crypto space, including the subfields of NFTs and the Metaverse. This is not an exhaustive list but should contain most of what you will commonly run into. Also note, that some of these words may have other definitions in addition to the ones listed here. I’ve done my best to call this out when this is the case, but for full clarity on a word, I recommend also consulting a traditional dictionary.
Alpha – Slang for knowledge or wisdom or words of wisdom. “Get ready for some alpha.” “She just dropped some alpha on crypto!”
Altcoin – Any cryptocurrency other than Bitcoin. Note that in some circles, the definition is expanded to any cryptocurrency other than Bitcoin and Ethereum.
Ape – Also aping, slang meaning to buy into a coin. It can also mean buying into a coin without having done any research into the project.
Blockchain– The underlying technology used by all cryptocurrencies. So named because the information for the coin is stored in computer memory of a set size, called a block. Once a block is full a new block is started with a reference to the previous block. This process forms a chain, hence the name. All transaction data since the inception of a coin is saved on the blockchain.
CBDC – Acronym for Central Bank Digital Currency. A digital currency designed to replace fiat currency. While it utilizes blockchain technology, the similarities end there. CBDC’s remain controlled by a central agency and allow them even greater control like expiring all coins in circulation or restricting how much can be spent in a day. This technology is still being tested and evaluated, with China being one of the few nations now having it implemented.
Centralized Exchange – A platform serving as an on and off-ramp for fiat to crypto and crypto to crypto transactions. All such platforms in the U.S. are required to follow KYC.
Crypto – Type of currency that is not controlled by a single or few parties and who’s value is primary driven by the purpose of the particular coin in question and the size of the community utilizing it.
DAO – Acronym for Decentralized Autonomous Organization. Heavily simplified, this is a voting system that is decentralized and automated. The purpose of these is to remove the human (error and corruption) element of voting. The intent with a DAO is to provide the holders (community) of a coin the ability to influence and decide the future development of the project through this voting mechanism.
dapp – Portmaneau of decentralized application. This is a software application that exists on the blockchain or on a peer-to-peer network instead of a centralized computer system (like a company owned server)
DCA – Acronym for Dollar-Cost Average. This has a specific finance definition, however, as commonly used it means to invest what you can when you can. The amounts can be anything, a dollar or a million.
Defi – Portmanteau of Decentralized Finance, Financial products built on the decentralized blockchain.
DYOR – Acronym for Do Your Own Research.
Fiat – Type of currency utilized by most present-day governments that is not backed by a commodity and whose value is controlled by a central bank.
FOMO – Acronym for Fear Of Missing Out. Commonly used in the expression, “Don’t fomo in” meaning to not recklessly purchase an asset because you are scared you will miss out on potential gains.
Frens – Slang for friends.
FUD – Acronym for Fear, Uncertainty and Doubt. Someone spreading negative imformation on a particular project/coin is often said to be spreading FUD.
GAS – The fee paid to make a transaction on the blockchain. (ie. the fee paid to send or receive funds or crypto assets)
GM – Acronym for Good Morning.
GN – Abbreviation for Goodnight.
GOAT – Acronym for Greatest Of All Time. This slang is not specific to crypto, but you will often hear it in the space.
Hodl – A misspelling of “Hold” which turned into a meme and eventually became part of the lexicon of the crypto space.
Hopium – Portmanteau of Hope and Opium. Used to describe someone who is being overly optimistic about the performance of a coin or market conditions.
ICO – Acronym for Initial Coin Offering. Before a new coin is available to everyone for purchase, it often goes through a private, invite-only offering to investors. This is the name of such an offering.
IDO – Acronym for Initial Dex Offering. Similar to an ICO, except it is structured such that anyone can participate by first participating in the DEX hosting the offering. This is also known as crowdsourced funding.
IGO – Acronym for Initial Game Offering. This is the same as an IDO except for games.
IYKYK – Acronym for If You Know You Know.
KYC – Acronym for Know Your Customer. An enforced guideline requires financial institutions to know the identity of their patrons. These guidelines are designed to make it easier to track financial transactions, particularly among unlawful individuals.
Lambo – Short for Lamborghini. A popular Italian sports car.
Layer1 – The term for a top-level blockchain crypto currency. Examples of a top-level crypto currency are Bitcoin, Ethereum, and Cardano. Each of these can have sub coins, known as tokens, within their ecosystem.
Layer2 – Also known as a layer2 solution is a side-chain or derivative chain that works to address an issue seen on the layer1. An example of this is the Matic chain designed to offset the transaction fees which occur on the Ethereum chain. These in themselves are not a full blockchain, they still rely on the infrastructure of the Layer1 chain to execute.
LFG – Acronym for Let’s Fucking Go. Used to express excitement.
Meme Coin – A coin created for amusement or without meaningful purpose. DogeCoin was first created as a meme coin but has since redefined itself as a legitimate project.
Mine – A method in which more of a coin can be obtained. In exchange for assisting the blockchain of a coin in verifying transactions, you are given some of that coin as a reward. A well-known coin utilizing this method is Bitcoin. Note the usage and meaning of this word is derived from the dictionary definition.
Moon – A term used to describe the rapid increase in the price of a coin. It comes from the idea of a rocket rising fast through the atmosphere heading towards the moon.
NFA – Acronym for Not Financial Advice.
NFT – Acronym for Non-Fungible Token. A unique digital asset, generally of limited quantity, that can be bought, sold, and exchanged with others. These can be music, pictures, video or more gamified assets like clothing or swords.
OG – Acronym for Original Gangster. A very old term used to refer to someone who was the first or “original” to do something. In crypto, it is commonly used to refer to someone in the space or in a project for a very long time.
Paper Wallet – As the name suggests, a wallet that is made of paper. This is typically done by using a software wallet that will generate a new, unique address that is then printed in QR code form onto a piece of paper. Your money is then transferred to this new address, in essence making the piece of paper your new wallet. Your money is still stored on the blockchain, however, the QR code on the paper becomes the only way for you to access it.
ROI – Acronym for Return On Investment. The amount of earning potential compared to the initial investment amount. You want this to be positive, but it can be positive or negative. (Ie. you can gain or lose the value of the original investment.) This is further defined in a mathematical formula used to determine that value, however, that is beyond to scope of this reference.
Sat – Short for Satoshi or Satoshi Nakamoto (The creator of Bitcoin) is the smallest denomination of Bitcoin you can acquire. One sat is equivalent to 0.00000001 Bitcoin. The phrase “stack your sats” is used to say, “collect more Bitcoin.”
Scholars – Term in the NFT and Metaverse space for special programs in which upfront costs to play are covered for you. Some play-to-earn games will require an upfront cost to begin playing, Scholars programs look to level the playing field to make these games more accessible.
Shill – Derived from the dictionary meaning; in crypto, this is the act of subjectively promoting a coin or project.
Shitcoin – Term used to describe any undesirable coin.
Stable Coin – A coin directly tied to the value of a fiat currency. This can be any coin on any chain, so long as the value of 1 coin is always equivalent to 1 fiat. Not to be confused with a CBDC.
Stake – A formal process in which you opt to hold onto a coin, often for a defined period, and in exchange earn interest on the amount held. Note the meaning of this word is an extension of the dictionary definition.
Token – The name of the other cryptocurrencies created on a Layer1 chain. In practice, it is commonly used interchangeably with the word coin or crypto.
WAGMI – Acronym for We’re All Going to Make It.
Web3 – Considered the next evolution of the web. Where the existing web is web2, an internet dominated primarily by private industry, in web3 no one company would control the majority of web traffic (like Google.)
Wen Lambo – Term used to ask when a token or coin will be of enough value to cash out for a Lambo.