Some Crypto Basic Terms You Should Know

We know that the crypto community is a total different community with its own, slogans and their meaning. Hive gives a lot of newbies the opportunity to learn here, with the amount of information on its blockchain.

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I was talking to some newbie and for a moment I forgot the Newbie was a newbie while talking to him. I used a lot of crypto terms and he looked so confused. He kept on interrupting me to ask me for explanations or what I meant by the use of some certain crypto terms. I’m making this post for him and other people that might be seeing these words for the first time.

We will start with the most popular crypto word right now and that’s the Shitcoins. I guess from the name you can guess what that means. It means the coin is an Altcoin that is shitty. This coin can also be a scam coin that comes with a lot of fake outrageous promises. This coin always have a bad faulty technology with no future.

Shill is another word to know, this is usually done for shitcoins by influencers or greedy people. Shill is the act of promoting a coin for your own benefit. Especially celebrities and influencers, they shill a coin to use their influence, so their fans or followers will buy the coin giving them the opportunity to dump it. They also get paid by the coins dev to promote it knowing fully well that the coin has no future.

Pump this is the rapid increase in the price of a coin. The price increases in an uncontrollable way. When you hear of price pump, just have it in mind that the price increased so rapidly.

Dump I will call this the opposite of pump because when prices are pumping, people are buying making the price increase rapidly. But in Dumping, people are selling it making the price reduce rapidly. If you sell your crypto you are also dumping it. So when someone says a coin was dumped, the person meant the coin was sold.

If you have been active in the crypto community you must have noticed the phrase To The Moon. This is just a metaphoric way of saying the price is pumping really high towards the moon. When price is increasing, it’s going upwards, what’s up, the sky, but the sky is not enough to emphasize how much price the pump will be so the moon is the best metaphoric way to describe it.

This other word is something I don’t wish anyone at all. This word is Rekt, it is used to describe when someone buys a coin and the price collapses to nearly zero. I think it was coined from ”wrecked”. This means that you have been blown off the crypto water.

Thank you for reading this, I hope you find it interesting

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