Welcome to another post from “Crypto Jargon” – the series where we break down the complex crypto terminology. Today’s article features the following slang acronyms:
These are acronyms mostly used on chat forums and twitter and haven’t quite made it into the mainstream yet, so if you happen to spot them and not sure what they stand for, keep reading:
Starting with CYA and CYOA are referring to pretty much the same thing Cover Your Ass or Cover Your Own Ass and can mean two things:
First, it is referred to as covering your digital footprint, your online activity in order to not be identified. But more often it is used simply as a warning about careless investments of those who are new to the crypto space. It means that one should do a lot of research before they make a buy position of a cryptocurrency and make sure they set a stop-loss to protect against possible reverse in the market.
In that respect, similar usage has the acronym DYOR which stands for: Do Your Own Research. Not to be confused with the luxury fashion house of Dior. The warning here is that you really must protect yourself against losses and scams by doing a lot of research and mainly, Your Own Research, rather than just following other people’s advice blindly, which can get you in trouble.
There are too many Shills, Trolls and Scam artists, who can easily misguide you and cause you great losses. So, most of the influencers and content creators would always tell you to Cover Your Ass by Doing Your Own Research. By the way, Shill and Troll are terms I cover in another article in these series so look in the description here for the link.
Another common expression on forums and chat rooms is ELI5, which stands for: Explain Like I’m a 5-year-old, basically calling for a simple, easy to follow explanation of something that is usually more complex. Just what I am doing here with these series.
IMO, in My Opinion, I am doing a good job, wouldn’t you agree? This is what IMO stands for.
And lastly, YABC means “Yet Another Bitcoin Company” or it can also be used as “Another Blockchain Company”. It’s a term indicating that there is really nothing special with this specific company and that it is just trying to jump on the Bitcoin/Blockchain trend for more gains. There are thousands of companies that want to be associated with Bitcoin just to appear as cool and in 2017 there were many instances where businesses added the word Bitcoin or Blockchain to their brand name and saw huge increases in revenue as a result.
These and many more terms are explained in my eBook “Crypto Jargon A-Z: definitions of crypto terminology” which is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech: a must-have guide for every crypto investor. It’s an Amazon bestseller and it’s available for Kindle here.
Go to http://www.ojjordan.com/cryptocorner and grab your digital copy today.
Where I store my crypto:
- Ledger Nano – the best hardware wallet (offline storage)
- Trezor – also one of the best wallets out there.
- Exodus – desktop wallet
- Coinomi – mobile phone wallet with instant coin swap feature
- Crypto.com – mobile wallet and exchange
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