Bitcoin Slang
It has it's own language. Here are a few words or abbreviations you may hear if you've just joined the Bitcoin journey.
HODL
Bitcoin enthusiasts collect their Bitcoin and they HODL. If I say "Yes, I have a HODL position" it means I have some Bitcoin I'm holding onto it long term regardless what the price does. HODLer's tend to store their Bitcoin in cold storage. That means on some type of drive that is not online with private keys.
COLD STORAGE
This is where you buy Bitcoin somewhere (good places to buy Bitcoin page by clicking here) then you send it to a cold storage wallet address so it's not online. This was more common place than it is today. At the beginning of Bitcoin, there weren't many exchanges. Today there are many. More and more buyers are leaving their satoshis (see below) on exchanges. I don't recommend it.
SATOSHIS
Bitcoin can be broken down into Satoshis. Think of them like cents or like Bitcoins pennies. There are 100 MILLION satoshis per Bitcoin. Satoshis are named for the creator of Bitcoin, Satoshi Nakamoto.
REKT
A word frequently used to describe losing in Bitcoin land. Bitcoin is rekt mean price is falling or lower than below. If you trade, you made a bad call and lose all your money? You are rekt. (Sounds like wrecked)
FIAT
I'm sure there's a more technical explanation but I'm going to go with FIAT currency is government issued money. I'm fairly sure that's everything except BTC. You buy Bitcoin with FIAT and can sell it for goods or FIAT.
