What is OG in Crypto?
If you’re a Bitcoin newbie, you might have trouble deciphering sentences riddled with acronyms. MM, HODL, AUR, BHC, and OG are all slang terms you’ll see on crypto Twitter – but what do they all mean?
Crypto first-timers might’ve heard of the acronym OG referring to traders from the 2013-2014 Bitcoin bear market era. This quick guide can help you brush up on your crypto vocabulary and learn the meaning of OG in the crypto space.
What Does OG Crypto Mean?
OGs – more commonly known as original gangsters – are cryptocurrency traders and investors who have been around since the 2013-2014 Bitcoin bear market. These cryptocurrency investors often intend to siphon all amounts of cryptocurrency from anyone, so beware!
Where Did OG Crypto Come From?
Generally, OG is a term used to describe someone who demonstrates expertise in any facet of life, though its deeper origins lie primarily in gang culture. The term first appeared in the 1970s when used by the Original Gangster Crips and eventually made its way into mainstream culture by the 1980s. Nowadays, the term is applicable in almost any scenario – even in the cryptocurrency blockchain.
What Is A Bear Market?
As we previously mentioned, OGs first manifested amidst the early Bitcoin bear markets, which are periods of prolonged value declines in cryptocurrency coins. Securities fall by more than 20% for over two months during these periods. To make up for losses, OG crypto investors would short sell or turn to inverse EFTs.
What Causes A Bear Market?
Bear markets can occur for many different reasons and will almost always vary. However, they most often are the results of the following statutory factors:
- Slowing economy
- Geopolitical crisis
- Mass unemployment
- Global pandemic
- Change in tax rate
Bear Market Phases
Bear markets typically occur in these four phases.
- First, investors drop out of crypto markets to take in high-priced profits.
- Capitulation occurs. Stocks, cryptocurrency trading activity, and corporate profits fall sharply. Once-positive economic indicators begin to waver.
- Speculators enter the market to attempt to raise prices and trading volume.
- Stock prices continue to drop gradually, leading to bull markets as investors return.
What Happened During the 2013 – 2014 Bitcoin Bear Rush?
While bear markets have been around since 2011, nothing is more infamous to OGs than the 2013-2014 Bitcoin Bear Rush.
From December 2013 to January 14, Bitcoin prices dropped dramatically from $1,135 to $175 after the Mt. Got crypto exchange and Mintpal collapsed. With two Bitcoin venues shut down, it became virtually useless, leaving OGs to re-invest in other marketplaces or sincerely hope Bitcoin would make a comeback.
However, if there is one lesson OGs can take away from bear markets, Bitcoin will always come back stronger. Several bear markets occurred again from 2018 to 2020, but Bitcoin recovered dramatically – never to return below $20,000 ATH.
The Bottom Line
Ultimately, OGs likely know more about cryptocurrency holding than anyone else in the modern market. Hop onto crypto Twitter, and they’ll be the most articulate Bitcoin enthusiasts you’ll find. If you’ve ever met someone who is well-versed in altcoin scams and knows the best times to invest or retreat, they’re likely an OG!
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