Internet slang originated in the early days of the Internet with some terms predating the Internet. Internet slang is used in chat rooms, social networks, online games, video games and in the online community.
Letter homophones(Homophone: a word pronounced the same as another but differing in meaning同音异义) is the popular way to create some internet slang or abbreviations. Included within this group are abbreviations and acronyms. An abbreviation is a shortening of a word, for example “CU” or “CYA” for “see you (see you again)”. An acronym, on the other hand, is a subset of abbreviations and are formed from the initial components of a word(首字母缩略词). Examples of common acronyms include "LOL" for "laugh out loud" or "lots of love" and "BTW" for "by the way". Examples:

1. BS  big smile
2. NOYB  none of your business
3. 4ever  forever
4. TTYL  talk to you later
5. BFN  bye for now
6. FTTB for the time being
7. CWYL chat with you later
8. IYSS if you say so
9. LTNS long time no see
10. 4U for you
11. BBL be back later
12. GL good luck
13. SUP What’s up?
14. TCOY Take care of yourself
15. Q：Cute 的音译，可爱。?
16. FT：分特，Faint的缩写，昏倒、晕厥之意。
    SP：support，支持。
    PK：player kill。
    BRB：Be right back，马上回来。
    TTYL：Talk to you later，回头再谈。
    BBL：Be back later，过会儿就回。
    PPL：people，人们。
    PLZ：please，请，也有缩写成PLS。
    RUOK：Are you OK?
    IOWAN2BWU：I only want to be with you。
    IMHO：In my humble opinion。