The yeti is sometimes referred to (especially in the popular press) as the "Abominable Snowman". That name came into usage when a reporter mistranslated a Nepali name for the yeti.
Enthusiasts theorize that these reported creatures could be present-day specimens of the giant ape Gigantopithecus. Without additional evidence, this suggestion must be regarded as highly speculative.
Many cryptozoologists have dismissed it as a legend after careful examinations of eye-witness reports and statistical evidence. Well-financed expeditions have failed to turn up any positive evidence of its existence, although a sample of hair retrieved from one expedition was confirmed to belong to an unknown ape.
It must be noted that as lacking in credibility as the concept of an unknown primate existing in remote areas surrounding the Himalayas may be, at least the fossil record and the fact that these regions are indeed highly inaccessable and sparsely populated supports the possibility. Adversely, the Yeti's American cousin, the Sasquatch or Bigfoot, has none of those factors in its favor to substantiate the possibility of its existence.
The term yeti is often used to describe different creatures: a large ape-like biped (that some suggest could be Gigantopithecus), human-sized bipedal apes (the Alma and the chinese wildman) and dwarf-like creatures (such as the Orang Pendek). The term is also often used to refer to any supposed ape-like creature that fits any of these descriptions, e.g. the Scottish yeti with reference to the fear liath.