Knowing cryptocurrency is one thing, but understanding its unique terms is different. In this episode, host Halle Eavelyn discusses the various words commonly used in cryptocurrency to give you a general idea and knowledge of crypto vocabulary.
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Advance Crypto Vocabulary: Knowing Crypto Lingo
In the last crypto vocabulary episode, I covered some of the basic words you’ll need to know to navigate this brave new energy of money. In this episode, we’re going to get into some crypto vocabulary terms you might not run into your first day and are great to know. The first one is space. It is the crypto industry itself. When you meet someone in crypto, a great question to ask is, “What do you do in the space?”
Most people in the space hang out on our next crypto vocabulary word, which is CT. This stands for crypto Twitter. It’s a small growing subset of Twitter where you see a lot of predictions, projections, analyses and even microblogging about crypto. I love using Twitter as part of my research about investing. I’ve chosen some tokens and avoided others based on some of the smart people I follow on CT. It’s a great place to go to learn and it’s important that you often visit so you can learn the difference between someone who gets paid to promote a token and someone who has really analyzed it for themselves. I am @GoddessOfCrypt0 on Twitter if you want to follow me.
Speaking of crypto Twitter and why I use it, the next word is DYOR, Do Your Own Research. This is really important. No matter what others say, at the end of the day, it is vital that you learn the fundamentals so that you can make the choices that are right for you. Next is doxx. It has two meanings. One is good and the other is not so good. Both stem from being outed, fully seen. Doxxed usually means vetted, as in, “That team is doxxed.” In other words, they’re known. The members are known. You can find them online and maybe even in person.
The opposite meaning is when someone doesn’t mean to be known because they’re hiding either because they’re a hacker or maybe they own billions in crypto. If they’re doxxed, it means someone has revealed their identity, maybe even against their explicit desires. If you doxxed a criminal, that’s great. If you doxxed someone because of their wealth, they might be exposed to our next crypto vocabulary word, which is bad actor.
I was going to put a picture of a bad actor, but the internet could not agree on any particular one. It’s someone who’s pretending to be a good guy to build your trust but will scam or defraud you. In other words, bad news. DAO is a Decentralized Autonomous Organization. This is a group of people with a central mission who come together to execute goals and actions toward that goal, but they don’t have management oversight like a board or a CEO. DAOs are becoming popular in the crypto space these days. I’ve got other episodes where my guests talk about DAOs and why you want to become a part of one or that you might want to become a part of one.
We’ve talked about this one. It is a great one to revisit. It’s blockchain. It is literally a chain of blocks. The blockchain is basically where the computer ledger stores information. Instead of in a regular table, it stores it in nodes that are linked together and are timestamped. When a blockchain is created properly, it’s almost impossible to change, which reduces or can eliminate fraud.
It also keeps better records and it’s fully transparent. This means you can trace and track all of the pieces of the supply chain. For example, helping to ensure less food waste or to see where all the money went from a charitable donation. Over time, I believe blockchain will alter nearly every area of business. Next is NFT, Non-Fungible Token. It’s a digital representative, an asset that is unique which lives on the blockchain.
Right now, most NFTs are art and a lot of people don’t understand the value of buying a picture with nothing attached to it. NFTs are actually smart contracts. NFTs have already been used to sell real estate and music. Over time, I am certain they will be used in every industry and affect how we create contracts in every type of business.No matter what others say, at the end of the day, it is vital that you learn the fundamentals so that you can make the choices that are right for you. Click To Tweet
I have one more. Its airdrop. It refers to sending cryptocurrency coins, tokens or NFTs for free to different wallet addresses. People do this for a variety of different reasons, but often it’s to introduce people or to thank people for their interest in their token or coin or NFT. Did all these definitions make sense? You can always read this episode multiple times and I’ll be doing at least one more of these crypto vocabulary episodes going forward. In the meantime, please like and share this show with the mothers, grandmothers, daughters and all the women in your life.
- @GoddessOfCrypt0 – Twitter