Terms to know
There are dozens of crypto terms that you should know if you are sinking a lot of your money into crypto and a lot of terms that are just good to know so you can have conversations with your friends.
Some of these terms have to do with security and you really need to focus on some of that if you have a lot of skin in the game (this means to have a lot of money invested in it).
Once you get involved in NFTs (non fungible tokens) you will find that most people here are very hard core computer gamers and they will throw around dozens of words related to furry cartoon characters and VR worlds like Sandbox and SecondLife and finacial terms like OpenSea and Ethereum and Binance etc.
You will also see that most of the over 6,000 cryptocurrencies that are now listed have goofy names with reference to either dogs and cats or some version of Bitcoin or some latin word.
Some of the biggest fortunes in 2021 were made with coins that had something to do with a dog or cat or some oddball character and this won’t change in the next few years.
Now lets talk about the original crypto movement.
It all started as a cypher-punk movement in Silicon Valley with a bunch of computer nerds in the 1980s who really understood computers and really wanted to see a better way to give the world access to their own money using computers.
Fast forward to 2009 when it actually all came together and Bitcoin was born with Satoshi Nakamoto.
Now back in 2009 Bitcoin came about and later pretty well every other coin til now in 2021 was started with a bunch of computer nerds usually experts in Linux who got together with their philosophical views and got bitcoin going and eventually other coins like Ethereum, Litecoin, Dogecoin and many others.
So you will notice that the 27 year old billionaire owner of Ethereum Vitalek Buterin looks and sounds like a real uber computer super nerd.
The Litecoin founder is an ex Google engineer so all of these top players can talk circles around anyone with linux and complex computer algorithms up the ying yang,
Since I like to oversimplify things…let me say that other than the computer geeks who tend to love crypto worldwide, there are three main types of people you may come across in the crypto world.
There are those who have strong philosophical and political reasons to support crypto and there are those who are really into wanting to make money FAST and then the rest of the people who just don’t want to feel like they are missing out. (FOMO…fear of missing out).
So a lot of these terms have reference to the political and computer side of it as it is a decentralization movement with related terms like trustless, peer to peer, open source, distributed computing,
You’ll soon find that many of the hardcore crypto folks are into it for philospohical and political reasons while a whole lot more are into it because they heard that their neighbor just made $100,00 last week and they think its time they get into it!
other than the 3 words crypto, currency and blockchain that most of the rest of the company names and terms have some goofy cartoon, or similar name to Bitcoin or other spacy or Latin odd reference.
Dogecoin was created back in 2013 as a joke and was based on the Japanese cartoon hunting dog character Shiba Inu.
Later came other coins based on Kitties and Anime characters and more.
Ethereum and ether are words that make reference to Ether.
In the old days we would refer to things coming out of thin air or out of the “ether” which back in the old days meant that they had no substance but was just like air or wind.
Lots have names refer to Stars like Stellar Lumens (lumen being a latin word for light and stellar or stella means star.
Coins like Kishu Inu and Kai inu and Chubby inu.
Hacking- phishing, social engineering
FOMO -Fear of Missing out
ICO initial coin offering is like the Stock Market version of IPO or intial public offering but they are different. IPOs are for existing companies that are seeking investors while ICOs are…
To the moon
(under construction Dec 16, 2021)