The language of cryptocurrencies – The Cryptonomist

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Although the first cryptocurrency, Bitcoin, entered the world back in 2009, it is only recently that we hear more about cryptocurrencies. New and older generations are now trying to get closer to this world and unfortunately, sometimes get caught up in some scams. Indeed, there is more than just understanding crypto exclusively; it is necessary to deal with the exchange platforms that allow them to be traded. BitiCodes for example, deals precisely with the exchange or sale/purchase of Bitcoin but the operation is not always easy especially when accessing these activities for the first time. In addition to this, there is to say that even the language is not often understood using some specific terms and sometimes even symbolism. Today we are here to address these three points and try to understand more about them. However, it should always be kept in mind that this type of investment is still risky and if you are not going to lose money it would probably be a good idea not to bother starting.

The scams of the moment

There are really a lot of them around unfortunately and it is easy to fall into a trap. Hacker attacks above all evolve according to the needs and the very evolution of cryptocurrencies and their security systems. Let’s take a look together at a scam that is specifically related to cryptocurrencies even though they are not the only ones you will find surfing the Internet. There are particular types of scammers who, through well-popular dating apps and sites, lure their victims and use emotional tactics to gain trust and then ask for cryptocurrencies. But rest assured, there are small precautions you can take to try to avoid the scam in this way:

• ask for a video call and thus ascertain the person you are talking to sometimes even on a daily basis
• never give out your financial information
• be careful about giving details that could help scammers crack your passwords.

Always be careful about the people you talk to and exchange information with, especially if you don’t know them, danger is always around the corner but now let’s try to understand more about cryptocurrency terminology.

The words you need to know

Even if you are new to the industry and will have time little by little to learn, there are some terms you need to know from the get-go if you hope to really understand it.

Blockchain: the blockchain is literally a block of chains where every time a transaction is made, a block is added. It has a decentralized system which means that it is not stored on a network but only on the computer.

Fiat: no, in the cryptocurrency world this term should not be tied to cars but rather to physical currencies. For example, if you are in the US a fiat will be the US dollar, in Italy, it will be the euro and so on.

Altcoin: any digital currency other than Bitcoin, which was the first to be invented, is thus an altcoin, or alternative currency.

Exchange: If you want to get the ball rolling and exchange cryptocurrencies, know that you will need a platform called an exchange. Generally, these allow you to exchange crypto for fiat as well. 

Wallet: simply a digital wallet where you have the ability to store all your cryptocurrencies. 

Mining: literally extraction. The faster your PC the faster you can mine currency. 

DeFi: is a shortened version of decentralized finance. This term refers to financial transactions that take place without an “intermediary,” such as the government, a bank or other financial institution.

NFT: really a very interesting technology. These are the non-fungible i.e. unique and unambiguous tokens that can be works of art or anything else. You can buy NFTs through the use of cryptocurrencies.

There are so many other terms that you will have to learn and these to go into but this way you will have a general overview. In addition to this in the crypto world, particular symbols are used that are in common use when we chat with someone. But which ones?

The symbology of cryptocurrencies

Here are 4 easy and nice emoji to use:

1. Whale: indicates a person who owns a large amount of a certain coin
2. Red triangle: indicates the crypto Avalanche fan club
3. “Poop”: to say that it is a worthless coin
4. Pizza: Bitcoin Pizza Day emoji. It is celebrated on 22 May because on that date there was the first purchase of goods with cryptocurrency in the year 2010.

Of course, these are just some of the things you will have to learn about this world and remember that you have to study first to embark on this path. It is not as easy as it sounds and it certainly will not be enough to learn a few vocabulary words. 

*This article was paid for. The Cryptonomist did not write the article or test the platform.