Confused About Crypto Lingo? We have it covered

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Confused About Crypto Lingo? We have it covered

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 Confused About Crypto Lingo? We have it covered
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Highlights

  • As we head into 2022, you’ll likely come across crypto-related vocabulary that has you running for the dictionary
  • Bitcoin Maximalist is someone who is really pro-Bitcoin and believes it’s the only cryptocurrency of true value
  • The term “metaverse” has been everywhere since Meta CEO, Mark Zuckerberg, announced the launch of his company’s own metaverse

The rapid emergence of cryptocurrency and blockchain technology has introduced new terminology that may seem like a foreign language to those not affiliated with the crypto space (and perhaps even to those who are).

As we head into 2022, you’ll likely come across more vocabulary that has you running for the dictionary.

Fret not, though, because here we’ll talk about some of the more popular crypto and blockchain-related words you’re likely to see a lot more of next year.

“Satoshi”

Let’s start where, in many ways, it all began. “Satoshi” can refer to two things: either the creator of the world’s first crypto, Bitcoin, who goes by the pseudonym, “Satoshi Nakamoto”. The second meaning is a unit of exchange, equal to .0001 Bitcoins.

Bitcoin Maximalist

Keeping with Bitcoin, a  Bitcoin Maximalist is someone who is really pro-Bitcoin and believes it’s the only cryptocurrency of true value.

ICO 

An Initial Coin Offering refers to how blockchain projects raise money and launch their virtual currency networks.

Since 2017, ICOs have become hugely popular in congruence with the popularity of the wider crypto market.

Metaverse

You might not have heard this term if you’ve been living under a rock for the last month. This word has been everywhere since Meta CEO, Mark Zuckerberg, announced the launch of his company’s own metaverse.

To put it simply, the metaverse refers to a immersive, online virtual world where users can meet wherever they are in the world. Additionally, the metaverse is an online virtual marketplace for the selling and purchasing of NFTs.

NFT 

What is an NFT? You’ve probably heard of them, and you’ll be hearing a lot more about them as we head into next year and beyond.

A non fungible token is a unique digital file that takes the form of digital art, video and music amongst other things.

One of the most popular NFT collections out there is The Bored Ape Yacht Club (referred to by those in the know simply as “Ape”).

This NFT is a collection of whimsical digital creations of a variety of simian ape creatures.

Generative Set 

While we’re in the NFT area, a “Generative Set” refers to a type of NFT where the images are programmatically generated.

The Aforementioned Bored Ape Yacht Club is a prime example of a degenerative set, which contains various asset classes. In the case of The Bored Ape Yacht Club, these assets include backgrounds, clothes, earrings, eyes fur and hats.

Some of these traits are more rare than others therefore making the NFT more valuable or less valuable.

Breakdown 

The blockchain space is an incredibly fast-growing space and there’s always lingo being added to the lexicon.

 If you’re worried about keeping up with the terminology, don’t sweat it. Just take it in stride and read Kalkine to keep you up to date with everything crypto-related!

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